Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) Reports $9.4 Million For The First Quarter Of 2017 Financial Year

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS)

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported reported a loss of $9.4 million for Q1 2017. Sunesis President and Chief Executive Officer Daniel Swisher said the company is currently focused on the development of SNS-062, the company’s reversible non-covalent BTK inhibitor.

At the close of the quarter, Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) had $35.2 million in cash and cash equivalents. This is compared to the $42.6 million that the company had at the end of the 2016 financial year. The $7.4 million decrease is a result of the $9.7 million in net cash that the company used in its operating activities that was offset using the $2.2 million from the sale of common stock. The company is expecting the current cash resources to take it through to June 2018.

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported $0.7 million in revenue during the first quarter of the financial 2017. This is compared to the $0.6 reported during the same period the previous financial year. The revenue was as a result of deferred revenue from the Royalty Agreement the company signed with Royalty Pharma.

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported $6.2 million in expenses towards research and development for the three months ended March 31, 2017. The company reported the same amount during the same period the previous financial year. In both periods, the revenue was as a result of Vosaroxin development. The company’s general and administrative costs amounted to $3.9 million in the three months ending March 31, 2017. This is compared to the $4.3 million that was reported during the same period the previous financial year. The $0.4 million decrease was mainly due to reduction in commercial expenses and personnel expenses.

Interest expenses amounted to $0.5 million for the three months ended March 31, 2017. This is compared to the $0.3 million that was reported during the same period the previous financial year. The increase is as a result of increase in notes payable.

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported $0.1 million in other income for Q1 2017. This is the same amount that the company reported during the same period in the previous financial year. Other incomes mainly came from interests from the company’s short term investments. Cash from operating activities amounted to $9.7 million for the three months ended March 31, 2017 – lower than the $10.7 million reported during the same period last year.

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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