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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.

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