This Day On The Street
Continue to site
ADVERTISEMENT
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

Puma Biotechnology Reports Third Quarter 2013 Financial Results

Puma Biotechnology, Inc. (NYSE: PBYI), a development stage biopharmaceutical company, today announced financial results for the third quarter ended September 30, 2013.

Unless otherwise stated, all comparisons are for the third quarter and nine months ended September 30, 2013, compared to the third quarter and nine months ended September 30, 2012.

Based on accounting principles generally accepted in the United States (GAAP), Puma reported a net loss applicable to common stock of $14.3 million, or $0.50 per share, for the third quarter of 2013, compared to a net loss of $25.9 million, or $1.29 per share, for the third quarter of 2012. Net loss applicable to common stock for the nine months ended September 30, 2013, was $38.7 million, or $1.35 per share, compared to $52.4 million, or $2.62 per share, for the nine months ended September 30, 2012.

Adjusted net loss applicable to common stock was $12.3 million, or $0.43 per share, for the third quarter of 2013, compared to adjusted net loss applicable to common stock of $3.6 million, or $0.18 per share, for the third quarter of 2012. Adjusted net loss applicable to common stock for the nine months ended September 30, 2013, was $33.6 million, or $1.17 per share, compared to $11.5 million, or $0.58 per share, for the nine months ended September 30, 2012. Adjusted net loss applicable to common stock excludes stock-based compensation expense and external costs associated with ongoing clinical trials of our lead product candidate, PB272 (neratinib (oral)), that Puma assumed from a licensor and which it refers to as licensor legacy clinical trials. For a reconciliation of adjusted net loss applicable to common stock to reported net loss applicable to common stock, please see the financial tables at the end of this news release.

Net cash used in operating activities for the third quarter of 2013 was $12.0 million. Net cash used in operating activities for the nine months ended September 30, 2013, was $41.4 million. At September 30, 2013, Puma had cash and cash equivalents of $51.3 million and marketable securities of $44.4 million, compared to $137.4 million of cash and cash equivalents at December 31, 2012. As previously noted, Puma’s license agreement for PB272 established a limit on the Company’s expenses related to certain clinical trials Puma assumed from the licensor, or legacy clinical trials. Puma reached this limit, or cap, during the fourth quarter of 2012; therefore, the licensor is responsible for expenses related to the legacy clinical trials until such trials are completed. The license agreement requires the Company to bill the licensor quarterly for external “out-of-pocket” costs in excess of the cap cost. At September 30, 2013, the Company reported a receivable of approximately $11.3 million associated with outstanding invoices to the licensor. The Company anticipates receiving payments for these outstanding invoices by the end of 2013.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,846.12 -82.08 -0.46%
S&P 500 2,082.69 -6.77 -0.32%
NASDAQ 4,925.1960 -14.1310 -0.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs