Two San Diego life science companies reported earnings Tuesday afternoon, one missing Wall Street expectations and the other beating predictions.
Liquid biopsy maker Trovagene Inc. reported that its first quarter revenues fell nearly 6 percent year over year as its net loss increased 43 percent.
The company reported a net loss of $10.3 million for Q1 2016, compared to a net loss of $7.2 million in the same quarter last year. The quarterly loss per share was $0.36, while analysts had been expecting a loss of $0.29 per share. The company attributed the increasing net loss to growing operating expenses.
Trovagene reported revenues of $120,000 compared to $127,000 in Q1 2015, falling short of analysts' estimate of $260,000.
"Our strong balance sheet positions us to execute on our business plan and create significant stockholder value," Bill Welch, who became Trovagene's new CEO in April, said in a statement. "Our key goals for 2016 include increasing the number of oncologists using our assays in clinical practice, gaining traction with health insurance companies, and presenting and publishing additional clinical results from large prospective data sets supporting the utility of our assay platform."
Trovagene, which has a market cap of $103 million, ended the quarter with $60 million in cash and cash equivalents.
Viking Therapeutics Inc.
Biopharma Viking Therapeutics Inc. reported a net loss of $3.6 million Tuesday, compared to $5.7 million in Q1 of 2015.
The quarterly loss per share was $0.40 cents, beating Wall Street expectations of a $0.45 loss per share. The decrease in net loss was due to a change in value of license fees, the company said in a statement.
Viking, a biopharma focused on treatments for metabolic and endocrine disorders, ended the quarter with $11.3 million in cash and investments. The company is a nano cap with a valuation of only $24 million.