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Receptos, Inc. (RCPT)
Q3 2013 Earnings Conference Call
October 30, 2013 / 5:00 p.m. E.T.
Faheem Hasnain – CEO
Graham Cooper – CFO
Sheila Gujrathi – Chief Medical Officer
Ravi Mehrotra - Credit Suisse
Marko Kozul - Leerink Swann
Jim Birchenough –BMO Capital Markets
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I would now turn the call over to Faheem Hasnain. President and Chief Executive Officer, you may begin.
Good afternoon and thanks for joining us for Receptos third quarter 2013 earnings call. With me today are Graham Cooper, our Chief Financial Officer and Sheila Gujrathi, our Chief Medical Officer. Today’s call is also being webcast live on our website and will be available for replay until November 12th.
Before we begin I'll ask Graham to handle the forward-looking statement disclaimer and Graham will walk you through our financial results followed by an update on our clinical development program that Sheila and I will cover. After that we’ll be happy to take any questions you may have. Graham?
Thanks Faheem. Please note that except for statements of historical facts, the statements in this conference call are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. Please see the forward-looking statement disclaimer and the company’s earnings press release issued after the close of market today, as well as the risk factors in the company’s SEC filings including our Form 10-Q for the third quarter that will be filed shortly.
Undue reliance should not be placed on forward-looking statements which speak only as of the date they are made and the facts and assumptions underlying these forward-looking statements may change, except as required by a law Receptos disclaims any obligation to update these forward-looking statements to reflect future information, events or circumstances.
I will now turn to the financial results for the third quarter. For the three months ended September 30th, 2013, Receptos reported a net loss of $15.6 million or $0.88 per share as compared to a net loss of $6.0 million or $4.44 per share for the third quarter of 2012. total revenues for the third quarter of 2013 were $1.1 million, compared to $1.8 million for the third quarter of 2012.
Total operating expenses for the third quarter of 2013 were $16.6 million compared to $7. million for the third quarter of 2012.
R&D expenses were $13.5 million for the third quarter of ’13, compared to $6.8 million for the third quarter of 2012. The increase in R&D expenses is primarily related to commencement of the Phase II portion of our Phase II/3 trial of RPC1063 in Relapsing Multiple Sclerosis, commencement of the Phase II trial of RPC1063 in ulcerative colitis and preparation for the Phase III portion of our Phase II/3 trial of RPC1063 in MS.
G&A expenditures were $3.1 million for the third quarter of 2013, compared to $1 million for the third quarter of ‘12. This increase in G&A is related primarily to an increase in personnel costs, additional stock comp expenses and additional expenditure on outside services.
As of 2000 – as of September 30th, 2013, Receptos had $80.8 million in cash and equivalents, debt with a principal balance of $4.9 million and approximately $18.3 million of common stock outstanding, we also have $25 million inventory debt that remains available to us under our credit arrangement with mid-cap financial.
We believe that between the cash and the balance sheet and the availability of ventured, of the ventured debt line, we have and continue to have sufficient resources to provide cash runway until the mid 2015.
With that I will hand the call back over to Faheem.
Thanks, Graham. There are three major topics that I want to cover on the call today. I’ll start with an update on RPC1063 in Relapsing Multiple Sclerosis where we have some great progress to share.
I’ll also cover the opportunity for RPC163 and also to colitis which we believe is substantial and probably under-appreciated by the market thus far. And, finally, I’ll give you an update on our pipeline programs, including our monoclonal antibody for eosinophilic esophagitishagitis, as well as our oral GLT1 program for Type 2 diabetes.
I’ll then ask Sheila to provide some detail on our clinical progress across these programs.
So, starting with RPC1063 in Relapsing MS, I’m pleased to announce today that we have completed enrolment in our global Phase II trial. This is a critical milestone for our company as it allows us to maintain our timeline to Phase II data in mid-2014.
I want to thank our clinical development team for the tremendous effort made to get this trial enrolled in dozens of sites around the world.
As we previously discussed, we’re planning to conduct an interim analysis to this trial later this quarter. If the interim data looks supportive, meaning, that if the differentiation profile that we’ve outlined looks to be confirmed – then, we will swiftly move forward with the first to fit two Phase III trials.