Anthera Pharmaceuticals Inc (NASDAQ:ANTH) announced financial report for 3Q ended September 30, 2015. The company reported cash/cash equivalents amounted to $55.8 million at the end of 3Q2015 against $2.6 million as of December 31, 2014. This increase was primarily due to July and March public offerings of common stock and sale of common stock via at-the-market plan, equity investment and cost settlement from partner in Japan, partially offset by funds utilized in operations.
Net loss for 3Q2015 was $11.3 million compared to $7.0 million for 3Q2014. This increase in net loss was mainly due to the commencement of Sollpura™ in a Phase III clinical trial and advancement of blisibimod program.
The performance
Anthera reported that license and collaborative revenue amounted to $0.7 million in 3Q20156 while it came $1.3 million for nine-months period ended September 2015. Due to the pending dissolution of a collaborative deal with company’s associate partner in Japan, Antheraaugmented the amortization of deferred revenue to match with the shorter collaborative period, resulting in license revenue growth for the period ended September 30, 2015.
During the same period, R&D expenses jumped to $10.4 million compared to $5.3 million in 3Q2014. This jump was driven by expenses related with manufacturing and initiation of Phase III solution clinical trial of Sollpura™ and increased clinical development costs for blisibimod program. In addition, non-cash stock-based compensation costs jumped by $0.5 million from 3Q2014 due to equity grants released in the third quarter of 2015.
The highlights
Anthera Pharmaceuticals Inc (NASDAQ:ANTH) reported that General and administrative costs surged by $0.7 million for 3Q2015 to $2.1 million compared to $1.4 million in 3Q2014. This increase was largely due to higher non-cash stock based compensation costs compared to 3Q2014 and increased professional services.
The company was granted with a research award in March 2015 by CFFT and marked as an offset to operating cost. Anthera stated that the research award amount recognized highlights the value of milestones they have established under the award deal as of September 30, 2015.