AUSTIN, Texas, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Pain Therapeutics, Inc. (Nasdaq:PTIE) today reported financial results for the quarter and six months ended June 30, 2013. Net loss was $301,000, or $0.01 per share in Q2 2013, compared to a net loss of $130,000, or $0.00 per share in Q2 2012. Cash and investments were $52.8 million at June 30, 2013. Net cash usage for the first half of 2013 was $3.4 million. We expect net cash usage for 2013 to be under $10.0 million. We have no debt. Q2 2013 Financial Detail
- Program fee revenue reflects the non-cash revenue we recognize from upfront program fees received in prior years. Program fee revenue decreased to $3.9 million in 1H 2013 from $5.4 million in 1H 2012 because in late 2012 we extended the period over which we recognize this type of revenue.
- Research and development expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012 and to $2.3 million in 1H2013 from $3.1 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related research and development expenses decreased to $0.6 million in 1H 2013 from $0.8 million in 1H 2012.
- General and administrative expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012, and to $2.4 million in 1H2013 from $3.0 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related general and administrative expenses were $0.9 million in both the 1H 2013 and the 1H 2012.
REMOXY Deal Economics
- To date, we have received total cash payments of $185.0 million in program fees and milestone payments under our strategic alliance with Pfizer. We are eligible to receive from Pfizer a $15.0 million payment upon FDA approval of REMOXY.
- After commercial launch of REMOXY, we will receive from Pfizer a royalty of 20% of net sales in the United States, except as to the first $1.0 billion in cumulative net sales, which royalty is set at 15%. Outside the United States, the royalty rate is 10%.
- We will also receive from Pfizer a supplemental payment of 6.0% to 11.5% of net sales, depending on the range of total dollar sales in each year, covered by the strategic alliance. This supplemental payment is tied to the full amount of our financial obligations to Durect Corporation (Nasdaq:DRRX), our exclusive supplier of certain excipients in REMOXY.
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(in thousands, except per share amounts)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Program fee revenue||$ 1,959||$ 2,724||$ 3,917||$ 5,448|
|Research and development||1,139||1,516||2,322||3,125|
|General and administrative||1,139||1,461||2,357||2,973|
|Total operating expenses||2,278||2,977||4,679||6,098|
|Net loss||$ (301)||$ (130)||$ (709)||$ (101)|
|Net loss per share, basic and diluted||$ (0.01)||$ (0.00)||$ (0.02)||$ (0.00)|
|Weighted-average shares used in computing net loss per share, basic and diluted||44,999||44,777||44,966||44,754|
|CONDENSED BALANCE SHEETS|
|June 30, 2013||December 31, 2012(1)|
|Cash, cash equivalents and marketable securities||$ 52,845||$ 56,254|
|Other current assets||3||253|
|Total current assets||52,848||56,507|
|Total assets||$ 53,200||$ 56,859|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$ 1,007||$ 1,290|
|Deferred program fee revenue - current portion||7,832||7,832|
|Other accrued liabilities||379||877|
|Total current liabilities||9,218||9,999|
|Deferred program fee revenue - non-current portion||29,370||33,287|
|Common Stock and additional paid-in-capital||150,534||148,783|
|Accumulated other comprehensive income||1||4|
|Total stockholders' equity||14,175||13,136|
|Total liabilities and stockholders' equity||$ 53,200||$ 56,859|
CONTACT: Peter S. Roddy Vice President and Chief Financial Officer Pain Therapeutics, Inc. firstname.lastname@example.org (512) 501-2450