Tekmira Pharma (TKMR) Reports Q3 Loss of 39c/Share

Tekmira Pharma (NASDAQ: TKMR) reported Q3 EPS of ($0.39), may not compare to the analyst estimate of ($0.31). Revenue for the quarter came in at $4.4 million versus the consensus estimate of $3.71 million.

Loss in the same period last year was $0.41 per share.

Under the DoD contract to develop TKM-Ebola, Tekmira is being reimbursed for costs incurred, including an allocation of overheads, and is being paid an incentive fee. For this contract, Tekmira recorded $1.5 million in revenue in Q3 2014 as compared to $2.8 million in Q3 2013. The revenue decline quarter on quarter is due to a decrease in activity as the Company nears the end of stage one of the contract.

Tekmira also recorded revenue from Monsanto (NYSE: MON) for research services and the use of the Company's technology. As of Q3 2014, Tekmira is due $1.5 million from Monsanto following the completion of specified program developments. Most of the revenue recorded under this contract is being amortized over the contract period, which was determined to be four years at contract inception. Monsanto revenue in Q3 was $1.0 million.

"Our goal this quarter was to continue the advancement of our product development programs, reflecting the Company's focus on developing novel RNAi-based therapeutics," said Dr. Mark J. Murray, Tekmira's President and CEO. "It is an important time at Tekmira, and we are pleased with our progress to date as we concentrate on achieving future milestones."

Dr. Murray added, "In response to the extremely unique circumstances surrounding the Ebola virus outbreak, we have designed and initiated production of a modified RNAi therapeutic directed against the Guinea variant of the Ebola virus, which is responsible for the epidemic in West Africa. We are also very pleased that the DoD exercised the option to manufacture TKM-Ebola-Guinea, valued at $7.0 million. This shows a commitment to the continued development of anti-Ebola therapeutics."

For earnings history and earnings-related data on Tekmira Pharma (TKMR) click here.

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