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Tekmira Provides Corporate Update And Announces Second Quarter 2012 Results

Stocks in this article: TKMR

Financial Results

Net Loss

For the first half of 2012 the Company's net loss was $5.1 million ($0.38 per common share) as compared to a net loss of $6.6 million ($0.63 per common share) for the first half of 2011. For Q2 2012 the Company's net loss was $1.9 million ($0.14 per common share) as compared to a net loss of $3.5 million ($0.33 per common share) for Q2 2011.


Revenue was $3.6 million for Q2 2012 as compared to $4.4 million in Q2 2011. 

On July 14, 2010, Tekmira signed a contract with the United States Government to advance an RNAi therapeutic utilizing the Tekmira's LNP technology to treat Ebola virus infection. Under the contract Tekmira is being reimbursed for costs incurred, including an allocation of overheads, and is being paid an incentive fee. U.S. Government revenue was $2.5 million in Q2 2012 as compared to $3.3 million in Q2 2011.

On August 6, 2012, the Company announced that it had received a temporary stop-work order from the U.S. Government in respect of its TKM-Ebola contract. It is expected that by September 1, 2012, Tekmira will receive notification from the U.S. Government on whether they will cancel the stop-work order; terminate the contract; or extend the stop-work order period, if necessary.

In Q2 2012, Tekmira earned a US$1.0 million milestone from Alnylam following their initiation of Phase 2 human clinical trials for ALN-TTR02. ALN-TTR02 utilizes Tekmira's LNP technology and the drug is being manufactured by Tekmira. The milestone was paid in July 2012.

Research, development, collaborations and contracts expenses

Research, development, collaborations and contracts expenses were $3.6 million in Q2 2012 as compared to $6.2 million in Q2 2011.

Third-party expenses on the TKM-Ebola program and Alnylam manufacturing were considerably lower in Q2 2012 as compared to Q2 2011.

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