AUSTIN, Texas, May 6, 2014 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for Q1 2014. Net loss in Q1 2014 was $3.5 million, or $0.08 per share, compared to a net loss in Q1 2013 of $0.4 million, or $0.01 per share. Net cash used in Q1 2014 was $2.7 million. At March 31, 2014, cash and investments were $47.1 million. As previously disclosed, the Company believes net cash usage for 2014 may be approximately $12 million.
"We continue to carefully monitor the progress of REMOXY by Pfizer," said Remi Barbier, President & CEO. "We also continue to believe the next few quarters ahead may be pivotal for the Company and its shareholders."
Financial Highlights for Q1 2014
- At March 31, 2014, cash and investments were $47.1 million, compared to $49.8 million at December 31, 2013. We have no debt.
- Net cash used in Q1 2014 was $2.7 million.
- Research and development expenses increased to $2.1 million in Q1 2014 from $1.2 million in Q1 2013, primarily due to increased investment in early stage drug assets. Research and development expenses included non-cash stock-related compensation costs of $0.3 million in Q1 of both 2014 and 2013.
- General and administrative expenses increased slightly to $1.3 million in Q1 2014 from $1.2 million in Q1 2013, primarily due to increased non-cash stock-related compensation. General and administrative expenses included non-cash stock-related compensation costs of $435,000 in Q1 2014 and $376,000 in Q1 2013.