Neothetics reported financial results for the fourth quarter ended December 31, 2014. Cash and cash equivalents were $75.9 million as of December 31, 2014 compared to $4.4 million as of December 31, 2013.
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Based on current operating plans, Neothetics believes its existing cash and cash equivalents will allow it to fund completion of the LIPO-202 Phase 3 pivotal trials and supplemental studies for a new drug application, expected to be filed with the FDA in the second half of 2016.
Research and development expenditures for the fourth quarter of 2014 were $1.9 million, compared to $1.7 million for the same period in 2013.
Research and development expenditures were $5.2 million for the year ended December 31, 2014, compared to $11.4 million for the year ended December 31, 2013. The decrease in 2014 R&D primarily reflects expenses related to the Phase 2 LIPO-202 RESET clinical trial, which was completed in 2013.
General and administrative expenses for the fourth quarter of 2014 were $1.3 million, compared to approximately $826,000 for the same period in 2013. General and administrative expenses were $4.4 million for the year ended December 31, 2014, compared to $3 million for the year ended December 31, 2013.
The increase in general and administrative expenses in 2014 compared to the prior year is primarily attributable to general legal fees, audit fees, and investor and public relations fees increasing as a result of becoming a public company, as well as an increase in share-based compensation from options and restricted stock awards granted during 2014.
Net loss for the fourth quarter of 2014 was $2.9 million, or $0.45 basic net loss per share, compared to net loss of $2.8 million, or $5.49 basic net loss per share, for the same period in 2013.
Net loss for the year ended December 31, 2014 was $10.8 million, or $5.36 basic net loss per share, compared to net loss of $15.0 million, or $29.33 basic net loss per share, for the year ended December 31, 2013. ■