Onyx Reports First Quarter 2002 Financial Results
RICHMOND, Calif., May 2 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) announced today the results of operations for the first quarter ended March 31, 2002.
The company reported a net loss of $9.8 million, or $0.53 per share for the quarter ended March 31, 2002. These results compare with a net loss of $5.2 million, or $0.29 per share for the same quarter in 2001. These results primarily reflect higher clinical development expenditures and lower collaborative revenue as a result of the transfer of certain programs back to Onyx from Warner-Lambert Company, a subsidiary of Pfizer, Inc.
Total revenue for the quarter ended March 31, 2002 of $0.8 million was attributable to research funding for the therapeutic virus collaboration with Warner-Lambert. Revenue is significantly less than the same quarter a year ago, reflecting the amended agreement with Warner-Lambert under which Onyx reassumed control of the clinical development of ONYX-015. In addition, Onyx's small molecule research collaborations with Warner-Lambert concluded in August 2001, and we are no longer receiving funding for these programs.
Total operating expenses of $11.1 million for the quarter ended March 31, 2002 were flat compared to the same period last year. Onyx indicated that, although its quarterly clinical expenses were approximately $3.3 million more than a year ago, the increase was offset by general and administrative savings that were due to reduced headcount, and reductions to early stage research programs.
As of March 31, 2002, the company had cash, cash equivalents and short-term investments of $48.1 million compared with $58.5 million at December 31, 2001.
Onyx Pharmaceuticals is engaged in the discovery and development of novel cancer therapies. Based on its proprietary technologies that target the molecular basis of cancer, the company is developing two lead products, ONYX-015 and BAY 43-9006. For more information about Onyx's pipeline and activities, visit the company's website at www.onyx-pharm.com.
This press release contains certain forward-looking statements regarding the development of potential human therapeutic products that involve a number of risks and uncertainties. Actual events may differ from the company's expectations. In addition to the matters described in this press release, the timeline for clinical activity, results of pending or future clinical trials, dependency on third parties to manufacture our products, and changes in the status of the company's collaborative relationships, as well as the risk factors listed from time to time in the company's periodic reports filed with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, may affect the actual results achieved by the company.
ONYX PHARMACEUTICALS, INC.
SUMMARY FINANCIAL INFORMATION
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
2002 2001
(unaudited) (unaudited)
Total revenue $830 $4,736
Operating expenses:
Research and development 9,749 9,385
General and administrative 1,393 1,732
Total operating expenses 11,142 11,117
Loss from operations (10,312) (6,381)
Interest income, net 344 1,138
Other income 175 --
Net loss $(9,793) $(5,243)
Basic and diluted net loss per share $(0.53) $(0.29)
Shares used in computing basic and
diluted net loss per share 18,552 18,085
CONDENSED BALANCE SHEETS
(in thousands)
March 31, Dec. 31,
2002 2001
(unaudited) (A)
Assets
Cash, cash equivalents and
short-term investments $48,126 $58,466
Other current assets 986 900
Total current assets 49,112 59,366
Property and equipment, net 3,337 3,597
Other assets 2,733 2,819
Total assets $55,182 $65,782
Liabilities and stockholders' equity
Current liabilities $9,949 $10,697
Stockholders' equity 45,233 55,085
Total liabilities and
stockholders' equity $55,182 $65,782
(A) Derived from the audited financial statements included in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2001.
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SOURCE: Onyx Pharmaceuticals, Inc. |
