Epizyme Q1 net loss $22.9 million, will boost R&DStaff writer ▼ | May 10, 2016
Epizyme reported financial results for the first quarter of 2016. Collaboration revenue was $0.5 million for the quarter ended March 31, 2016, compared to $0.9 million for the same period last year.
Epizyme Research and development expenses were $17.7 million
Epizyme expects that R&D expenses will increase in 2016, when compared to 2015.
General and administrative (G&A) expenses were $5.8 million for the quarter ended March 31, 2016, compared to $5.2 million for the same period last year.
Epizyme expects that G&A spend will increase in 2016 as compared to 2015 due to increases in staffing and infrastructure to support expanded clinical trial activities, increased research investment and other expanded operational activities, including increased intellectual property costs.
Net loss was $22.9 million for the quarter ended March 31, 2016, compared to a net loss of $61.3 million for the quarter ended March 31, 2015.
Cash and cash equivalents were $312.7 million as of March 31, 2016, compared with $208.3 million as of December 31, 2015. This increase in cash was driven by the company's January 2016 financing.
Financial guidance from Epizyme states that the company believes its cash and cash equivalents as of March 31, 2016 will be sufficient to fund the company's planned operations through at least the end of 2017. ■