WALTHAM, Mass., Feb. 19, 2014 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO), an oncology-focused biopharmaceutical company, today reported financial results for fourth-quarter and full-year 2013.
"During 2013, TESARO successfully completed two Phase 3 trials of oral rolapitant, advanced the IV formulation of rolapitant, initiated two new pivotal trials for niraparib, and presented the first clinical data for TSR-011," said Lonnie Moulder, CEO of TESARO. "We intend to build on the significant progress the company has made by submitting the NDA for oral rolapitant, continuing to enroll our Phase 3 niraparib trials, and presenting data at key medical meetings in 2014. Following the recent completion of a follow-on offering of common stock, we believe we are well positioned to fund the launch of oral rolapitant, advance and expand the niraparib development program and execute on potential business development opportunities."
Recent Business Highlights
Fourth-Quarter 2013 Financial Results
Full-Year 2013 Financial Results
2014 Corporate Objectives
TESARO anticipates achieving the following key objectives:
Today's Conference Call and Webcast
TESARO will host a conference call to discuss the Company's fourth-quarter 2013 accomplishments and financial results today at 4:15 p.m. Eastern time. The accompanying slide presentation and live webcast of the conference call can be accessed by visiting the TESARO website at www.tesarobio.com. The call can be accessed by dialing (877) 853-5334 (U.S. and Canada) or (970) 315-0307 (international). A replay of the webcast will be archived on the Company's website for 30 days following the call.
About TESARO
TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer and more effective therapeutics. For more information, visit www.tesarobio.com.
To the extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward looking statements contained in this press release include, among others, statements regarding our expectations regarding our development plans for our product candidates and statements under the heading 2014 Corporate Objectives. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, and other matters that could affect the availability or commercial potential of our drug candidates. TESARO undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see TESARO's Annual Report on Form 10-K for the year ended December 31, 2012, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.
TESARO, Inc. | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
(in thousands, except per share amounts) | ||||
Three Months Ended December 31, |
Year Ended December 31, |
|||
2012 | 2013 | 2012 | 2013 | |
Expenses: | ||||
Research and development (1) | $ 15,642 | $ 18,882 | $ 47,200 | $ 75,725 |
General and administrative (1) | 2,095 | 4,465 | 6,715 | 14,780 |
Acquired in-process research and development | 1,000 | -- | 8,000 | 1,940 |
Total expenses | 18,737 | 23,347 | 61,915 | 92,445 |
Loss from operations | (18,737) | (23,347) | (61,915) | (92,445) |
Interest income | 40 | 7 | 152 | 83 |
Net loss | $(18,697) | $(23,340) | $(61,763) | $(92,362) |
Net loss per share applicable to common stockholders - basic and diluted |
$ (0.70) | $ (0.72) | $ (4.51) | $ (2.93) |
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted |
26,740 | 32,597 | 13,696 | 31,559 |
(1) Expenses include the following amounts of non-cash stock-based compensation expense: | ||||
Research and development | $ 227 | $ 655 | $ 544 | $ 2,034 |
General and administrative | 570 | 2,026 | 1,259 | 5,725 |
TESARO, Inc. | ||
Unaudited Condensed Consolidated Balance Sheets | ||
(in thousands) | ||
December 31, 2012 |
December 31, 2013 |
|
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 125,445 | $ 130,310 |
Other current assets | 1,175 | 4,029 |
Total current assets | 126,620 | 134,339 |
Property and equipment, net | 219 | 440 |
Other assets | 541 | 799 |
Total assets | $ 127,380 | $ 135,578 |
Liabilities and stockholders' equity | ||
Current liabilities: | ||
Accounts payable | $ 3,170 | $ 1,869 |
Accrued expenses | 8,545 | 10,541 |
Other current liabilities | 3 | 13 |
Total current liabilities | 11,718 | 12,423 |
Other non-current liabilities | -- | 3 |
Commitments and contingencies | ||
Total stockholders' equity | 115,662 | 123,152 |
Total liabilities and stockholders' equity | $ 127,380 | $ 135,578 |