Celldex Posts Bigger losses In Q4 As R&D Soars
Northern, WI 03/08/2013 (gdpinsider) – Needham, Massachusetts, based Celldex Therapeutics Inc. (NASDAQ:CLDX) announced on Thursday that it suffered big losses in a Q4, 2012 as increasing clinical trial costs boosted its R&D expenses. The company’s shares dropped to as low as $9.13 that day.
The maker of cancer medication booked $16.8 million in losses for the whole; its loss per share was 27 cents. In the comparable quarter that ended 31 December 2011 it incurred a $12.7 million loss which translated to a loss per share of 29 cents. The company had 62.5 million shares outstanding as at the end of the recently reported period which is 42% above its outstanding shares as at 31 Dec, 2011.
This quarter’s sales rose by 50% YoY (from $2.4 million in Q4, 2012) to $3.6 million in Q4, 2011 and surpassed analysts’ estimate of $2.5 million. However the increase in R&D costs took a toll on earnings which remained below analysts’ estimate of 25 cents a share. The R&D expenses rose 40% to $13.7 million, as the developmental costs of its candidate brain cancer drugs rose.
Over the last full year the company booked a loss of $59.1 million i.e. $1.02 a share as against a loss of $44.8 million i.e. $1.13 a share. Its revenues rose from $9.3 million to $11.2 million. Over the past year the shares fluctuated between the low of $3.52 and the high of $11.24.
Celldex Therapeutics Inc. (NASDAQ:CLDX) shares were up by 9.72% and currently trading at $11.51