Ignyta Inc (NASDAQ:RXDX)
Ignyta Inc (NASDAQ:RXDX) has announced financial results for the first quarter ended March 31, 2017. The company in April 2016 launched comprehensive programs on STARTRK-2 and Entrectinib trial. The Entrectinib program has admitted over 85% capacity for primary analysis of efficacy. The program admitted over 50 patients with ROS1 fusion-positive NSCLC.
The company in March 2017 published a report in the peer-reviewed journal Precision Oncology on Entrectinib’s successful treatment of a primary brain tumor patient. In February, the company reported results from two Phase 1 studies of Entrectinib that were published in the peer-reviewed journal, Cancer Discovery.
On the financial front, the company reported a net loss of $40.2 million, or $0.96 per share for the first quarter of 2017 compared to $25.5 million, or $0.79 per share that the company reported during the same period the previous financial year. The increase is largely attributed to $12.8 million that was reported in 2017 regarding the amendment of the Lilly license. The amount represents the $12 million timing-based milestones carried forward from the three subsequent calendar years. The company did not report any revenue for the first quarter, the same case witnessed in the first quarter of 2016.
In the first quarter of 2017, the company’s research and development expenses amounted to $34.0 million compared to $19.8 million that was reported during the same period in the previous financial year. The increase is attributed to the $12.8 million charge that was incurred in 2017 towards the amendment of the Lilly license in addition to increased cost of facilities amounting to $1.2 million spent on facilities expansion. The company also incurred $0.2 million in costs as a result of increase in the number of options for outstanding stock.
During the first quarter of 2017, the company reported $5.6 million in general and administrative expenses compared to the $5.2 million that was reported in the first quarter of the 2016 financial year. The increase is largely attributed to increase in the company’s facilities costs.
The company had $108.0 million in cash and cash equivalents as at March 31, 2017. The company’s current and long-term debt amounted to $32.0 million as at the end of the first quarter of 2017. The company had a total of $108.0 million in cash and cash equivalents as well as available securities as at the end of the first quarter of 2017.
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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.