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Ambit Biosciences Announces Third Quarter 2013 Operating Results
Date:11/7/2013

$3.1 million and $1.2 million for the quarters ended September 30, 2013 and 2012, respectively.  The increase of $1.8 million was primarily due to increased costs related to patent prosecution, personnel-related expenses, stock-based compensation expense and consulting for market research, organizational development and planning related to the return of full rights for quizartinib.

Other expenses (net) were $8.7 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively.  The increase of $6.7 million was primarily due to the change in fair value of the Company's stock warrant liabilities, which is driven by the change in fair value of the underlying preferred or common securities.

Year-To-Date Results
Revenues were $25.8 million and $14.7 million for the nine months ended September 30, 2013 and 2012, respectively.  The increase of $11.1 million was primarily due to acceleration in the recognition of license fee revenue related to the Company's collaboration with Astellas Pharma.  In March 2013, the Company received a notice of termination of the agreement from Astellas, which termination was effective September 2013. 

Research and development expenses were $20.2 million and $30.1 million for the nine months ended September 30, 2013 and 2012, respectively.  The decrease of $10.0 million was primarily due to lower quizartinib research and development expenses.  This resulted from a reduction in the number of patients being treated and followed in our Phase 2 clinical trial, for which enrollment of patients was completed in late 2011. 

General and administrative expenses were $7.0 million and $4.5 million for the nine months ended September 30, 2013 and 2012, respectively.  The increase of $2.5 million was primarily due to increased costs related to patent prosecution, stock-based compensation expense, personnel-related expenses and consulting for market res
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SOURCE Ambit Biosciences
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