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Hot Biotech Stocks Recap: Mast Therapeutics, Inc. (NYSEMKT:MSTX), Novavax, Inc. (NASDAQ:NVAX)

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Shares of Mast Therapeutics, Inc. (NYSEMKT:MSTX) dropped -2.9% by the end of trading session at $0.11. The net percentage change is -60.54% over the last 12 months. The trading range in the same period had a highest hit of $0.71 while lowest level was $0.07. At the moment the price is -12.53% below its 50-day moving average and -54.36% below its 200-day moving average.

Mast Therapeutics, Inc. (NYSEMKT:MSTX) on March 6, 2017 reported financial results for the fourth quarter and year ended December 31, 2016. The Company’s net loss for the fourth quarter of 2016 was $6.0 million, or $0.02 per share (basic and diluted), compared to a net loss of $10.2 million, or $0.06 per share (basic and diluted), for the same period in 2015.

The Company recognized $83,000 of revenue for the fourth quarter of 2016, representing reimbursement of costs related to the nonclinical study of vepoloxamer that is being funded by a Small Business Innovation Research (SBIR) grant.  The Company recognized no revenue for the same period in 2015.

Research and development (R&D) expenses for the fourth quarter of 2016 were $78,000, a decrease of approximately $7.1 million, or 99%, compared to $7.2 million for the same period in 2015.  This reduction in R&D expense was due principally to the Company’s decision to discontinue clinical development of vepoloxamer in September 2016.  External clinical study fees and expenses decreased by $3.9 million, external nonclinical study fees and expenses decreased by $2.9 million and R&D personnel costs decreased by $0.3 million for the fourth quarter of 2016 compared to the same period in 2015.

Selling, general and administrative (SG&A) expenses for the fourth quarter of 2016 were $1.9 million, a decrease of $0.6 million, or 23%, compared to $2.5 million for the same period in 2015.  The decrease was primarily due to reduced fees for consulting and legal services and personnel costs compared to the 2015 period.

Interest expense was $0.2 million for the fourth quarter of 2016, compared to $0.5 million for the same period in 2015.  The decrease in interest expense was primarily due to the Company’s prepayment of $10.0 million of the principal balance of its debt facility in October 2016, which lowered the overall principal balance of the debt significantly.  The principal balance was $3.3 million at December 31, 2016 compared to $15.0 million at December 31, 2015.

The Company’s net loss for the year ended December 31, 2016 was $36.1 million, or $0.17 per share (basic and diluted), compared to a net loss of $39.8 million, or $0.25 per share (basic and diluted), for the same period in 2015.

The Company recognized $128,000 of revenue for the year ended December 31, 2016, representing reimbursement of costs related to the nonclinical study of vepoloxamer that is being funded by a SBIR grant.  The Company recognized no revenue for the same period in 2015.

R&D expenses for the year ended December 31, 2016 were $20.8 million, a decrease of $7.5 million, or 26%, compared to $28.3 million for the same period in 2015. The decrease was due primarily to a $4.1 million decrease in external nonclinical study fees and expenses, a $3.3 million decrease in external clinical study fees and expenses, and a $0.3 million decrease in personnel costs, offset by a $0.3 million increase in share-based compensation expense.

The decrease in external nonclinical study fees and expenses resulted primarily from decreases in research-related manufacturing costs for vepoloxamer ($4.7 million) and nonclinical studies of vepoloxamer ($1.5 million), offset by increased costs related to preparing a new drug application for vepoloxamer ($1.9 million), which project was discontinued in September 2016, and research-related manufacturing costs for AIR001 ($0.2 million).  The decrease in external clinical study fees and expenses was due primarily to decreases in costs for the Phase 3 study of vepoloxamer in sickle cell disease ($5.0 million) and the Phase 2 study of vepoloxamer in ALI that was discontinued in the third quarter of 2015 ($0.5 million), offset by increased costs related to the Phase 2 study of vepoloxamer in heart failure ($1.3 million) and the investigator-sponsored Phase 2 studies of AIR001 in HFpEF ($0.9 million).  The $0.3 million decrease in personnel costs was due primarily to reductions in the Company’s workforce that occurred in the fourth quarter of 2016.

