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Pain Therapeutics Reports Q2 2013 Financial Results

Stocks in this article: PTIE

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. 

About REMOXY

Our lead drug candidate is called REMOXY ® (oxycodone) Extended-Release Capsules CII. REMOXY is an investigational drug with a unique, controlled release formulation of oxycodone for patients with moderate-to-severe chronic pain. REMOXY is designed to discourage common methods of tampering associated with prescription drug misuse and abuse.

Pfizer, Inc. (NYSE:PFE) is our exclusive, worldwide commercial partner for REMOXY (except as to Australia/New Zealand).  We believe that Pfizer continues to move forward with the development of REMOXY. We expect to provide more information about Pfizer's plans for REMOXY in the fall of 2013.

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