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OncoMed Pharmaceuticals Announces Third Quarter 2013 Financial Results

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.  

General and administrative (G&A) expenses for the third quarter of 2013 were $3.2 million, compared to $1.9 million for the third quarter of 2012, an increase of $1.3 million. For the nine months ended September 30, 2013 and 2012, G&A expenses were $7.1 million and $5.4 million, respectively. Increased costs for the quarter and nine-month periods were primarily attributable to higher employee- related costs, legal fees and consulting fees from third-party vendors.

OncoMed reported a net loss of $3.5 million for the third quarter of 2013, compared to $3.7 million for the third quarter of 2012. Net loss per share available to common stockholders for the third quarter of 2013 was $0.15 per share, compared to $3.45 per share for the third quarter of 2012. For the nine months ended September 30, 2013, net loss was $21.7 million compared to $17.9 million for the same period of 2012. The three and nine month change in net loss was mainly due to an increase in recognition of collaboration revenue, offset primarily by an increase in operational expenses attributable to research costs.

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