Enanta Pharmaceuticals, Inc., (NASDAQ:ENTA), a research and development-focused biotechnology company dedicated to creating small molecule drugs in the infectious disease field, today reported financial results for its fiscal fourth quarter and year ended September 30, 2013.
Fiscal Fourth Quarter and Year Ended September 30, 2013 Financial Results
Revenue for the three months ended September 30, 2013 was $1.3 million compared to $1.9 million for the three months ended September 30, 2012. For the year ended September 30, 2013 revenue was $32.1 million compared to $41.7 million for the year ended September 30, 2012. The changes in revenue for the three and twelve-month periods are primarily related to the timing and amount of milestone and other payments from collaborations, which have varied significantly from period to period and are expected to continue to do so.
Research and development expenses totaled $4.3 million for both the three months ended September 30, 2013 and for the three months ended September 30, 2012. For the year ended September 30, 2013, research and development expenses were $16.8 million compared to $15.1 million for the year ended September 30, 2012. The increase in research and development expenses is primarily due to increases in preclinical expenses for our early stage drug discovery programs.General and administrative expenses totaled $1.7 million for both the three months ended September 30, 2013 and the three months ended September 30, 2012. For the year ended September 30, 2013, general and administrative expenses were $6.2 million compared to $5.3 million for the year ended September 30, 2012. The increase is primarily due to higher stock-based compensation expense related to grants of additional employee stock options, as well as additional expenses incurred as a result of operating as a public company. Net loss for the three months ended September 30, 2013 was $4.4 million compared to a net loss of $4.1 million for the same period in 2012. Net income for the year ended September 30, 2013 was $9.6 million compared to net income of $21.4 million for the same period in 2012.
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