) recently reported a loss of 9 cents per share in the fourth
quarter of 2012, narrower than the Zacks Consensus Estimate of 13
cents per share. The company had reported earnings per share of 7
cents in the year-ago quarter.
Revenues of $5.1 million in the fourth quarter of 2012 were
down 68.8% from a year ago but in line with the Zacks Consensus
Research and development expenses were $7.2 million, down
25.1% from the year-ago quarter. General and administrative
expenses were $3.3 million, down 6.4% from the year-ago
We note that ArQule and partner Daiichi Sankyo announced
disappointing phase II results on oncology candidate, tivantinib
(ARQ 197) in Feb 2013.
The study evaluated ArQule's lead pipeline candidate,
tivantinib, in combination with
) Camptosar (irinotecan) and
Bristol-Myers Squibb/Eli Lilly's
) Erbiutx (cetuximab) in patients with refractory or relapsed
colorectal cancer (CRC).
For the full year, revenues came in at $36.4 million, down 23
% from 2011 and below the Zacks Consensus of $37 million. Loss
per share came in at 18 cents, narrower than the Zacks Consensus
Estimate of a loss of 23 cents per share and 20 cents reported in
ArQule will continue to focus on tivantinib, which has now
entered into phase III with the initiation of the METIV-HCC
(MET-high patients with Tivantinib in HCC) trial in second-line
HCC (hepatocellular carcinoma or liver cancer).
METIV-HCC trial, initiated in early 2013, is a controlled
study of previously treated patients with MET-high inoperable HCC
who will receive tivantinib as a single agent or placebo.
ArQule expects revenues between $12 and $15 million in 2013.
The Zacks Consensus Estimate for revenues in 2013 was $18
ArQule anticipates net loss between $28 million and $31
million in 2013. Loss per share is estimated between 45 cents and
50 cents. The Zacks Consensus Estimate was 48 cents.
ArQule currently carries a Zacks Rank #3 (Hold).
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