KaloBios Pharmaceuticals Inc (NASDAQ: KBIO) reported its financial results for the fiscal year 2014.
Net loss for the fiscal year ended December 31, 2014 was $38.0 million or $1.15 per common share, as compared to $41.9 million or $1.73 per common share for 2013.
Research and development (R&D) expenses were $26.6 million for fiscal 2014 as compared to $32.6 million for 2013. The decrease in R&D expense was primarily due to decreased clinical trial activity compared with the prior period, largely as a result of the completion of the KB003 Phase 2 study in patients with severe asthma in the first quarter of 2014. General and administrative (G&A) expenses were $10.1 million for fiscal 2014 compared to $8.3 million for the full year 2013. The increase in G&A expenses was due primarily to costs resulting from our move into a new facility in 2014, as well as higher legal, accounting and consulting costs.
As of December 31, 2014, KaloBios had cash, cash equivalents and investments totaling $40.7 million, compared to $76.7 million at December 31, 2013.
“Fiscal 2014 was a very busy year for the Company. We advanced our KB004 oncology program into the Phase 2 expansion portion of our study in hematologic malignancies, worked to complete the Phase 2 program of KB001-A in cystic fibrosis patients, and continued our evaluation of potential oncology indications for KB003, our anti-GM-CSF antibody,” said Herb Cross, KaloBios’ Chief Financial Officer and interim Chief Executive Officer. “We were disappointed with the outcome of our KB001-A CF study. However, our tighter strategic focus in oncology going forward should allow us to focus our efforts and resources in a more efficient way than we have been able to in the past. Notably, we are working on accelerating enrollment in our current KB004 Phase 2 study in myelodysplastic syndrome and myelofibrosis, as well as on evaluating a number of additional potential oncology indications for KB004 where EphA3 is highly expressed. With the possibility of exploring KB003 in chronic myelomonocytic leukemia, an orphan oncology indication, we believe we have the potential for a very exciting oncology pipeline and are looking forward to advancing these programs in the clinic.” (Original Source)
Shares of KaloBios Pharmaceuticals Inc opened today at $0.5899 and are currently trading down at $0.53. KBIO has a 1-year high of $3.28 and a 1-year low of $0.36. The stock’s 50-day moving average is $0.49 and it’s 200-day moving average is $1.32.
On the ratings front, in a report issued on January 7, Needham analyst Alan Carr reiterated a Hold rating on KBIO.
According to TipRanks.com, Carr has a total average return of 43.9%, a 75.9% success rate, and is ranked 5 out of 3516 analysts.
KaloBios Pharmaceuticals Inc is a biopharmaceutical company engaged in the development of monoclonal antibody therapeutics for diseases that burdens the society and to patients and their families.