Halozyme Therapeutics, Inc. (NASDAQ: HALO) reported Q1 EPS of ($0.22), $0.08 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $12 million versus the consensus estimate of $13.37 million.

"In the first quarter we saw advances in both our proprietary programs and in our partnered programs. We reported positive clinical trial results for the use of Hylenex in type 1 diabetes and for HTI-501 in cellulite. We also announced the European marketing authorization for MabThera SC, which is the third European approval for partnered programs that utilize our rHuPH20 technology. We ended the quarter in a strong financial position, supported by approximately $165 million in cash, cash equivalents and marketable securities," stated Dr. Helen Torley, President and Chief Executive Officer. "In early April, we temporarily halted dosing of PEGPH20 in Study 202 so the Data Monitoring Committee (DMC) could evaluate a possible imbalance in the rate of thromboembolic events between the drug arm and the control arm in the trial. We have since provided the DMC with requested information including an amended study protocol, and the DMC has informed us that they now support continued enrollment of patients and dosing of PEGPH20 in the trial with the proposed study modifications. We have provided information to the U.S. Food and Drug Administration (FDA) so they can conduct their assessment of our request for the clinical hold to be lifted so we may continue enrollment of patients and dosing of PEGPH20 in the Phase 2 trial."

For 2014, excluding the proceeds from the recent financing, Halozyme continues to expect net cash burn to be between $45 and $55 million for the year.

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