Peregrine Pharmaceuticals announced financial results for the fourth quarter and the fiscal year 2015 ended April 30, 2015. Q4 total revenues were $9,308,000, compared to $6,474,000 Q4 2014.
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For FY 2015 total revenues were $26,781,000, compared to $22,401,000 for the prior fiscal year. The fourth quarter FY 2015 and FY 2015 increases were attributed to an increase in contract manufacturing revenue.
Contract manufacturing revenue from Avid's clinical and commercial biomanufacturing services provided to its third-party clients increased 44% to $9,308,000 for the fourth quarter FY 2015 compared to $6,474,000 for the fourth quarter FY 2015 and increased 20% to $26,744,000 for FY 2015 compared to $22,294,000 for FY 2014.
The fourth quarter FY 2015 and FY 2015 increases were primarily attributed to an increase in demand for contract manufacturing services. Current contract manufacturing commitments from Avid's third-party customers are approximately $40 million, covering services to be provided during FY 2016 and into FY 2017.
ased on this current backlog, Peregrine expects contract manufacturing revenue for FY 2016 to be between $30 and $35 million. In addition to providing biomanufacturing services to its third-party customers, Avid will continue to prepare for the potential commercialization of bavituximab.
Total costs and expenses for the fourth quarter FY 2015 were $21,477,000, compared to $17,003,000 for the fourth quarter FY 2014. For FY 2015, total costs and expenses were $77,280,000 compared to $58,107,000 for FY 2014.
These increases for both fourth quarter FY 2015 and FY 2015 were primarily attributable to an increase in research and development expenses associated with the Phase III SUNRISE trial.
For the fourth quarter FY 2015, research and development expenses were $11,531,000, compared to $8,813,000 for the fourth quarter FY 2014, and for FY 2015 were $42,996,000 compared to $27,723,000 for FY 2014.
In addition, cost of contract manufacturing increased 24% to $4,758,000 and 19% to $15,593,000 for the fourth quarter FY 2015 and FY 2015, respectively, primarily due to higher reported revenue compared to the same prior year periods.
For the fourth quarter FY 2015, selling, general and administrative expenses were $5,188,000, compared to $4,361,000 for the fourth quarter FY 2014 and for FY 2015 were $18,691,000 compared to $17,274,000 for FY 2014.
Peregrine's consolidated net loss attributable to common stockholders was $13,513,000 or $0.07 per share, for the fourth quarter of FY 2015, compared to a net loss attributable to common stockholders of $10,649,000, or $0.06 per share, for the same prior year quarter.
For FY 2015, net loss attributable to common stockholders was $54,054,000, or $0.30 per share, compared to $35,763,000, or $0.22 per share, for FY 2014.
Peregrine reported $68,001,000 in cash and cash equivalents as of April 30, 2015, compared to $77,490,000 at fiscal year ended April 30, 2014. ■