Infinity Pharmaceuticals Inc. (INFI - Free Report) reported a loss of 68 cents per share in the second quarter of 2013, wider than the Zacks Consensus Estimate of a loss of 61 cents and the year-ago loss of 55 cents. The wider-than-expected loss was primarily due to the absence of revenues this quarter.
Infinity Pharma did not generate any revenue during the second quarter of 2013; however, it had recorded $21.9 million as collaborative research and development revenue in the year-ago quarter.
Infinity Pharma’s research and development (R&D) expenses decreased 8.6% to $26.1 million in the second quarter of 2013. The decrease was primarily due to the discontinuation of the company’s Hedgehog pathway development program. The company’s general and administrative (G&A) expenses decreased 12.9% to $6.7 million, mainly because of lower consulting expenses.
Infinity Pharma is working on developing its pipeline. The company intends to present data on retaspimycin hydrochloride from two studies in the second half of 2013. One is in combination with Sanofi’s (SNY - Free Report) Taxotere (docetaxel) and the other in combination with Novartis’ (NVS - Free Report) Afinitor (everolimus). Both the studies are evaluating retaspimycin HCl for the treatment of non-small cell lung cancer.
The company also has IPI-145 in its pipeline under its phosphoinositide-3-kinase (PI3K) program. IPI-145 is being developed for several indications at various stages. The company is expecting several data read-outs and trial initiations under this program this year.
Apart from releasing its financial results, Infinity Pharma also provided its guidance for 2013. The company now expects 2013 net loss in the range of $135 million to $145 million (previous range: $115 million to $125 million). The company also raised its operating expenses guidance for 2013 to the range of $135 million to $145 million from the previous expectation of $115 million to $125 million.
Infinity Pharma currently carries a Zacks Rank #4 (Sell). Actelion Ltd. , with a Zacks Rank #1 (Strong Buy), currently looks more attractive in the pharma space.