This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Puma Biotechnology Reports Third Quarter 2012 Financial Results

Stocks in this article: PBYI

Puma Biotechnology, Inc. (NYSE: PBYI), a development stage biopharmaceutical company, today announced financial results for the third quarter ended September 30, 2012.

The Company reported a net loss applicable to common stock of $25.9 million, or $1.29 per share, for the quarter ended September 30, 2012. Net loss applicable to common stock for the nine months ended September 30, 2012, was $52.4 million, or $2.62 per share.

Net cash used in operating activities for the quarter ended September 30, 2012, was $7.6 million. Net cash used in operating activities for the nine months ended September 30, 2012, was $19.2 million.

As of September 30, 2012, Puma had cash and cash equivalents of $33.3 million, compared to $53.4 million at December 31, 2011. On October 24, 2012, the Company announced the closing of an underwritten public offering from which it received net proceeds of approximately $129.1 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.

Total operating expenses for the quarter ended September 30, 2012, were $25.9 million. Total operating expenses for the nine months ended September 30, 2012, were $52.5 million. Operating expenses in the quarter were primarily driven by clinical development expenses for the Company’s lead product candidate, PB272 (neratinib), the transition of the PB272 clinical trial program to Puma from the drug’s licensor, hiring staff and building out our corporate infrastructure.

General and administrative expenses for the third quarter of 2012 were $8.0 million. Total general and administrative expenses for the nine months ended September 30, 2012, were $11.0 million. General and administrative expenses for the quarter included approximately $6.6 million in employee stock-based compensation expense, which primarily consisted of an increase in the estimated valuation of the outstanding anti-dilutive warrant held by the Company’s Chief Executive Officer and President.

Research and development expenses for the third quarter of 2012 were $17.8 million. Total research and development expenses for the nine months ended September 30, 2012, were $41.4 million. Research and development expenses for the quarter included accruals for ongoing outside clinical development and CRO/licensor service expenses of $15.6 million related to the PB272 clinical trials that were ongoing at the time Puma licensed the drug. Puma’s license agreement for PB272 established a limit on the Company’s expenses related to these trials, and the Company anticipates that it will reach this limit during the fourth quarter of 2012. Following such time, the company from which Puma licensed PB272 will be responsible for the expenses related to these clinical trials until such trials are completed.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs