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Allos Therapeutics Reports Third Quarter 2011 Financial Results

Stocks in this article: ALTH

In May 2011, Allos entered into a strategic collaboration agreement with Mundipharma International Corporation Limited (Mundipharma) and received an upfront payment of $50 million. License and other revenue related to the Mundipharma agreement for the three and nine months ended September 30, 2011 were $1.0 million and $29.1 million, respectively. As of September 30, 2011, $21.3 million was recorded as deferred revenue related to the Mundipharma agreement.

Cost of sales for the three and nine months ended September 30, 2011, were $1.2 million and $3.2 million, respectively, or approximately 9% of net product sales. These amounts compared to $0.9 million and $2.3 million for the same periods in 2010.

Cost of license and other revenue for the three and nine months ended September 30, 2011 were $0.4 million and $11.0 million, respectively. The amount recorded for the nine months ended September 30, 2011 was primarily related to the Company's payment of $10 million (or 20% of the $50 million upfront payment the Company received from Mundipharma) to the licensors of FOLOTYN under the terms of the Company's license agreement with Sloan Kettering Institute for Cancer Research, SRI International, and Southern Research Institute.

Total operating costs and expenses, excluding cost of sales, cost of license and other revenue and non-cash stock based compensation expense, for the three and nine months ended September 30, 2011 were $20.9 million and $64.9 million, respectively, compared to $23.9 million and $72.7 million for the same periods in 2010. Stock based compensation expense was $2.9 million and $9.4 million for the three and nine months ended September 30, 2011, respectively, compared to $2.2 million and $7.9 million for the same periods in 2010.

  • Research and development expenses for the three and nine months ended September 30, 2011 were $5.0 million and $17.6 million, respectively, compared to $7.2 million and $23.1 million for the same periods in 2010.
  • Selling, general and administrative expenses for the three and nine months ended September 30, 2011 were $18.7 million and $56.4 million, respectively, compared to $18.7 million and $57.2 million for the same periods in 2010.

Net loss for the three months ended September 30, 2011 was $11.2 million, or $0.11 per share, compared to a net loss of $18.8 million, or $0.18 per share, for the same period in 2010. Net loss for the nine months ended September 30, 2011 was $24.3 million, or $0.23 per share, compared to $59.3 million, or $0.56 per share for the same period in 2010.

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