Cerecor (CERC) Reports Q1 Loss of $0.12

Cerecor (NASDAQ: CERC) reported Q1 EPS of ($0.12).

“The first quarter reflects an exciting pivot of Cerecor to an integrated biopharmaceutical company with a recently established and growing portfolio of pediatric commercial products as well as an equally important and growing pipeline of transformational assets,” said Peter Greenleaf, Chief Executive Officer of Cerecor. “We are pleased with the results of our investment in Cerecor’s development platform highlighted by the critical milestone of obtaining clearance for our CERC-301 IND application. We have made good progress toward the integration of our recently acquired pediatric focused companies and product lines and we believe we are positioned well to further leverage assets such as our sales team through both organic and inorganic growth. Looking ahead, we remain focused on executing our key business objectives to continue the aggressive transformation of the company.”

First Quarter 2018 Financial Results

• Net revenues were $4.5 million for the first quarter ended March 31, 2018, which primarily resulted from a full quarter of product sales. We did not have product sales in the first quarter of 2017. Grant revenue was $0.4 million for the quarter ended March 31, 2017 as a result of our research and development grants awarded by the National Institute on Alcohol Abuse and Alcoholism at the National Institutes of Health in 2016.
• Research and development ("R&D") expenses increased to $1.6 million for the first quarter of 2018, compared to $1.0 million for the first quarter of 2017. This increase resulted from the Company preparing CERC-301 for nOH clinical trials and toxicology studies in support of clinical development.
• General and administrative expenses increased to $2.9 million for the first quarter of 2018, compared to $1.3 million for the first quarter of 2017. This increase was driven by professional fees and integration costs associated with our recent acquisitions.
• Cerecor reported a net loss of $3.9 million, or ($0.12) per share, for the first quarter of 2018, compared to a net loss of $2.0 million, or ($0.19) per share, for the first quarter of 2017.

For earnings history and earnings-related data on Cerecor (CERC) click here.

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