Allon Therapeutics Releases Q3 Operating Results And Provides Corporate Update
The Company believes that success in treating PSP with davunetide would define the opportunity to evaluate davunetide in other tau-related diseases, such as Alzheimer's, subtypes of frontotemporal dementia, as well as other neurodegenerative diseases such as schizophrenia and Parkinson's.
Results of operations
Allon reported a net loss of $1,847,863 ( $0.01 per share) for the three months ended September 30, 2012, compared to a net loss of $2,983,887 ( $0.04 per share) for the three months ended September 30, 2011, representing a decrease in net loss of $1,136,024. For the nine months ended September 30, 2012, the Company reported a net loss of $7,869,780 ( $0.07 per share), compared to a net loss of $8,877,797 ( $0.11 per share) for the nine months ended September 30, 2011. This decrease in net loss is explained in the following description of significant variances from the comparable periods in 2011.
For the three and nine months ended September 30, 2012, research and development expenses were $1,292,607 and $5,688,077 compared to $2,235,554 and $6,448,571 for the three and nine months ended September 30, 2011. Research and development expenses were lower compared to the same period in 2011 due to less clinical trial activities related to PSP as the clinical trial nears completion. Research and development expenses for the three and nine months ended September 30, 2012 also included amortization and depreciation expenses of $127,136 and $381,961 (2011 - $127,401 and $382,753) and share-based compensation of $17,013 and $55,597 (2011 - $15,434 and $39,620).For the three and nine months ended September 30, 2012, general and administrative expenses were $568,986 and $2,024,416 compared to $665,722 and $2,204,706 for the three and nine months ended September 30, 2011. General and administrative expenses for the three and nine months ended September 30, 2012 were lower compared to the same periods in 2011 primarily due to lower corporate development activities and lower general overhead expenses partly offset by higher compensation expenses. Included in general and administrative expenses for the three and nine months ended September 30, 2012 were share-based compensation of $77,566 and $231,068 (2011 - $44,440 and $139,642) and amortization and depreciation expenses of $1004 and $6,007 (2011 - $3,169 and $10,249). The Company's other income and expenses are comprised of loss on debt repayment, interest income/expense and foreign exchange gains/losses.
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