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BioCryst Pharmaceuticals Inc.
Q4 2007 Earnings Call
March 6, 2008 8:30 am ET
Jon P. Stonehouse – President, Chief Executive Officer, Director
Stuart Grant – Chief Financial Officer, Senior Vice President
Rain Benjamin – Rodman & Renshaw
David Bloustein – Southern Brook
Douglas Chow – Caris & Company
Joseph Schwartz - Leerink Swann
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Welcome to BioCryst fourth quarter and fiscal year ended December 31, 2007 financial results conference call. Before we begin, I would read a formal statement regarding risks factor associated with today’s call.
Today’s conference call and the accompanying slides will contain forward-looking statements regarding future events and the future financial performance of BioCryst. Such forward-looking statements may include predictions regarding current and proposed clinical trials of forodosine HCl, BCX-4208 and peramivir, potential development of compounds not in clinical testing and cash flow projections including the benefit of the US Department of Health and human services funding of peramivir.
These statements involved known and the unknown risks uncertainties and other factors that may cause the actual future events or actual future financial performance to be significantly different from those expressed or implied by the forward-looking statements. Please refer to the section risk factors in the company’s most recent press releases and the documents that the company files from time to time with the SEC.
Specifically, you may refer to the company’s most recent Form 10-K, Form 10-Q and Form 8-K, all of which are readily available on our website at www.biocryst.com. These documents contain and identify additional information regarding important factors that could cause the actual results to differ from those contained in the forward-looking statement. But the information can typically be found in the section marked risk factors for forward-looking statements.
These statements may reflect the company’s views with respect to future events. BioCryst is under no obligation to update or revise these statement. BioCryst cautions that you should not place undue reliance on these forward-looking statements.
Now, I would like to turn the call over to Jon Stonehouse, BioCryst’s Chief Executive Officer. Supporting slides for this call can be found on our website.
Thank you Stuart and thank you everyone for joining us today. 2007 proved to be a year of both lessons learned and progress made. The results we saw from clinical trials with our lead candidate in 2007 provided more clarity and further validated the scientific strength of our pipeline. Despite some setbacks, our intramuscular peramivir trial demonstrated a strong safety profile. And further evaluation of the Phase II trial, we also saw a trend of clinical and virologic activity with the dose response.
I would provide more detail of these results and the progress made with our other candidates, forodosine HCl and BCX-4208 in a moment. But now I’d like to turn it back to Stuart to discuss our financial performance.
Thanks Jon. I refer you to slide number two. For the fourth quarter ended December 31, 2007, BioCryst reported revenues of $28.2 million compared to $2.1 million in the fourth quarter of 2006.
The increase in revenues is primarily due to revenue from our contract with the US Department of Health and Human Services for the development of peramivir, a $7 million milestone payment received and continuing amortization of deferred revenues from our collaborative agreements.
The net loss for the quarter was $2.3 million or $0.06 per share compared to a net loss of $10.1 million or $0.34 per share for the quarter ended December 31, 2006. R&D expenses for the fourth quarter were $29.1 million compared to $11.2 million in the fourth quarter of 2006. R＆D expenses is attributable to an increase in clinical trial related expenses, manufacturing costs for our lead product candidate and costs related to an increase in the personnel support in the development of our product candidates.
G&A expenses for the fourth quarter were $2.5 million compared to $1.6 million in the fourth quarter of 2006. The increase in G&A expenses is based on an increase in personnel related costs as a result of increased headcount including an increase in unknown cash share based compensation expenses for the quarter and an increase in professional fees.
On slide three, you will see that for the full year ended December 31, 2007. The company reported revenues of $71.2 million comparable to $6.2 million in 2006. The year-end increase is primarily due to revenue from the contract with HHS for the development of peramivir to $7 million milestone payment received from Shinove and the continue amortization of deferred revenue from our collaborative agreement.
The net loss applicable to common shares of 2007 was $29.1 million or $0.89 per share as compared to $43.6 million or $1.50 per share for 2006. The net loss for the year includes known cash charges of $1.4 million or $0.04 per share and stock-base compensation of $5.7 million or $0.17 per share.
R&D expenses were $94.1 million for the year ended December 31, 2007 compared to $47.1 million in 2006. The increase in R&D expenses is attributable to an increase in clinical trial related expenses, manufacturing cost for our lead product candidates and cost related to an increase in the personnel supporting the development of our product candidates.