Forward Pharma Reports Third Quarter 2015 Financial and Operational Results

What are the details?

Forward Pharma A/S (NASDAQ:FWP), has reported financial results for the third quarter ended September 30, 2015. Net loss for the third quarter ended September 30, 2015 was $15.8 million, or $0.34 per share versus $8.6 million, or $0.27 per share for the third quarter of 2014.

On a non-GAAP basis, after removing the effect of non-cash income and expense items, our third quarter net loss for 2015 would have been $11.5 million, or $0.25 per share versus a net loss of $2.5 million or $0.08 per share for the third quarter of 2014. As of September 30, 2015, the Company had $190 million in cash, cash equivalents and marketable securities, with no debt outstanding.

“Our progress is accelerating both on the clinical development and intellectual property fronts,” said Peder Andersen, Chief Executive Officer of Forward. “The interference proceeding in the U.S. is moving ahead as we prepare to move FP187 into Phase 3 in 2016.”

Third Quarter ended September 30, 2015 Financial and Operational Results

The net loss for the third quarter of 2015 was $15.8 million compared to a net loss of $8.6 million for the third quarter of 2014.

Research and development expenses were $10.8 million for the quarter ended September 30, 2015 compared to $1.8 million for the same period in 2014. The increase in research and development expenses in the third quarter 2015 versus the comparable period in 2014 was due primarily to a $4.7 million increase in clinical and pre-clinical expenses with the expansion of development activities to include several preclinical studies, Phase 1 trials as well as preparation for our planned Phase 3 trial of FP187 in RRMS. Additionally, legal cost within R&D expense increased by $2.3 million as we continued to advance our intellectual property portfolio and conducted the interference case at the U.S. Patent and Trademark Office. We anticipate that R&D expense will increase in future quarters as our clinical programs and patent prosecution (including our interference proceeding) advance.

General and administrative expenses were $4.6 million for the third quarter of 2015 compared to $2.5 million for the same period in 2014. The increase in general and administrative expenses was due to a combination of increased stock based compensation expense, legal fees and costs associated with being a public company, offset by a decrease in costs related to our initial public offering which we completed in 2014. We anticipate that G&A expense will increase in future quarters as we expand our business.

Non-cash stock based compensation expense included in total operating expenses was $3.8 million for the third quarter of 2015 versus $2.0 million for the same period in 2014.

As of September 30, 2015, the Company had $190 million in cash, cash equivalents and marketable securities.

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