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TheStreet Open House

Achillion Reiterates HCV Pipeline Priorities And Reports Third Quarter And Nine Month 2013 Financial Results

Stocks in this article: ACHN

Research and development expenses were $11.3 million for the three months ended September 30, 2013, compared with $12.6 million for the same period of 2012. The decrease for the three months ended September 30, 2013 was primarily due to decreased manufacturing costs associated with sovaprevir and decreased clinical costs associated with ACH-2684, offset by increased clinical trial costs related to ACH-3102 and the combination trial evaluating sovaprevir and ACH-3102. For the three months ended September 30, 2013, general and administrative expenses were $2.7 million, compared with $2.6 million incurred during the same period in 2012. The increase in general and administrative expenses was primarily due to an increase in non-cash charges related to stock based compensation and increased business development consulting fees.

Non-cash stock compensation expense totaled $1.2 million for the third quarter of 2013 as compared with $934,000 for the third quarter of 2012 and is included in research and development and general and administrative expenses.

Nine Month Results

For the nine months ended September 30, 2013, Achillion reported a net loss of $45.6 million, an increase from a net loss of $35.9 million in the same period in 2012. There were no revenues during the first nine months of 2013, compared with $2.5 million in the prior year period. Revenue during the first nine months of 2012 was related to recognition of deferred revenue under the Company's former collaboration with Gilead Sciences, Inc.

For the nine months ended September 30, 2013, research and development expenses totaled $36.6 million, compared with $30.6 million during the same period in 2012. Research and development expenses increased primarily due to increased costs related to combination clinical trials and drug interaction studies of sovaprevir and ACH-3102, increased costs related to the ACH-3422 preclinical studies as well as increased scientific consulting fees. Personnel costs and non-cash charges related to stock based compensation also increased primarily due to the addition of personnel in our development group. General and administrative expenses were $9.4 million for the nine months ended September 30, 2013, increased from $8.0 million in the same period in 2012. The increase in general and administrative expenses was primarily due to an increase in non-cash charges related to stock based compensation combined with increased business development consulting fees.

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