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Repros Therapeutics Inc.(R) Reports Fourth Quarter And Year End 2010 Financial Results

Stocks in this article: RPRX

General and administrative expenses ("G&A") decreased 52% or approximately $2.4 million to $2.3 million for the year ended 2010 as compared to $4.7 million for 2009. Our primary G&A expenses for 2010 and 2009 are shown in the following table (in thousands):

General and Administrative December 31, 2010 December 31, 2009 Variance Change (%)
Payroll and benefits  $627 $2,039  $(1,412) (69%)
Operating and occupancy 1,658 2,684 (1,026) (38%)
Total $2,285 $4,723  $(2,438) (52%)

G&A payroll and benefit expense for both 2010 and 2009 includes salaries, bonuses, non-cash stock option compensation expense and fringe benefits, and decreased 69% or approximately $1.4 million to $627,000 for the year ended 2010 as compared to $2.0 million in 2009. The decrease in payroll and benefits for the year ended 2010 as compared to 2009 is primarily due to a decrease in headcount and the salary reduction program put in place in August 2009 and revised in May 2010. Included in payroll and benefit expense is a charge for non-cash stock option expense of $314,000 for the year ended 2010 as compared to $799,000 in the year 2009. G&A operating and occupancy expenses, which include expenses to operate as a public company, decreased 38% or approximately $1.0 million to $1.7 million in 2010 as compared to $2.7 million in 2009. The decrease is primarily due to a decrease in professional services.

Total revenues and other income decreased 24% to $421,000 in 2010 as compared to $551,000 for 2009. This decrease was primarily due to a decrease of $126,000 in other income. In 2010, the Company recognized $244,000 in other income related to grant revenue received from The Department of the Treasury for investment in a qualifying therapeutic discovery project under Section 48D of the Internal Revenue Code. Additionally, we recognized approximately $177,000 in non-cash other income from settlements with certain vendors in 2010. The Company recognized $547,000 in non-cash other income related to settlements with certain vendors in the fourth quarter of 2009.

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