KaloBios Pharmaceuticals, Inc. reported a net loss per share of $11.22 in 2012, wider than the Zacks Consensus Estimate of a loss of $5.69 and the year-ago loss of $1.15.
Revenues for the year 2012 were approximately $6.1 million as compared with $20.3 million in 2011. Revenues consisted entirely of contract revenues. Contract revenues declined as research support activities related to the company’s agreement with Sanofi (SNY - Analyst Report) were completed. Revenues marginally surpassed the Zacks Consensus Estimate of $6 million.
In 2012, research and development (R&D) expenses were $24.5 million, up 32.4% year over year. The increase was attributable to a rise in clinical study activities. General and administrative expenses were $5.1 million, up 27.5% year over year. The increase was driven by higher legal, accounting and consulting costs. Operating expenses should continue increasing as the company progresses with its pipeline.
KaloBios Pharma is enrolling patients for a phase II study on its anti-GM-CSF mAb candidate, KB003, for the treatment of severe asthma. KaloBios Pharma expects to complete enrollment in the third quarter of 2013 and anticipates top-line study results to be out in the first quarter of 2014.
The company is currently conducting a phase II study on its anti-PcrV mAb fragment, KB001-A, in cystic fibrosis (CF) patients for the treatment of chronic pseudomonas aeruginosa (Pa). KaloBios Pharma intends to apply for orphan drug status in the US and EU in second quarter 2013. Top-line results from the KB001-A study are expected in the second quarter of 2014.
The stock carries a Zacks Rank #3 (Hold). Currently, companies like Mylan Inc. (MYL - Analyst Report) and Akorn, Inc. look more attractive with a Zacks Rank #2 (Buy).