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Epizyme Q3 collaboration revenue $0.4 million

Staff writer ▼ | November 10, 2015
Epizyme reported results for the third quarter of 2015. Collaboration revenue was $0.4 million in the third quarter of 2015 and $2 million for the nine months ended September 30, 2015 compared with $8.2 million and $31.1 million in the comparable periods of 2014.
Epizyme
Epizyme   General and administrative expenses were $6.7 million
The decrease in collaboration revenue primarily reflects the completion of a significant portion of our performance obligations under our collaborations during 2014 and achievement of a $3 million milestone under our agreement with GlaxoSmithKline during 2014.

The company expects to recognize an additional $2.4 million of deferred revenue related to the Celgene agreement through December 31, 2016 as we complete our pinometostat phase 1 clinical trials.

R&D Expenses: Research and development expenses were $16.8 million for the third quarter 2015 and $94.4 million for the nine months ended September 30, 2015 compared to $22.2 million and $55.1 million for the comparable periods of 2014.

General and administrative expenses were $6.7 million for the third quarter of 2015 and $17.9 million for the nine months ended September 30, 2015 compared with $5.7 million and $15.9 million in the comparable periods in 2014. The increase in G&A expense was primarily related to higher personnel-related expenses and an increase in patent filings and related professional fees.

Net Loss: Net loss was $23.1 million in the third quarter 2015 and $110.2 million for the nine months ended September 30, 2015 compared with $19.7 million and $40 million in the comparable periods in 2014.

Cash and Cash Equivalents: Cash and cash equivalents as of September 30, 2015 were $229.9 million, compared with $190.1 million as of December 31, 2014. Epizyme's follow-on public offering in March 2015 raised $117 million in proceeds before expenses and the exercise of the underwriters' over-allotment option provided an additional $13.7 million in proceeds before expenses.

The company received an upfront payment of $10 million under the amended and restated collaboration and license agreement with Celgene in July 2015.

The company expects that, based on its current operating plan, cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least the end of the second quarter of 2017.

Shares Outstanding: Shares outstanding as of September 30, 2015 were 41.7 million. Weighted average shares outstanding were 41.5 million and 39.2 million for the three and nine months ended September 30, 2015 respectively and 33.7 million and 32.6 million for the comparable periods in 2014.


 

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