Vital Therapies announced results for the fourth quarter and fiscal year ended December 31, 2014. The company reported both a net loss and net loss attributable to common stockholders of $14 million for Q4.
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This compares with a net loss of $10.2 million, and a net loss attributable to common stockholders of $12.5 million for the same prior year period.
This resulted in a net loss attributable to common stockholders of $0.59 per share for the three months ended December 31, 2014, as compared to a net loss of $22.28 per share for the corresponding period in 2013, on both a basic and fully diluted basis.
These per share figures are based on weighted-average common shares outstanding of 23,689,613 shares and 559,016 shares, respectively, with the large increase in common shares outstanding in 2014 resulting from the company's initial public offering (IPO) in the second quarter of 2014, the conversion of preferred stock to common stock in conjunction with the IPO, and the company's follow-on offering in the fourth quarter of 2014.
Total operating expenses for the three months ended December 31, 2014 were $14.0 million as compared to $10.2 million for the comparable period of 2013. Research and development expenses increased to $10.9 million during the three months ended December 31, 2014 as compared to $7.7 million in the three months ended December 31, 2013.
This was primarily associated with an increase in phase 3 clinical trial activities. General and administrative expenses were $3.1 million for the three months ended December 31, 2014, up from $2.6 million for the comparable period of 2013.
The company reported a net loss of $47.7 million for the year ended December 31, 2014, which compared with a net loss of $32.7 million for the prior year. The net loss attributable to common stockholders was $56.8 million for the year ended December 31, 2014, which compared with a net loss attributable to common stockholders of 39.1 million for the prior year.
This resulted in a net loss attributable to common stockholders of $3.54 per share for the year ended December 31, 2014, as compared to a net loss attributable to common stockholders of $74.86 per share for 2013, on both a basic and fully diluted basis.
These per share figures are based on weighted-average common shares outstanding of 16,054,452 shares and 522,102 shares, respectively, with the large increase in common shares outstanding resulting from the company's IPO in the second quarter of 2014, the conversion of preferred stock to common stock in conjunction with the IPO, and the company's follow-on offering in the fourth quarter of 2014.
Total operating expenses for the year ended December 31, 2014 were $50.3 million as compared to $31.4 million for 2013. Research and development expenses increased to $39.5 million during the year ended December 31, 2014 as compared to $21.8 million for the year ended December 31, 2013.
This was primarily associated with an increase in phase 3 clinical trial activities. General and administrative expenses were $10.9 million for the year ended December 31, 2014, up from $9.6 million for 2013. ■