Collaboration revenues for the third quarter of 2013 were $12.9 million, compared to $7.7 million for the third quarter of 2012, an increase of $5.2 million. This increase was primarily due to a $10 million milestone payment from Bayer received in August 2013, offset by the August 2012 milestone payment from GSK for the Investigational New Drug application filing for OMP-52M51. For the nine months ended September 30, 2013, collaboration revenue totaled $18.8 million compared to $17.8 million for the same period in 2012. Changes in collaboration revenue are attributable to the timing and accounting recognition of milestone payments.Research and development (R&D) expenses for the third quarter of 2013 were $13.1 million, compared to $9.5 million for the third quarter of 2012, an increase of $3.6 million. This increase was attributable to an increase in program costs associated with the advancement of OncoMed's clinical and preclinical pipeline. For the nine months ended September 30, 2013, R&D expenses were $33.2 million compared with $30.4 million for the same period in 2012. The increase was primarily driven by clinical costs resulting from higher patient enrollment for various programs in 2013 compared to 2012.
OncoMed Pharmaceuticals Announces Third Quarter 2013 Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts