BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced financial results for the third quarter ended September 30, 2013.
“Throughout 2013, we have continued to make progress and create value in our core development programs, while we prudently managed our operations with financial discipline. Our recent accomplishments include the initiation of patient screening for the Phase 2a proof of concept clinical trial of BCX4161 for HAE and securing government funding for the development of BCX4430 as a potential treatment for Marburg virus disease,” said Jon P. Stonehouse, President & Chief Executive Officer of BioCryst. “Furthermore, our regulatory team is working towards a goal of submitting the peramivir NDA filing by the end of 2013 in order to make peramivir available to influenza patients in the 2014-15 Northern Hemisphere flu season.”
Third Quarter Financial Results
For the three months ended September 30, 2013, net revenues decreased to $2.4 million from $5.8 million in the third quarter of 2012. This decrease resulted primarily from the recognition of $2.8 million of previously deferred RAPIACTA ® royalty revenue in the third quarter of 2012. In addition, Biomedical Advanced Research and Development Authority (BARDA/HHS) revenue decreased approximately $532,000 in the third quarter of 2013, as compared to the third quarter of 2012, due to a decline in reimbursable peramivir expenses.Research and development expenses for the quarter decreased to $8.0 million from $12.1 million in the third quarter 2012, due primarily to lower expenses associated with the ulodesine and BCX5191 programs, reduced R&D infrastructure costs and the conclusion of the development program for peramivir and its transition to New Drug Application (NDA) preparation. These reductions were partially offset by higher development expenses for BCX4161 in advancing our hereditary angioedema (HAE) program. General and administrative expenses for the third quarter 2013 decreased to $1.3 million compared to $1.6 million in 2012, due primarily to the December 2012 corporate restructuring that reduced BioCryst’s cost structure and operations.