For the quarter ended September 30, 2012, the Company reported total costs and expenses of $11,533,000, compared to total costs and expenses of $14,235,000 for the quarter ended September 30, 2011. Total costs and expenses for the nine months ended September 30, 2012 were $37,220,000, compared to $45,559,000 for the same period in 2011.
Research and development costs for the three and nine-month periods ended September 30, 2012 were $8,146,000 and $26,720,000 respectively, compared with $11,108,000 and $35,337,000 for the 2011 three and nine-month periods. Research and development expense in the three months ended September 30, 2012 decreased primarily due to lower spending of $1.6 million on outsourced clinical and product development costs related to our Phase 1 and 2 programs for tivantinib, $0.8 million on preclinical costs and $0.5 million on lower labor related costs. Research and development expense in the nine months ended September 30, 2012 decreased primarily due to lower spending of $5.2 million on outsourced clinical and product development costs related to our Phase 1 and 2 programs for tivantinib, $2.1 million on preclinical costs and $0.9 million on lower labor related costs.
General and administrative costs for the three and nine-month periods ended September 30, 2012 were $3,387,000 and $10,500,000, respectively, compared with $3,127,000 and $10,222,000 for the 2011 three and nine-month periods.
Financial GuidanceThe Company is revising its financial guidance for 2012 based on the following considerations. As a result of the October 2012 decision to terminate the MARQUEE trial, the development period for recognition of revenue from the Company’s tivantinib collaboration agreement with Daiichi Sankyo has been extended to June 2015. Consequently, commencing with the fourth quarter of 2012, revenue will be recognized over this new development period. In addition, the Company anticipates a reduction in expenses in 2012 related primarily to lower outsourced costs related to tivantinib and pre-clinical development programs.
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