CymaBay Therapeutics (CBAY) Tops Q4 EPS by 8c, Beats on Revenues

CymaBay Therapeutics (NASDAQ: CBAY) reported Q4 EPS of ($0.11), $0.08 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $5.2 million versus the consensus estimate of $1.25 million.

Fourth Quarter 2017 Financial Results

• Cash, cash equivalents and marketable securities totaled $97.2 million at December 31, 2017, compared to $17.0 million at December 31, 2016. Existing cash, together with the $135.5 million raised by the company in February 2018 and the $5 million received from Kowa in January 2018, is expected to fund CymaBay’s current operating plan into 2021.
• Collaboration revenue was $5.2 million in the fourth quarter of 2017 and was primarily related to the achievement of a $5.0 million collaboration milestone earned upon Kowa’s initiation of a renal impairment study. There was no collaboration revenue in the fourth quarter of 2016.
• Research and development expenses were $6.7 million in the fourth quarter of 2017, as compared to $3.8 million in the same period of 2016 and consisted primarily of PBC clinical trial expenses and seladelpar drug manufacturing expenses in each period.
• General and administrative expenses were $2.9 million in the fourth quarter of 2017, as compared to $2.8 million in the fourth quarter of 2016.
• Net loss was $5.0 million, or ($0.11) per share in the fourth quarter of 2017, as compared to $7.0 million, or ($0.30) per share in the fourth quarter of 2016. Net loss in the fourth quarter of 2017 was lower as compared to prior year primarily due to the recognition of collaboration revenue, offset in part by higher research and development expenses and a non-cash mark-to-market loss on the revaluation of CymaBay’s warrant liability.

For earnings history and earnings-related data on CymaBay Therapeutics (CBAY) click here.

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