SOUTH SAN FRANCISCO, Calif., March 27, 2013 /PRNewswire/ -- KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO) today announced financial results for fiscal year 2012.
(Logo: http://photos.prnewswire.com/prnh/20130225/MM66380LOGO) Financial Highlights ($ in millions, except per share data, unaudited)FY 2012FY 2011Percent ChangeContract Revenue$
.1$ 20.3-70%Research & Development Expense24.518.532%General & Administrative Expense5.14.028%GAAP Net Loss(23.5)(2.2)100%+GAAP Net Loss per Share (basic and diluted)$ (11.22)$ (1.15)100%+Cash, cash equivalents and marketable securities$
20.3$ 17.814%GAAP net loss for the year ended December 31, 2012 was $23.5 million ($11.22 per share) compared to GAAP net loss of $2.2 million ($1.15 per share) for the year ended December 31, 2011.
Contract Revenue was $6.1 million for the fiscal year 2012 compared to $20.3 million for 2011. The decrease in contract revenues was due to the completion of all substantive performance obligations related to research support activities under our agreement with Sanofi Pasteur (Sanofi), the vaccines division of Sanofi Group.
Research and Development (R&D) expenses were $24.5 million for the fiscal year 2012 compared to $18.5M in 2011. R&D expense increased during 2012 due to increased clinical trial activity compared with the prior period. General and administrative (G&A) expenses were $5.1 million for the fiscal year 2012 compared to $4.0M in 2011. G&A expense increased in 2012 due to higher legal, accounting and consulting costs. We expect operating expenses to continue to increase during 2013 as we further develop our clinical programs and incur expenses associated with being a public company.
As of December 31, 2012, KaloBios had cash, cash equivale
|SOURCE KaloBios Pharmaceuticals, Inc.|
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