Bellerophon Therapeutics cuts loss to $46.5 millionStaff writer ▼ | March 22, 2016
Bellerophon Therapeutics reported financial results for the year ended December 31, 2015.
Bellerophon Therapeutics R&D expense decreased 27 percent
Total research and development (R&D) expense for the year ended December 31, 2015 decreased 27 percent to $33.4 million from $46.0 million in 2014.
The decrease was primarily due to reduced R&D infrastructure and expenses related to the Company’s decision to hold on further clinical development of its Bioabsorbable Cardiac Matrix, or BCM, program and the completion of the Phase 2a clinical trial for PH-COPD in mid-2014.
General and administrative (G&A) expense for 2015 totaled $14.9 million, compared with $13.8 million in 2014. The increase for 2015 was primarily due to restructuring charges.
At December 31, 2015, Bellerophon Therapeutics reported cash and cash equivalents, restricted cash and marketable securities of $24.5 million compared to $27.6 million at December 31, 2014.
In addition, as of December 31, 2015, Bellerophon Therapeutics recorded $11.3 million in prepayments of R&D expenses resulting from its amended drug supply agreement with Ikaria, Inc. and with Worldwide Clinical Trials (WCT) the clinical research organization it has partnered with for the Phase 3 clinical trials for INOpulse for PAH. ■