This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AVEO Reports Second Quarter 2013 Financial Results

AVEO Oncology (NASDAQ: AVEO) today reported second quarter 2013 financial results.

“We are moving forward as an organization and are firmly focused on executing our revised business strategy,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “We continue to advance our programs in clinical development, including tivozanib in colorectal and breast cancer, which are currently in Phase 2 studies. Additionally, we are moving forward with AV-203, our ERBB3 inhibitory antibody candidate, which is currently in Phase 1 development. While the recent setback related to the tivozanib Complete Response Letter and the company’s strategic restructuring was challenging, we remain confident about the company’s future prospects and we will continue to work toward our goal of bringing clinically meaningful treatments to patients with cancer.”

Second Quarter 2013 Financial Results

  • Total collaboration revenue for the second quarter of 2013 was approximately $0.3 million compared with $1.9 million for the second quarter of 2012. The decrease was due to revenue recognized during the second quarter of 2012 related to milestones achieved under our collaboration agreement with OSI, as well as research funding under our collaboration agreement with Centocor, that did not recur during the second quarter of 2013. Revenue during the second quarter of 2013 was related to amortization of amounts previously deferred related to our collaboration agreements with Biogen and Astellas.
  • Research and development (R&D) expense for the second quarter of 2013 was $16.2 million compared with $21.5 million for the second quarter of 2012. The decrease in R&D expense was primarily due to a decrease in personnel-related expenses following our strategic restructuring announced in October 2012, as well as a decrease in clinical trial costs due to a decrease in the number of active patients enrolled in our ficlatuzumab and tivozanib studies.
  • General and administrative (G&A) expense for the second quarter of 2013 was $7.3 million compared with $9.2 million for the second quarter of 2012. The decrease in G&A expense was primarily due to the reversal of stock-based compensation expense for certain awards that are no longer probable of vesting and a decrease in personnel-related expenses related to our strategic restructuring announced on June 4, 2013.
  • Restructuring expense for the three months ended June 30, 2013 was $7.9 million, with no corresponding expense for the three months ending June 30, 2012. The restructuring expense primarily consisted of employee severance and related benefits incurred in connection with our strategic restructuring announced on June 4, 2013, extending the company’s cash runway beyond certain potential clinical milestones.
  • Net loss for the second quarter of 2013 was $31.9 million, or basic and diluted net loss per share of $0.62, compared with a net loss of $29.5 million, or basic and diluted net loss per share of $0.68 for the second quarter of 2012.
  • AVEO ended the second quarter of 2013 with cash, cash equivalents and marketable securities of $156.2 million.

Financial Guidance

Based on current operating plans, AVEO expects to end 2013 with approximately $115 million in cash, cash equivalents and marketable securities, and expects that its current cash, cash equivalents and marketable securities are sufficient to fund operations through at least the second quarter of 2015.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs