Infinity Pharma (INFI) Tops Q1 EPS by 6c

Infinity Pharma (NASDAQ: INFI) reported Q1 EPS of ($0.21), $0.06 better than the analyst estimate of ($0.27). Revenue for the quarter came in at $0, versus $9.3 million reported last year.

• At March 31, 2017, Infinity had total cash, cash equivalents and available-for-sale securities of $75.4 million, compared to $92.1 million at December 31, 2016. Cash used for operating activities during the first quarter of 2017 included $5.2 million of payments related to the company\'s 2016 restructuring activities.
• Infinity did not record any revenue during the first quarter of 2017. Revenue for the first quarter of 2016 was $9.3 million, all of which related to Infinity\'s previous collaboration agreement with AbbVie Inc.
• Research and development (R&D) expense for the first quarter of 2017 was $4.0 million, compared to $39.2 million for the same period in 2016. The decrease in R&D expense was primarily related to a decrease in clinical development expenses for duvelisib in addition to the company\'s 2016 restructuring activities.
• General and administrative (G&A) expense was $6.4 million for the first quarter of 2017 compared to $10.8 million for the same period in 2016. The decrease in G&A expense was primarily due to the company\'s 2016 restructuring activities.
• Net loss for the first quarter of 2017 was $10.5 million, or a basic and diluted loss per common share of $0.21, compared to a net loss of $40.7 million, or a basic and diluted loss per common share of $0.82, for the first quarter of 2016.

For earnings history and earnings-related data on Infinity Pharma (INFI) click here.

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