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Puma Biotechnology Reports Second Quarter 2013 Financial Results

Stocks in this article: PBYI

Puma Biotechnology, Inc. (NYSE: PBYI), a development stage biopharmaceutical company, today announced financial results for the second quarter ended June 30, 2013.

Unless otherwise stated, all comparisons are for the second quarter and first half of the year 2013 compared to the second quarter and first half of the year 2012.

Based on accounting principles generally accepted in the United States (GAAP), Puma reported a net loss applicable to common stock of $12.6 million, or $0.44 per share, for the second quarter of 2013, compared to a net loss of $14.8 million, or $0.74 per share, for the second quarter of 2012. Net loss applicable to common stock for the first half of 2013 was $24.4 million, or $0.85 per share, compared to $26.6 million, or $1.33 per share, for the first half of 2012.

Adjusted net loss applicable to common stock was $10.9 million, or $0.38 per share, for the second quarter of 2013, compared to adjusted net loss applicable to common stock of $4.3 million, or $0.21 per share, for the second quarter of 2012. Adjusted net loss applicable to common stock for the first half of 2013 was $21.3 million, or $0.74 per share, compared to $7.9 million, or $0.39 per share, for the first half of 2012. Adjusted net loss applicable to common stock excludes stock-based compensation expense and external costs associated with ongoing clinical trials of our lead product candidate, PB272 (neratinib (oral)), that we assumed from a licensor and which we refer to as licensor legacy clinical trials. For a reconciliation of adjusted net loss applicable to common stock to reported net loss applicable to common stock, please see the financial tables at the end of this news release.

Net cash used in operating activities for the second quarter of 2013 was $11.0 million. Net cash used in operating activities for the first half of 2013 was $29.5 million. At June 30, 2013, Puma had cash and cash equivalents of $60.9 million and marketable securities of $46.6 million, compared to $137.4 million of cash and cash equivalents at December 31, 2012. Puma’s license agreement for PB272 established a limit on the Company’s expenses related to certain clinical trials Puma assumed from the licensor, which it refers to as legacy clinical trials. Puma reached this limit, or cap, during the fourth quarter of 2012; therefore, the licensor is responsible for expenses related to the legacy clinical trials until such trials are completed. The license agreement requires the Company to bill the licensor quarterly for external “out-of-pocket” costs in excess of the cap cost. At June 30, 2013, the Company reported a receivable of approximately $14.8 million associated with outstanding invoices to the licensor. The Company anticipates receiving payments for these outstanding invoices by the end of 2013.

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