- At December 31, 2016, cash and investments were $18.7 million, compared to $31.3 million at December 31, 2015. The Company has no debt.
- Net cash used in 2016 was $12.6 million.
- We received $1.5 million in 2016 under a grant from the NIH for preclinical activities for PTI-125, our Alzheimer's disease product candidate.
- Research and development expenses increased to $9.2 million in 2016 from $9.1 million in 2015, primarily due to increased non-cash stock related compensation, offset in part by the funds from the NIH grant. R&D expenses included non-cash stock related compensation of $1.8 million in 2016 and $1.2 million in 2015.
- General and administrative expenses increased to $5.8 million in 2016 from $5.1 million in 2015, primarily due to increased non-cash stock related compensation costs. G&A expenses included non-cash stock-related compensation costs of $2.6 million in 2016 and $2.3 million in 2015.
Note: REMOXY is a trademark of Pain Therapeutics, Inc.Note Regarding Forward-Looking Statements : This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Pain Therapeutics disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, statements regarding the timing of minutes from the FDA and disclosure of details and timelines after receipt of minutes from the FDA. Such statements are based on management's current expectations, but actual results may differ materially due to various factors. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to development and testing of our drug candidates; unexpected adverse side effects or inadequate therapeutic efficacy of our drug candidates; the uncertainty of patent protection for our intellectual property or trade secrets; unanticipated additional research and development, litigation and other costs; and the potential for abuse-deterrent pain medications or other competing products to be developed by competitors and potential competitors or others. For further information regarding these and other risks related to our business, investors should consult our filings with the U.S. Securities and Exchange Commission. - Financial Tables Follow -
|PAIN THERAPEUTICS, INC.|
|CONDENSED STATEMENTS OF OPERATIONS|
|(unaudited, in thousands, except per share amounts)|
|Three Months Ended||Years Ended|
|December 31,||December 31,|
|2016||2015 (1)||2016||2015 (1)|
|Research and development||1,335||3,620||9,176||9,100|
|General and administrative||1,208||914||5,781||5,102|
|Total operating expenses||2,543||4,534||14,957||14,202|
|Net loss per share, basic and diluted||$||(0.06||)||$||(0.10||)||$||(0.33||)||$||(0.31||)|
|Weighted-average shares used in computing net loss per|
|share, basic and diluted||45,742||45,356||45,638||45,356|
|CONDENSED BALANCE SHEETS|
|Cash, cash equivalents and marketable securities||$||18,714||$||31,299|
|Other current assets||356||392|
|Total current assets||19,070||31,691|
|Other non-current assets||232||227|
|Liabilities and stockholders' equity|
|Accounts payable and accrued development expenses||$||330||$||1,928|
|Other accrued liabilities||335||623|
|Total current liabilities||665||2,551|
|Accumulated other comprehensive income||—||—|
|Total stockholders' equity||18,637||29,367|
|Total liabilities and stockholders' equity||$||19,302||$||31,918|
For More Information Contact:Peter S. Roddy Vice President and Chief Financial Officer Pain Therapeutics, Inc. firstname.lastname@example.org (512) 501-2450