WALTHAM, Mass., July 25, 2013 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO), an oncology-focused biopharmaceutical company, today reported financial results for the second quarter of 2013.
"TESARO is well positioned to meet several significant milestones in the second half of this year. We plan to report top-line results from the rolapitant pivotal program by year end, and we remain on track to begin enrollment in a Phase 3 study of niraparib in patients with BRCA-positive breast cancer," said Lonnie Moulder, chief executive officer of TESARO. "In addition, we look forward to continued enrollment in our Phase 3 trial of niraparib for ovarian cancer and to the first presentation of TSR-011 clinical data in September."
Business Highlights
Second-Quarter 2013 Financial Results
2013 Corporate Objectives
During the second half of 2013, TESARO anticipates achieving the following key objectives:
Today's Conference Call and Webcast
TESARO will host a conference call to discuss the Company's second-quarter 2013 accomplishments and financial results today at 4:30 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.
TESARO, Inc. | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||
(in thousands, except per share amounts) | ||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||
2012 | 2013 | 2012 | 2013 | |
Expenses: | ||||
Research and development | $11,532 | $18,177 | $19,682 | $34,680 |
General and administrative | 1,685 | 3,412 | 2,884 | 5,812 |
Acquired in-process research and development | 7,000 | -- | 7,000 | -- |
Total expenses | 20,217 | 21,589 | 29,566 | 40,492 |
Loss from operations | (20,217) | (21,589) | (29,566) | (40,492) |
Interest income | 39 | 25 | 59 | 59 |
Net loss | $ (20,178) | $ (21,564) | $ (29,507) | $ (40,433) |
Net loss per share applicable to common stockholders - basic and diluted | $ (21.31) | $ (0.67) | $ (36.11) | $ (1.32) |
Weighted-average number of common shares used in net loss per share applicable to common stockholders - basic and diluted | 947 | 32,336 | 817 | 30,577 |
TESARO, Inc. | ||
Unaudited Condensed Consolidated Balance Sheets | ||
(in thousands) | ||
December 31, 2012 |
June 30, 2013 |
|
Assets | ||
Current assets: | ||
Cash and cash equivalents | $ 125,445 | $ 178,091 |
Other current assets | 1,175 | 1,564 |
Total current assets | 126,620 | 179,655 |
Property and equipment, net | 219 | 504 |
Other assets | 541 | 863 |
Total assets | $ 127,380 | $ 181,022 |
Liabilities and stockholders' equity | ||
Current liabilities: | ||
Accounts payable | $ 3,170 | $ 1,964 |
Accrued expenses | 8,545 | 9,977 |
Other current liabilities | 3 | 13 |
Total current liabilities | 11,718 | 11,954 |
Other non-current liabilities | -- | 9 |
Commitments and contingencies | ||
Total stockholders' equity | 115,662 | 169,059 |
Total liabilities and stockholders' equity | $ 127,380 | $ 181,022 |
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 2013 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 Form 10-K for the year ended December 31, 2012, and Form 10-Q for the quarter ended June 30, 2013.