Kite Pharma reported financial results for the first quarter ended March 31, 2015. As of March 31, 2015, Kite had $428.5 million in cash, cash equivalents, and marketable securities, compared to $367 million as of December 31, 2014.
Article continues below
The net increase of $61.5 million was primarily due to $26.7 million in proceeds from the underwriters' exercise of the over-allotment option from the follow-on public offering and the $60 million upfront payment from the Amgen collaboration.
This increase was partially offset by cash outflows of $14.7 million related to the acquisition of TCF and approximately $10.5 million related to ongoing operations.
GAAP net loss attributable to common stockholders was $15.1 million, or $0.36 per share, for the first quarter of 2015, compared to $3.7 million, or $0.66 per share, for the first quarter of 2014. Non-GAAP net loss attributable to common stockholders for the first quarter of 2015 was $8.4 million, or $0.20 per share.
Non-GAAP net loss for first quarter of 2015 excludes non-cash stock-based compensation expense of $6.7 million for the first quarter of 2015.
Collaboration revenue was $2.9 million for the first quarter and was primarily comprised of the amortization of deferred revenue related to the $60.0 million upfront payment received from Amgen in the first quarter of 2015.
Total GAAP operating expenses for the first quarter of 2015 were $18.4 million compared to $3.2 million for the first quarter of 2014.
GAAP research and development (R&D) expenses for the first quarter of 2015 were $9.3 million, compared to $2.1 million for the first quarter of 2014.
The increase of $7.2 million was primarily due to increased personnel expense, including non-cash stock-based compensation expense, and costs related to our eACTâ„¢ development program, Amgen pre-clinical development program and Kite Pharma EU operations.
GAAP general and administrative (G&A) expenses were $9.2 million for the first quarter of 2015, compared to $1.1 million for the first quarter of 2014. The increase of $8.1 million was primarily due to increased personnel costs, including non-cash stock-based compensation.
Kite expects to burn between $100 million and $125 million in cash for the full year 2015, which includes both operating expenses and capital expenditures. This guidance does not include cash inflows or outflows for business development activities. ■