aTyr Pharma announced operating results for the first quarter 2015. The company successfully completed its initial public offering following the end of the quarter on May 12, 2015, with estimated net proceeds of $76.9 million.
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Total cash and investments are expected to be approximately $145 million as of June 30, 2015.
Research and development expenses were $6.6 million for the quarter ended March 31, 2015, as compared to $4.4 million in the same period one year ago. The increase primarily relates to a one-time $1.4 million non-cash expense for the assignment of certain intellectual property rights.
Additional expenses are associated with development of and clinical trials for Resolaris and preclinical research efforts targeting the potential therapeutic application of other Physiocrines in additional rare diseases.
The company expects its research and development expense to continue to increase with its Resolaris franchise expansion activities, including the clinical development of Resolaris, the first protein therapeutic from the Resokine Pathway; advancements in the development of a second program leveraging the Resokine pathway using an iMod.Fc protein therapeutic; and continued engagement in additional research and development activities relating to the therapeutic applications of Physiocrines beyond the Resokine pathway.
General and administrative expenses were $2.3 million and $1.5 million for the quarters ended March 31, 2015 and 2014, respectively. The increases relate primarily to employee-related costs including stock-based compensation and benefits, intellectual property-related projects and professional services and fees.
The company expects general and administrative expenses to increase substantially to support the continued development of its product candidates and the costs associated with operating as a public company, which include supporting regulatory and listing requirements, insurance and investor relations. These increases will also include the cost of additional personnel and fees to outside consultants, among other expenses.
Net losses for the first quarter of 2015 were $9.1 million, as compared to $6.1 million for the first quarter of 2014. The number of shares outstanding was 23.6 million as of the close of the initial public offering on May 12, 2015. ■