SG&A expenses for the year ended December 31, 2016 were $9.3 million, a decrease of $1.7 million, or 15%, compared to $11.0 million for the same period in 2015.  This decrease was due primarily to a $1.0 million decrease in personnel costs and a $0.5 million decrease in professional and consulting fees.

Interest expense was $2.1 million for the year ended December 31, 2016, an increase of $1.5 million compared to $0.6 million for the same period in 2015.  The increase in interest expense was primarily due to interest expense on a $15 million principal balance under the Company’s debt facility for nine months in 2016 versus approximately four months of interest expense on the debt facility in 2015, as well as increased amortization of debt issuance costs as a result of a change in the amortization schedule of such costs due to prepayment of $10 million of the principal balance in October 2016.

Novavax, Inc. (NASDAQ:NVAX) last exchanged hands at a price $1.44/share, registering a decline of -1.37%. Among 7 Wall Street analysts tracked by Thomson/First Call, the average PT for NVAX is $3.29 but some of them are predicting the price to move at the $12 level. If the most optimistic analysts are correct, the expected total return from the current price would be 733.33. The number of shares traded in most recent trading day was 3.06M shares which averages 6.4M shares a day. Its previous fifty two week high was $8.49 and moved down -70.49% over the same time frame, currently having a market cap around $391.56 million. Shares have risen 0.7% over the trailing six months. At the moment, the stock trades 3.67% above its 50-day moving average and -61.07% below its 200-day moving average.

Novavax, Inc. (NASDAQ:NVAX) on February 27, 2017 announced its financial results for the fourth quarter and twelve months ended December 31, 2016.

Novavax reported a net loss of $57.1 million, or $0.21 per share, for the fourth quarter of 2016, compared to a net loss of $78.8 million, or $0.29 per share, for the fourth quarter of 2015. For the twelve months ended December 31, 2016, the net loss was $280.0 million, or $1.03 per share, compared to a net loss of $156.9 million, or $0.60 per share, for the same period in 2015.

Novavax revenue in the fourth quarter of 2016 decreased 8% to $5.4 million, compared to $5.9 million for the same period in 2015. Revenue for the full year 2016 decreased 58% to $15.4 million, compared to $36.3 million in 2015.  The decrease in revenue under the HHS BARDA contract in 2016 of approximately $31 million relative to 2015 accounts for the decrease. The lower HHS BARDA revenue is the result of a lower level of activity, primarily resulting from the natural expiration of the BARDA contract, as compared to the same period in 2015. This decrease in HHS BARDA revenue was partially offset by an increase of $9.4 million in revenue in 2016 recorded under the BMGF grant relating to our ongoing Prepare clinical trial.

Research and development expenses decreased 33% to $51.1 million in the fourth quarter of 2016, compared to $75.9 million for the same period in 2015. For the full year 2016, research and development expenses increased 46% to $237.9 million, compared to $162.6 million in 2015.  The increase in research and development expenses for the full year 2016 was primarily due to increased costs associated with the clinical trials and development activities of our RSV F Vaccine and higher employee-related costs, including non-cash stock-based compensation.

General and administrative expenses decreased 6% to $8.3 million in the fourth quarter of 2016, compared to $8.9 million for the same period in 2015. For the full year 2016, general and administrative expenses increased 51% to $46.5 million, compared to $30.8 million in 2015.  The increase was primarily due to higher employee-related costs and professional fees for pre-commercialization activities as compared to the same period in 2015.

Interest income (expense), net for the fourth quarter and full year 2016 includes $3.4 million and $12.5 million, respectively, of interest expense relating the Company`s Convertible Senior Notes offering in the first quarter of 2016.

As of December 30, 2016, the company had $235.5 million in cash and cash equivalents and marketable securities compared to $230.7 million as of December 31, 2015. Net cash used in operating activities for the full year 2016 was $255.5 million, compared to $126.1 million for same period in 2015. The increase in cash usage was primarily due to increased costs relating to our RSV F Vaccine and higher employee-related costs.

 


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