Mast Therapeutics Inc (NYSEMKT:MSTX) Reports 3Q2015 Financial Results


Mast Therapeutics Inc (NYSEMKT:MSTX) a clinical-stage biopharmaceutical firm leveraging its MAST platform to advance novel treatments for stroke, sickle cell disease and heart failure postedfinancial numbers for the quarter ended September 30, 2015.

The management speaks

Brian M. Culley, the CEO said that during 3Q2015, the company continued to make remarkable progress with the clinical advancement of vepoloxamer. They recently exceeded the 80% enrollment mark in Phase III ‘EPIC’ trial in sickle cell disease, and enrolled the first subject in its open-label, repeat-exposure ‘EPIC-extension’ trial, and commenced a Phase II trial of vepoloxamer drug in chronic heart failure with a novel formulation. In addition, the two Phase IIatrials of AIR001 in patients suffering with heart failure with HFpEF continue to register patients. The team look forward to sharing complete and interim data from those clinical trials in coming months.

The highlights

Mast Therapeutics’ net loss for 3Q came at $9.9 million against a net loss of $7.9 million for the same quarter in 2014. R&D expenses for 3Q2015 stood at $7.3 million, a jump increase of $1.9 millioncompared to $5.4 million recorded in the same quarter a year earlier. Thisjump primarilydue to increase external nonclinical study expenses and fees amounting to $1.8 million and an increase in external clinical study expenses and fees amounting to $0.2 million, offset by a $0.1 million drop in share-based compensation expense and personnel costs. The jump in external nonclinical study expenses and fees was due to increase in research-based manufacturing costs for vepoloxamer.

SG&A expenses of $2.5 million for 3Q2015 were in-line with the same quarter in 2014. Mast Therapeutics Inc (NYSEMKT:MSTX) reported net loss of $298.7 million for the first-three quarters ended September 30, 2015 against a net loss of $21.4 million for the same period in 2014. Research &Development expenses for the first-three months of fiscal jumped 46% to $21.1 million over 3Q2014.

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