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Synta Pharmaceuticals (SNTA)
Q1 2013 Earnings Call
April 30, 2013 10:00 am ET
George Farmer - Vice President of Corporate Development
Safi R. Bahcall - Co-Founder, Chief Executive Officer, President and Director
Keith S. Ehrlich - Chief Financial Officer, Principal Accounting Officer and Vice President of Administration & Finance
Vojo Vukovic - Chief Medical Officer and Senior Vice President of Clinical Research & Regulatory Affairs
Thomas Wei - Jefferies & Company, Inc., Research Division
Jim Birchenough - BMO Capital Markets U.S.
Gene Mack - Brean Capital LLC, Research Division
Brian Klein - Stifel, Nicolaus & Co., Inc., Research Division
George B. Zavoico - MLV & Co LLC, Research Division
Joseph Pantginis - Roth Capital Partners, LLC, Research Division
Robin Davison - Edison Investment Research Limited
Ryan Martins - Lazard Capital Markets LLC, Research Division
Michael G. King - JMP Securities LLC, Research Division
Nicholas Abbott - BMO Capital Markets U.S.
Previous Statements by SNTA
» Synta Pharmaceuticals Management Discusses Q4 2012 Results - Earnings Call Transcript
» Synta Pharmaceuticals' Management Presents at Barclays Global Healthcare Conference (Transcript)
» Synta Pharmaceuticals Management Discusses Q3 2012 Results - Earnings Call Transcript
Hello, and thank you, all, for taking the time to join us today. With me are Dr. Bahcall, our Chief Executive Officer; Vojo Vukovic, our Chief Medical Officer; and Keith Ehrlich, our Chief Financial Officer. This morning, we issued a press release that reported results for the first quarter of 2013. This release can be found on our website at syntapharma.com.
Before we begin, I would like to point out that we will be making forward-looking statements based on our current intent, belief and expectations, which are subject to certain risks and uncertainties. Additional detail can be found in related SEC filings, also available through our website. I will now turn the call over to Dr. Bahcall. After which, we will open the call to questions. Safi?
Safi R. Bahcall
Thanks, George, and thank you, all, for joining us this morning. Today, I'll provide quick updates on our ganetespib program and then turn it over to Keith for a financial update. We'll then open the call for questions.
Ganetespib, our lead oncology drug candidate, is being evaluated in a number of different clinical trials, including our 300-patient GALAXY-1 trial and our 500-patient GALAXY-2 trial in second line non-small cell lung cancer.
Last September, we reported promising interim results from the first 172 patients enrolled with GALAXY-1. And last October, we completed our target trial enrollment of 240 adenocarcinoma patients. An analysis to the overall survival from this trial was prespecified for 6 months from the last patient enrolled. This analysis will be conducted in may, and we expect those results will be presented at ASCO in June.
At this point, given the proximity to the medical meeting, as I'm sure you understand, we can't comment on any aspect of the trial until after the ASCO presentation. Earlier this month, we announced the first patients who enrolled in our GALAXY-2 Phase III trial, a 500-patient global randomized trial evaluating the same regimens as the GALAXY-1 trial with overall survival as a primary endpoint. This study population is very similar to GALAXY-1 but excluding outright progressors to first-line therapy, meaning those patients who experienced disease progression within the first 6 months of being diagnosed and treated for metastatic disease.
With respect to our other trials, we continue to enroll patients in the ENCHANT breast cancer trial and we'll be evaluating data from both that trial and our monotherapy trial in now positive patients later this year. As we have mentioned before, our strategic focus has shifted to combination therapy as the most efficient path to ganetespib registration. And we currently have no further plans for monotherapy development.
The ENCHANT trial protocol has recent been amended to treat HER2 negative patients with ganetespib in combination with paclitaxel as a means to enable future clinical development with either taxin [ph], docetaxel or paclitaxel, both of which are commonly used in breast cancer.
I'll now turn the call over to Keith who will review our first quarter 2013 financial results. Keith?
Keith S. Ehrlich
Thank you, Safi, and good morning, everyone. There were no revenues in the first quarter of 2013 as compared to $0.1 million of grant revenues in the same period of 2012.
In the first quarter of 2013, our research and development expenses were $16.4 million as compared to $12.1 million for the same period of 2012. Our first quarter general and administrative expenses were $3.9 million as compared to $2.6 million for the comparable period of 2012.
In the first quarter of 2013, our net loss was $20.7 million or $0.30 per basic and diluted share, as compared to a net loss of $15.1 million or $0.27 per basic and diluted share in the same period of 2012.
Based on our current operating levels, we expect our cash resources of approximately $90.4 million will be sufficient to fund operations into the second quarter of 2014. This estimate assumes no additional funding from new partnership agreements or equity financing events and that the timing and nature of activities contemplated for 2013 and 2014 will be conducted subject to the availability of sufficient financial resources.
I will now turn the call back over to Safi for concluding remarks. Safi?
Safi R. Bahcall
Thanks, Keith. This concludes our prepared remarks. Operator, we will now open the call to questions.
[Operator Instructions] Our first question comes from the line of Thomas Wei with Jefferies & Co.