Stock Update (NASDAQ:RPRX): Repros Therapeutics Inc Reports Third Quarter 2015 Financial Results


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Repros Therapeutics Inc (NASDAQ:RPRX) announced financial results for the third quarter ended September 30, 2015.

Financial Results

Net loss for the three month period ended September 30, 2015, was ($6.6) million or ($0.27) per share as compared to a net loss of ($7.6) million or ($0.32) per share for the same period in 2014. The net loss for the nine month period ended September 30, 2015, was ($22.9) million or ($0.94) per share as compared to a net loss of ($25.1) million or ($1.08) per share for the same period in 2014. The decreases were primarily due to decreased clinical development expenses related to the Company’s enclomiphene product candidate, partially offset by increases in clinical development expenses related to Proellex®, payroll and benefits expenses and legal expenses.

While preparing its financial statements for the year ended December 31, 2014, the Company identified a prior period error related to its accounting for patent costs. The Company concluded this error was not material individually or in the aggregate to any of the prior reporting periods, and therefore, no restatements of previously issued financial statements were necessary. As such, revisions for the three and nine months periods ended September 30, 2014 are reflected in the financial statements herein. The three and nine month periods ended September 30, 2015 were not affected.

For the three month period ended September 30, 2015, research and development (“R&D”) expenses decreased 12%, or approximately $770,000, to$5.5 million, as compared to $6.3 million for the same period in the prior year.  The decrease was primarily due to the completion of all Phase 3 clinical trials related to our enclomiphene product candidate, partially offset by increased expenses related to the clinical development of Proellex®.

For the nine month period ended September 30, 2015, R&D expenses decreased 10%, or approximately $2.1 million, to $19.3 million, as compared to$21.3 million for the same period in the prior year. The decrease was primarily due to the completion of all Phase 3 clinical trials related to our enclomiphene product candidate, partially offset by the payment of $2.3 million to the FDA associated with the submission of our NDA for the product candidate, increased expenses related to the clinical development of Proellex®, salaries and legal expenses.

General and administrative expenses decreased 14%, or approximately $177,000, to $1.1 million for the three month period ended September 30, 2015, as compared to $1.3 million for the same period in the prior year and decreased 3%, or approximately $112,000, to $3.6 million for the nine month period ended September 30, 2015, as compared to $3.8 million for the same period in the prior year. The decreases were primarily due to decreased professional services costs.

Total revenues and other income decreased to $1,000 for the three month period ended September 30, 2015 as compared to $2,000 for the same period in the prior year. Total revenue and other income decreased to $3,000 for the nine month period ended September 30, 2015 as compared to$7,000 for the same period in the prior year. The decreases were primarily due to decreased cash balances resulting in decreased interest income.

Liquidity and Capital Resources

The Company had cash and cash equivalents of approximately $26.2 million as of September 30, 2015 as compared to $46.6 million as of December 31, 2014. Net cash of approximately $20.5 million and $22.9 million was used in operating activities during the nine month periods ended September 30, 2015 and 2014, respectively. The major use of cash for operating activities for the nine month period ended September 30, 2015 was to fund our clinical development programs and associated administrative costs. No cash was used in investing activities during the nine month period endedSeptember 30, 2015. Cash provided by financing activities during the nine month period ended September 30, 2015 was approximately $102,000 due to the receipt of that amount from a former 10% shareholder of the Company in accordance with Section 16(a) under the Securities Exchange Act of 1934, as amended.

As of September 30, 2015 we had 24,318,111 shares of common stock outstanding. (Original Source)

Shares of Repros Therapeutics closed last Friday at $1.78. RPRX has a 1-year high of $10.72 and a 1-year low of $1.62. The stock’s 50-day moving average is $6.16 and its 200-day moving average is $7.19.

On the ratings front, Repros has been the subject of a number of recent research reports. In a report issued on October 30, Brean Murray Carret analyst Jonathan Aschoff downgraded RPRX to Hold. Separately, on the same day, Ladenburg Thalmann’s Matthew Kaplan downgraded the stock to Hold .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Aschoff and Matthew Kaplan have a total average return of -3.2% and -1.8% respectively. Aschoff has a success rate of 40.7% and is ranked #3604 out of 3829 analysts, while Kaplan has a success rate of 42.1% and is ranked #2877.

Repros Therapeutics Inc is a development stage biopharmaceutical company. The Company is engaged in the development of new drugs to treat hormonal and reproductive system disorders.