Kindred Biosciences announced financial results for the second quarter ended June 30, 2015. Q2 net loss was $6.9 million or $0.35 per share.
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This compares to a net loss of $8.1 million or $0.42 per share for the same period in 2014. For the six months ended June 30, 2015, net loss was $13.6 million or $0.69 per share, as compared to a net loss of $14.3 million or $0.80 per share for the same period in 2014.
Total research and development expenses for the three and six months ended June 30, 2015 were $5.0 million and $9.8 million, respectively, compared to $5.6 million and $10.1 million for the same periods in 2014. Stock-based compensation expense was $0.5 million and $0.9 million for the three and six months ended June 30, 2015 as compared to $0.4 million and $0.7 million for the same periods in 2014.
The decrease in research and development expenses in 2015 compared to 2014 was primarily due to lower field trial and material costs including consulting expenses, offset in part by higher payroll and related expenses as a result of increased headcount and costs associated with advancing biologics programs. The 2014 expenses included costs of the company’s CereKin and AtoKin pivotal.
Total general and administrative expenses for the three and six months ended June 30, 2015 were $1.9 million and $3.9 million, respectively, compared to $2.5 million and $4.2 million for the same periods in 2014.
Stock-based compensation expense was $0.6 million and $1.2 million for the three and six months ended June 30, 2015 as compared to $0.8 million and $1.6 million for the same periods in 2014.
The decrease in general and administrative expenses in 2015 was due primarily to lower consulting, professional services and stock-based compensation expenses offset by increased headcount expenses as the company continues to build its corporate infrastructure.
As of June 30, 2015, KindredBio had $89.7 million in cash, cash equivalents, and short term investments.
Net cash used in operating activities for the six months ended June 30, 2015 was approximately $11.4 million.
The company is revising its previous guidance for operating expenses and now expects it to be in the range of $30 million to $35 million for the 2015 calendar year, as compared to its previous guidance for annual operating expenses that were expected to be $35 to $40 million. ■