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BioCryst Provides Corporate Update And Reports Third Quarter 2012 Financial Results

Stocks in this article: BCRX

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the third quarter and nine months ended September 30, 2012.

“Despite the recent setbacks, we are focused on advancing the other promising assets in our portfolio. We are evaluating operational changes to decrease our cost structure and to best position us to achieve value creating milestones. In addition, we are continuing to work on the Presidio Pharmaceuticals merger,” said Jon P. Stonehouse, President & Chief Executive Officer.

Third Quarter Financial Results

For the three months ended September 30, 2012, revenues increased to $5.8 million, from $5.2 million in the third quarter of 2011. This increase resulted primarily from the recognition of $2.8 million of deferred royalty revenue from Shionogi related to RAPIACTA ® sales, and was largely offset by a decrease in collaboration revenue from the Department of Health and Human Services/Biomedical Advanced Research and Development Authority (HHS/BARDA) contract for the continued development of peramivir. The recognition of RAPIACTA ® royalty revenue had no impact on the Company’s cash balance, as the underlying royalty payments are directed to pay interest expense on the Company’s non-recourse notes payable.

Research and development (R&D) expenses for the third quarter decreased to $12.1 million from $15.1 million in the third quarter of 2011. In 2012, lower development costs associated with the peramivir and ulodesine programs were partially offset by higher development costs associated with the preclinical BCX5191 and BCX4161 programs.

General and administrative (G&A) expenses for the third quarter decreased to $1.6 million compared to $3.0 million in the third quarter of 2011, largely due to reductions in administrative expenses during 2012 associated with the continued realization of cost containment measures.

Interest expense related to the non-recourse notes was $1.2 million in the third quarter of 2012 and 2011. In addition, a $0.6 million mark-to-market loss on the foreign currency hedge was recognized in both the third quarter of 2012 and 2011. These hedge losses resulted from changes in the U.S. dollar/Japanese yen exchange rate related to the foreign currency hedge agreement entered into in conjunction with the RAPIACTA ® royalty monetization transaction.

The net loss for the third quarter 2012 was $9.7 million, or $0.19 per share, compared to a net loss of $14.5 million, or $0.32 per share, for the third quarter 2011.

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