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Kindred Biosciences Announces Second Quarter 2014 Financial Results
Date:8/13/2014

ill be retiring.  Steve Galliker's return to retirement was previously planned, and Kevin Schultz's retirement was precipitated by family issues. "I would like to thank these two very talented individuals who have played key roles in the success of KindredBio to date," stated Richard Chin. "We will continue to rely on them as consultants, and we look forward to further contributions they will make in these capacities."

Second Quarter and Six Month Financial ResultsResearch and development expenses for the three and six months ended June 30, 2014, were $5.6 million and $10.1 million, respectively, including stock-based compensation expense of  $361,000 and $689,000, respectively.  This compares to research and development expenses of $300,000 and $441,000 for the three and six months ended June 30, 2013, respectively.  Research and development expenses were higher due to a significant increase in activity related primarily to the CereKin, AtoKin and SentiKin programs. 

General and administrative expenses for the three and six months ended June 30, 2014, were $2.5 million and $4.2 million, respectively, including stock-based compensation expense of $815,000 and $1.6 million, respectively.  This compares to general and administrative expenses of $96,000 and $179,000 for the three and six months ended June 30, 2013, respectively.  General and administrative expenses related primarily to salaries, professional and consulting fees for legal, accounting and tax services, costs of being a public company, rent and other facilities costs, and other general business services. 

For the three months ended June 30, 2014, the Company incurred a net loss of $8.1 million, or $0.42 per basic and diluted share compared to a net loss for the three months ended June 30, 2013, of $396,000, or $0.13 per basic and diluted share.  For the six months ended June 30, 2014, the Company incurred a n
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SOURCE Kindred Biosciences, Inc.
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