For the second quarter ended June 30, 2016, Kindred Biosciences reported a net loss of $4.9 million or $0.25 per share.
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This compares to a net loss of $6.9 million or $0.35 per share for the same period in 2015.
For the six months ended June 30, 2016, net loss was $11.0 million or $0.55 per share, as compared to a net loss of $13.6 million or $0.69 per share for the same period in 2015.
Total research and development expenses for the three and six months ended June 30, 2016 were $3.2 million and $6.6 million, respectively, compared to $5.0 million and $9.8 million for the same periods in 2015.
Stock-based compensation expense was $0.4 million and $0.7 million for the three and six months ended June 30, 2016 as compared to $0.5 million and $0.9 million for the same periods in 2015.
The decrease in research and development expenses in 2016 compared to 2015 was primarily due to lower field trial and material costs including consulting expenses, lower payroll and related expenses as a result of Kindred Biosciences’s restructuring in January and lower stock based compensation expense.
The prior year’s expenses also included costs related to pivotal studies for programs that have been completed or discontinued.
Total general and administrative expenses of $1.9 million and $3.9 million for the three and six months ended June 30, 2016 remained unchanged compared to the same periods in 2015.
Higher payroll, corporate and marketing expenses were offset by lower consulting, legal and professional fees, as well as lower stock-based compensation expense.
Stock-based compensation expense was $0.5 million and $1.0 million for the three and six months ended June 30, 2016 as compared to $0.6 million and $1.2 million for the same periods in 2015.
The Company recorded a restructuring charge of $655,000 for payroll related costs, which was paid in the first quarter of 2016, in order to streamline its development programs and extend its cash runway.
As of June 30, 2016, KindredBio had $66.3 million in cash, cash equivalents and investments, compared with $77.6 million as of December 31, 2015. The decrease was primarily due to cash used in operating activities of approximately $10.6 million.
For the 2016 calendar year Kindred Biosciences reiterates its previous guidance for operating expenses to be in the range of $24 million to $26 million, excluding the impact of stock-based compensation expense and the impact of acquisitions, if any.
The Company’s anticipated expenditures for the remainder of the year include regulatory costs associated with the filing of registration of Mirataz, preparing for the commercial launch of Zimeta, as well as the continued development of its pipeline candidates. ■