On March 7, 2019 (GLOBE NEWSWIRE) — OncoMed Pharmaceuticals, Inc. (NASDAQ:OMED), a clinical-stage biopharmaceutical company focused on discovering and developing novel anti-cancer therapeutics, reported fourth quarter and full year 2018 financial results (Press release, OncoMed, MAR 7, 2019, View Source [SID1234534170]).
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Recent Corporate News
On December 5, 2018, OncoMed and Mereo BioPharma Group plc (Mereo), a clinical-stage UK-based biopharmaceutical company, agreed to enter into a proposed combination of the two companies, subject to approval by OncoMed shareholders and other customary closing conditions. A preliminary registration statement on Form F-4 was filed with the Securities and Exchange Commission (SEC) by Mereo and is available on OncoMed’s website. The merger is expected to close in the second quarter of 2019.
Fourth Quarter and Full Year 2018 Financial Results
Cash, cash equivalents and short-term investments totaled $57.3 million as of December 31, 2018, compared to $103.1 million as of December 31, 2017.
Revenues were $44.4 million for the full year of 2018, an increase of $6.2 million, compared to $38.2 million for the same period in 2017. The increase in revenue was a result of the new revenue recognition standard adopted in the first quarter of 2018. Revenues were $10.2 million during the fourth quarter of 2018, a decrease of $10.4 million, compared to $20.6 million for the same quarter in 2017.
Research and development (R&D) expenses were $34.4 million for the full year 2018, a decrease of $25.4 million, compared to $59.8 million for the same period in 2017. The decrease in R&D expenses was due to decreases in clinical development costs and personnel cost, including stock-based compensation. R&D expenses were $8.0 million for
the fourth quarter of 2018, a decrease of $0.6 million, compared to $8.6 million for the same quarter in 2017.
General and administrative (G&A) expenses were $18.2 million for the full year 2018, an increase of $1.4 million, compared to $16.8 million for the same period in 2017. The increase in G&A expenses was primarily due to increases in consulting and outside professional fees, and transaction costs incurred as a result of the merger agreement entered into with Mereo in the fourth quarter of 2018, offset by a decrease in personnel costs, including stock-based compensation. G&A expenses were $5.4 million for the fourth quarter of 2018, an increase of $1.6 million, compared to $3.8 million for the same quarter in 2017.
Net loss was $8.1 million ($0.21 net loss per share, basic and diluted) for the year ended December 31, 2018, compared to a net loss of $39.1 million ($1.04 net loss per share, basic and diluted) for the same period of 2017. Net loss for the fourth quarter of 2018 was $4.7 million ($0.12 net loss per share, basic and diluted), compared to a net income of $9.5 million ($0.25 net income per share, basic and diluted) for the same quarter in 2017.