Endocyte, Inc.ECYT reported a third-quarter 2015 loss of 24 cents per share, narrower than the Zacks Consensus Estimate of a loss of 27 cents per share but wider than the year-ago loss of 14 cents per share.
The company earned collaboration revenues of $33,000 in the reported period compared to $3.9 million in the year-ago period. The year-ago quarter included collaboration revenues from Merck and Company Inc. MRK .
The Quarter in Detail
Research and development (R&D) expenses were $6.6 million, up 16% year over year. The increase reflects expenses related to manufacturing of EC1456 as well as investment in dose escalation trials on EC1456 and EC1169, higher compensation expenses (including non cash stock compensation) which was partially offset by lower etarfolatide-related manufacturing expenses.
General and administrative expenses were down 5.8% to $3.8 million reflecting lower legal and patent fees. This was partially offset by higher compensation expenses (including non cash stock compensation).
Once the dose-escalation studies are done, Endocyte is looking to evaluate EC1456 as a monotherapy as well as combination treatment for non-small cell lung cancer and ovarian cancer.
The company raised its 2015 year-end cash balance outlook to $170 million. Earlier, the company had said that it expects the year-end cash balance to exceed $155 million.
Endocyte carries a Zack Rank #3 (Hold). Some better-ranked stocks in the health care sector are Spectrum Pharmaceuticals, Inc. SPPI and Esperion Therapeutics, Inc. ESPR . Each carries a Zacks Rank #1 (Strong Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.