Oncothyreon Reports Third Quarter 2015 Financial Results

On November 05, 2015 Oncothyreon Inc. (NASDAQ:ONTY) reported financial results for the third quarter ended September 30, 2015 (Press release, Oncothyreon, NOV 5, 2015, View Source [SID:1234508037]).

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Net loss for the three months ended September 30, 2015 was $4.6 million, or $0.05 per basic and diluted share, compared with a net loss of $6.7 million, or $0.09 per basic and diluted share, for the comparable period in 2014. The $2.1 million decrease in net loss was attributable to the difference in the change in the fair value of warrant liability of $1.3 million. The decrease in net loss was also due to decreases in research and development expenses of $0.5 million and decreases in general and administrative expenses of $0.3 million.

Net loss for the nine months ended September 30, 2015 was $23.5 million, or $0.24 per basic and diluted share, compared with a net loss of $22.4 million, or $0.31 per basic and diluted share, for the comparable period in 2014. The $1.1 million increase in net loss was attributable to the difference in the change in the fair value of warrant liability of $0.4 million and increases in research and development expenses of $0.7 million.

Oncothyreon’s cash, cash equivalents and investments totaled $63.7 million as of both September 30, 2015 and December 31, 2014.

Financial Guidance

Oncothyreon believes the following financial guidance to be correct as of the date provided. Oncothyreon is providing this guidance as a convenience to investors and assumes no obligation to update it.

Oncothyreon currently expects operating expenses in 2015 to be lower than in 2014, which included the upfront payment to Array BioPharma Inc. for the exclusive license to ONT-380. Oncothyreon currently expects cash used in operations in 2015 to be approximately $30.0 – $32.0 million.