third-quarter loss widened but beat analyst estimates. Revenue, however, came up short.
After Wednesday's market close, Arena reported a net loss allocable to common shareholders of $32.8 million, or 54 cents a share, compared to a loss of $20.1 million, or 43 cents a share, a year ago. The Thomson Financial consensus target was a loss of 71 cents a share.
Total revenue was $5 million, compared to $4.4 million in the third quarter of 2006, falling shy of the $6.4 million consensus.
Research and development expenses came in at $32.2 million, compared to $22.7 million in the third quarter of 2006.
Shares, which closed the regular trading session down 0.8% at $10.65, were flat in recent after-hours trading.