Two San Diego drugmakers reported financial earnings Thursday.
Mirati Therapeutics Inc. (Nasdaq: MRTX)
Mirati Therapeutics Inc., a company developing medicines for targeted oncology, reported a loss of $21.9 million, compared with a loss of $11.9 million in the same period the prior year.
Research and development expenses for the first quarter of 2016 were $18 million, compared to $8.2 million for Q1 2015. The increase in R&D expenses is due in part to ongoing clinical trials, the company said in a statement. The higher expenses also include higher compensation costs due to more employees.
Cash, cash equivalents, and short-term investments were $107.7 million at March 31, 2016, compared to $122.3 million at Dec. 31, 2015.
Neurocrine Biosciences Inc. (Nasdaq: NBIX)
Biopharmaceutical firm Neurocrine Biosciences Inc. reported a loss of $19.3 million in the first quarter of 2016, compared to a loss of $1.2 million for the same period last year.
The company reported $15 million in revenue for Q1, which represents a milestone payment from AbbVie for the start of Phase 3 studies of the drug candidate elagolix. This compares with revenue of $19.8 million for the first quarter of 2015, which included license fee revenue from a collaboration agreement with Mitsubishi Tanabe on the drug candidate valbenazine.
Research and development expenses increased to $23.9 million during the first quarter of 2016 from $16.6 million during the same period in 2015. This increase was primarily due to higher external clinical development expenses and costs related to the company's valbenazine program, which is being evaluated in both tardive dyskinesia and Tourette syndrome.
The company's balance sheet at March 31, 2016 reflected cash, cash equivalents, investments and receivables of $448.6 million, compared to $464.3 million at Dec. 31, 2015.