Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) closed Tuesday’s trading session at $10.64 after announcing its fiscal year 2018 and Fourth quarter 2018 financial results on Friday.
The news about the company’s financial results for the fourth quarter and full year 2018 encouraged a slightly bullish performance so far this week. Spectrum Pharmaceuticals CEO Joe Turgeon described the year 2018 as productive for his company. This is particularly because the firm two high-profile products that experienced significant clinical development. The CEO also pointed out that Spectrum kicked off 2018 with impressive momentum after achieving its enrollment target in its first cohort that was part of its pivotal poziotinib study. The company also managed to submit ROLONTIS’ Biologics License Application (BLA) to the U.S Food and Drug Administration (FDA).
“We are laser-focused on continuing to develop our two late-stage products, poziotinib, and ROLONTIS, and looking for new opportunities that build upon these assets,” stated Mr. Turgeon.
Spectrum’s Q4 2018 financial results
The company reported a net loss of $49.2 million or $-0.47 per diluted share for the three months ended December 31, 2018. This is significantly higher than the $28.6 million net loss that the company reported in Q4 2017. The company’s total R&D expenses amounted to $34.5 million versus $22.1 million in the corresponding quarter of the previous year. The general and administrative expenses for the quarter were $23.3 million which is lower than the $29.2 million reported in Q4 of the previous year.
Spectrum’s fiscal year 2018 financials
Spectrum’s net loss for the entire FY18 was $120.0 million equivalent to $1.16 per diluted share, which was slightly higher than the $91.2 million or $-1.07 diluted share net loss reported in FY17. The company’s research and development expenses for the year amounted to $95.0 million which was higher than the $65.9 million that Spectrum reported in the previous year. The company’s general and administrative expenses for the year were $90.7 million, thus managing to outshine the FY17’s figure which was $84.3 million.
As far as the 2019 guidance is concerned, the company revealed that it anticipates a roughly 30% decrease in SG&A costs although it expects a slight increase in R&D costs. Meanwhile, the firm expects Poziotinib and ROLONTIS’ tech transfer and pre-commercial supply activities to offset legacy assets spending.