For the three months ended December 31, 2012, general and administrative expenses totaled $2.9 million, compared to $2.6 million in the same period in 2011, the increase primarily resulting from higher business development and professional services fees.
Year-end 2012 Financial Results
For the year ended December 31, 2012, the Company reported a net loss of $47.1 million, compared to a net loss of $44.2 million in 2011. For the year ended December 31, 2012, research and development expenses totaled $39.0 million, compared to $35.4 million in 2011. The increase in research and development expenses was primarily a result of increased personnel levels and increased clinical trial costs associated with the development of sovaprevir and ACH-3102, offset by decreased manufacturing expenses for ACH-2684.
Total revenues were $2.6 million for the year ended December 31, 2012, compared to $247,000 for the year ended December 31, 2011. The majority of revenue during 2012 was related to recognition of $2.5 million of deferred revenue under the Company's former collaboration with Gilead Sciences, Inc.General and administrative expenses were $10.9 million for the year ended December 31, 2012, compared to $9.2 million for the year ended December 31, 2011, the increase primarily resulting from increased non-cash stock compensation combined with increased business development and professional services fees. 2013 Financial Guidance At December 31, 2012, Achillion had cash and cash equivalents and marketable securities of approximately $77.4 million. The Company expects that research and development expenses during 2013 will be approximately $50 million and that net cash used in operating activities in 2013 will approximate $55 million based on current operating plans, anticipated timelines and the estimated cost of clinical trials and product development programs. The net loss per share is anticipated to approximate $0.75 per share. Conference Call The Company will host a conference call and simultaneous webcast on Wednesday, February 20, 2013 at 5:00 p.m. Eastern time. To participate in the conference call, please dial (877) 266-0482 in the U.S. or (631) 291-4567 for international callers. A live audio webcast of the call will be accessible at www.achillion.com, under the News Center section of the website. Please connect to Achillion's website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary. A replay of the webcast will be available on www.achillion.com. Alternatively, a replay of the conference call will be available starting at 8:00 p.m. Eastern time on February 20, 2013, through 11:59 p.m. Eastern time on February 27, 2013 by dialing (855) 859-2056 or (404) 537-3406. The replay passcode is 13062862. About HCV The hepatitis C virus is the most common cause of viral hepatitis, which is an inflammation of the liver. It is currently estimated that more than 170 million people are infected with HCV worldwide including more than 5 million people in the United States, more than twice as widespread as HIV. Three-fourths of the HCV patient population is undiagnosed; it is a silent epidemic and a major global health threat. Chronic hepatitis, if left untreated, can lead to permanent liver damage that can result in the development of liver cancer, liver failure or death. Few therapeutic options currently exist for the treatment of HCV infection. The current standard of care is limited by its specificity for certain types of HCV, significant side-effect profile, and injectable route of administration.