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Third Quarter 2018 Financial Results
For the three months ended September 30, 2018, total revenues were $1.5 million, compared to $8.8 million in the third quarter of 2017. The decrease
was primarily associated with two infrequent 2017 events that did not recur in 2018. A $5.0 million milestone payment associated with the FDA
approval of a supplemental New Drug Application (sNDA) for RAPIVAB® (peramivir injection), extending its availability for the treatment of acute
uncomplicated influenza to pediatric patients two years and older, and the recognition of $1.5 million of peramivir product sales to the company's
commercial partner, Green Cross Corporation.
Research and development (R&D) expenses for the third quarter of 2018 increased to $22.0 million from $17.5 million in the third quarter of 2017,
primarily due to increased spending on the company’s HAE and preclinical programs.
General and administrative (G&A) expenses for the third quarter of 2018 increased to $7.9 million, compared to $3.3 million in the third quarter of
2017. The increase was primarily due to merger-related costs associated with the company’s terminated merger with Idera Pharmaceuticals, Inc.
(Idera).
Interest expense was $2.3 million in the third quarter of 2018, compared to $2.1 million in the third quarter of 2017.
Net loss for the third quarter of 2018 was $29.6 million, or $0.28 per share, compared to a net loss of $15.1 million, or $0.18 per share, for the third
quarter 2017.