ProNAi Therapeutics reported its financial and operational results for the second quarter of 2015. Total operating expenses were $6.6 million compared to $13.5 million for the three months ended June 30, 2014.
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Total operating expenses for the six months ended June 30, 2015 were $13.3 million compared to $15.8 million for the six months ended June 30, 2014.
For the three months ended June 30, 2015, ProNAi reported a net loss of approximately $15.2 million, compared to a net loss of $13.8 million for the quarter ended June 30, 2014.
For the six months ended June 30, 2015, ProNAi incurred a net loss of $23.3 million compared to a net loss of $16.3 million for the six months ended June 30, 2014.
Research and development expenses decreased to $4.7 million for the three months ended June 30, 2015 from $12.7 million for the three months ended June 30, 2014. Research and development expenses decreased to $10 million for the six months ended June 30, 2015 from $14.5 million for the six months ended June 30, 2014.
These decreases were primarily due to an $11 million milestone payment related to certain patented lipid nanoparticle delivery technology made to Novosom AG during the three months ended June 30, 2014.
This decrease in expenses was partially offset by an increase in research and development expenses related to the continuation of our PNT2258 clinical trials, and an increase in headcount costs.
General and administrative expenses increased to $1.9 million for the three months ended June 30, 2015 from $0.8 million for the three months ended June 30, 2014. General and administrative expenses increased to $3.3 million for the six months ended June 30, 2015 from $1.3 million for the six months ended June 30, 2014.
These increases were primarily due to increased headcount costs and professional fees incurred in connection with the preparatory work to become a public company.
As at June 30, 2015, ProNAi had $25.8 million in cash, cash equivalents and short-term investments compared to $39.2 million as at December 31, 2014. ProNAi received $143.6 million in net proceeds from its initial public offering in July 2015.
Subsequent to the closing of the IPO, there were approximately 30,058,105 shares of common stock issued and outstanding and 3,325,050 options issued and outstanding. ■