Oncothyreon Inc (USA) (NASDAQ:ONTY) reported financial results for the second quarter ended June 30, 2015.
Net loss for the three months ended June 30, 2015 was $10.9 million, or $0.11 per basic and diluted share, compared with a net loss of $6.0 million, or $0.09 per basic and diluted share, for the comparable period in 2014. The $4.9 million increase in net loss was primarily attributable to the difference in the change in the fair value of warrant liability of $4.3 million. The increase in net loss was also due to increases in research and development expenses of $0.3 million and increases in general and administrative expenses of $0.2 million.
Net loss for the six months ended June 30, 2015 was $18.8 million, or $0.19 per basic and diluted share, compared with a net loss of $15.6 million, or $0.22 per basic and diluted share, for the comparable period in 2014. The $3.2 million increase in net loss was attributable to the difference in the change in the fair value of warrant liability of $1.7 million, increases in research and development expenses of $1.3 million and increases in general and administrative expenses of $0.2 million.
As of June 30, 2015, Oncothyreon’s cash, cash equivalents and investments were $70.0 million, compared to $63.7 million at December 31, 2014, an increase of $6.3 million, or 9.9 percent. The increase was primarily attributable to net proceeds of $22.4 million from the closing of concurrent but separate underwritten offerings of common stock and Series B convertible preferred stock in February 2015, partially offset by $15.6 million of cash used in operations during the six months ended June 30, 2015.
Oncothyreon believes the following financial guidance to be correct as of the date provided. Oncothyreon is providing this guidance as a convenience to investors and assumes no obligation to update it.
Oncothyreon currently expects operating expenses in 2015 to be lower than in 2014, which included the upfront payment to Array BioPharma Inc. for the exclusive license to ONT-380. Oncothyreon currently expects cash used in operations in 2015 to be approximately $32.0 – $34.0 million. (Original Source)
Shares of Oncothyreon closed today at $3.57, down $0.05 or 1.38%. ONTY has a 1-year high of $4.69 and a 1-year low of $1.41. The stock’s 50-day moving average is $3.70 and its 200-day moving average is $2.45.
On the ratings front, Oncothyreon has been the subject of a number of recent research reports. In a report issued on June 1, Cowen analyst Boris Peaker reiterated a Buy rating on ONTY. Separately, on the same day, Jefferies Co.’s Biren Amin reiterated a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Biren Amin have a total average return of 33.2% and 13.6% respectively. Peaker has a success rate of 56.4% and is ranked #42 out of 3727 analysts, while Amin has a success rate of 54.8% and is ranked #432.
Oncothyreon Inc is a clinical-stage biopharmaceutical company. It develops and commercialize synthetic vaccines & small molecules that treat the lives & outcomes of cancer patients.