NeuroDerm announced financial results for the fourth quarter and fiscal year ended December 31, 2014. Q4 R&D expenses, net were $3.4 million, compared to $0.9 million in the same period in 2013.
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The increase resulted primarily from an increase in payroll and related expenses mainly as a result of an increase in share-based payments and due to advancing company's clinical studies for ND0612H and ND0612L.
General and administrative expenses were $2.8 million in the three months ended December 31, 2014 compared to $0.2 million for the quarter ended December 31, 2013.
The increase was primarily due to an increase in payroll and related expenses mainly as a result of an increase in share-based payments. In the quarter ended December 31, 2014, all expenses associated directly with the IPO process were deducted from additional paid-in capital and not recognized in general and administrative expenses.
The company reported a net loss of $20.3 million in the three months ended December 31, 2014 compared to $44.3 million for the same period in 2013.
The loss in the three months ended December 31, 2014 was mainly due to non-cash financial expenses net of $13.5 million compared to $43.2 million for the quarter ended December 31, 2013, both primarily related to the fair value of the company's convertible loans, embedded derivatives and financial instruments.
Fiscal year ended december 31, 2014
Research and development expenses, net were $8.1 million in the twelve months ended December 31, 2014 compared to $2.6 million in the same period in 2013.
The increase resulted primarily from an increase in payroll and related expenses as a result of the recruitment of new employees, an increase in share-based payments, and costs related to advancing our clinical studies for ND0612H and ND0612L.
General and administrative expenses were $5.3 million in the twelve months ended December 31, 2014 compared to $0.6 million for the fiscal year ended December 31, 2013. The increase was primarily due to increased legal and accounting costs, associated with the IPO process that were accumulated in general and administrative expenses in the first three quarters of 2014.
The company reported a net loss of $29.9 million in the twelve months ended December 31, 2014 compared to $86.9 million for the same period in 2013. The loss in the twelve months ended December 31, 2014 was mainly due to non-cash financial expenses net of $16.5 million compared to $83.6 million for the year ended December 31, 2013, both primarily related to the fair value of the company's convertible loans, embedded derivatives and financial instruments.
As of December 31, 2014, the company had cash and cash equivalents totaling $43.2 million. The aggregate net proceeds to NeuroDerm from the IPO, after deducting underwriting discounts and commissions, and offering costs deducted from the additional paid-in capital, were $40.7 million. ■