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ArQule Reports Fiscal 2012 Year End And Fourth Quarter Results

Revenues and Expenses

Revenues for the year ended December 31, 2012 were $36,414,000 compared with revenues of $47,310,000 for the year ended December 31, 2011. For the quarter ended December 31, 2012, revenues were $5,143,000, compared with revenues of $16,504,000 for the quarter ended December 31, 2011.

The $10.9 million revenue decrease in 2012 was principally due to a $10.0 million decrease in revenue recognized from the Company’s Daiichi Sankyo ARQ 092 upfront licensing payment received in 2011, a $4.4 million decrease in revenue recognized from the tivantinib license agreement with Kyowa Hakko Kirin, a $10.2 million decrease in revenue recognized on the milestone received from the Daiichi Sankyo tivantinib program in 2011, a $2.2 million revenue decrease from the Daiichi Sankyo AKIP™ agreement, and a $2.6 million decrease in revenue recognized resulting from the extension of the development period of the Daiichi Sankyo tivantinib agreement. These revenue decreases were partially offset by a $2.8 million increase from the Company’s Daiichi Sankyo ARQ 092 agreement and lower contra-revenue of $15.7 million associated with the Daiichi Sankyo tivantinib program.

Fiscal 2012 research and development expenses were $33,966,000, compared with $45,011,000 for fiscal 2011. Fourth quarter 2012 research and development expenses were $7,246,000, compared with $9,674,000 for the fourth quarter 2011. Research and development expenses decreased in fiscal 2012 and in the fourth quarter of 2012 primarily due to the decrease in outsourced clinical and product development costs related to Phase 1 and 2 programs for tivantinib and other product candidates.

General and administrative expenses for fiscal 2012 were $13,852,000, compared to $13,373,000 for fiscal 2011. Fourth quarter 2012 general and administrative costs were $3,352,000, compared with $3,151,000 for the fourth quarter 2011.

2013 Financial Guidance

For 2013, ArQule expects net use of cash to range between $40 and $45 million. Revenues are expected to range between $12 and $15 million. Net loss is expected to range between $28 and $31 million, and net loss per share to range between $(0.45) and $(0.50) for the year. ArQule expects to end 2013 with between $85 and $90 million in cash and marketable securities.
 

Conference Call and Webcast
     
ArQule will hold a conference call today at 9:00 a.m. Eastern Time.
 
Date: Thursday, March 14, 2013
Time: 9:00 a.m., Eastern Time
 

Conference Call Numbers
Domestic: (877) 868-1831
International: (914) 495-8595
Webcast:

www.arqule.com
 

A replay of the conference call will be available beginning two hours after the completion of the call until March 16, 2013 and can be accessed by dialing toll-free (855) 859-2056 and outside the U.S. (404) 537-3406. The confirmation code for replayed calls is 94647035.

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