AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) Reports A $15.6 million Net Loss

CytRx Corporation (NASDAQ:CYTR)

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) has reported a net loss of $15.6 million for 2017’s first quarter. This translated to a loss of $0.34 per share. This was higher than the loss the pharmaceutical company recorded last year of $11.0 million or a loss of approximately $0.24 per share.

Operational net loss was also higher in 2017 compared to 2016. In 2017’s first quarter the net loss from operations amounted to $12.1 million while in 2016 it was $8.5 million.

Collaboration agreement

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s revenue in 2017’s first reached a figure of $3 million. AcelRx also realized revenue of $0.1 million from a contract with the Department of Defense (DoD). A year earlier AcelRx had generated revenues of $1.8 million under the Grunenthal collaboration agreement and $1.2 million from a DoD contract.

Operating expenses and costs for 2017’s first quarter reached $4.1 million. This was higher than the operating expenses and costs for the same quarter in 2016 – they amounted to $3.6 million. These expenses were mainly attributed to the launching of Zalviso in the European Union.

Research and development

In 1Q 2017 AcelRx Pharmaceuticals Inc (NASDAQ:ACRX)’s expenses for research and development amounted to $6.9 million. A year ago for the same quarter R&D expenses were $4.2 million. The increase of $2.7 million resulted from a rise in the clinical study spending of the IAP312.

Administrative and general expenses for this year’s first quarter amounted to $4.1 million which was higher than the $3.8 million figure that was reported in 2016’s first quarter. The difference of $0.3 million was attributed to the market research activity expenses that were incurred for DSUVIA.

Other expenses rose to $3.5 million in the first quarter of this year to reach $3.5 million. This was $1 million higher than last year’s first quarter. The difference was attributed to changes in the company’s liabilities’ fair value as well as a rise in non-cash interest expenses.

Cash reserves

By the end of the first quarter of this year the pharmaceutical company had investments, cash equivalents and cash amounting to $72.3 million. This was lower than the figure of $80.3 million which is what the AcelRx had as of December 31, 2016. The difference was a result of the cash being used in operations of the company.

On Friday shares of AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) rose by 12.77% to close the day at $2.65.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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