AUSTIN, Texas, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the quarter and six months ended June 30, 2013. Net loss was $301,000, or $0.01 per share in Q2 2013, compared to a net loss of $130,000, or $0.00 per share in Q2 2012.
Cash and investments were $52.8 million at June 30, 2013. Net cash usage for the first half of 2013 was $3.4 million.
We expect net cash usage for 2013 to be under $10.0 million. We have no debt.Q2 2013 Financial Detail
- Program fee revenue reflects the non-cash revenue we recognize from upfront program fees received in prior years. Program fee revenue decreased to $3.9 million in 1H 2013 from $5.4 million in 1H 2012 because in late 2012 we extended the period over which we recognize this type of revenue.
- Research and development expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012 and to $2.3 million in 1H2013 from $3.1 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related research and development expenses decreased to $0.6 million in 1H 2013 from $0.8 million in 1H 2012.
- General and administrative expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012, and to $2.4 million in 1H2013 from $3.0 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related general and administrative expenses were $0.9 million in both the 1H 2013 and the 1H 2012.