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ZIOPHARM Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: ZIOP

NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- ZIOPHARM Oncology, Inc. (Nasdaq:ZIOP) announced today its financial results for the fourth quarter and full year ending December 31, 2012, and the filing of its Annual Report on Form 10-K with the Securities and Exchange Commission.

Fourth Quarter Results

The Company reported a GAAP net loss of $30.2 million for the fourth quarter of 2012, or $(0.37) per share, compared to a GAAP net loss of $13.2 million, or $(0.19) per share, in the fourth quarter of 2011. Excluding non-cash income of $8.6 million attributable to the change in liability-classified warrants, Non-GAAP 1 net loss was $38.8 million, or $(0.48) per share, for the fourth quarter ended December 31, 2012. In comparison, Non-GAAP 1 net loss for the fourth quarter of 2011 was $16.4 million, or $(0.24) per share, which excludes non-cash income of $3.2 million attributable to the change in liability-classified warrants.

Operating expenses for the fourth quarter of 2012 were $39.0 million, compared to $16.6 million for the fourth quarter of 2011. The $22.4 million increase is primarily attributable to the $18.7 million fourth quarter 2012 non-cash expense associated with the issuance of approximately 3.6 million shares of common stock to Intrexon Corporation upon the achievement of the contractual milestone associated with dosing of the first patient in the Ad-RTS IL-12 Phase 2 trial. Other costs related to the expansion of our synthetic biology therapeutics program contributed to the remainder of the increase during the period.

Full Year Results

The Company reported a GAAP net loss of $96.1 million for the year ended December 31, 2012, or $(1.22) per share, compared to a GAAP net loss of $63.8 million, or $(0.97) per share, for the year ended December 31, 2011.  Excluding non-cash income of $6.1 million attributable to the change in liability-classified warrants, Non-GAAP 1 net loss was $102.2 million, or $(1.30) per share, for the year ended December 31, 2012.  In comparison, Non-GAAP 1 net loss for 2011 was $71.4 million, or $(1.08) per share, which excludes non-cash income of $7.6 million attributable to the change in liability-classified warrants.

Operating expenses for the year ended December 31, 2012 were $103.0 million, compared to $72.1 million for the year ended December 31, 2011.  The $30.9 million increase is attributable to start-up and ongoing enrollment activities for the pivotal Phase 3 trial (MATISSE) of palifosfamide in metastatic small cell lung cancer (SCLC), which was initiated in the second quarter, as well as expanded development, manufacturing, nonclinical and clinical activities in support of the Company's palifosfamide and synthetic biology therapeutics programs.

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