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In a release on March 31, the company noted that for the quarter ended December 31, Hollis-Eden reported a net loss of $5.0 million (or $0.17 per share), compared to a net loss of $5.2 million (or $0.18 per share) in the fourth quarter of 2007. For the full year, the Company reported a net loss of $21.6 million (or $0.74 per share), compared to a net loss of $23.1 million (or $0.80 per share) for the full year 2007.
The net loss for the fourth quarter and full-year 2008 included approximately $674,000 and $2.5 million, respectively, of stock-based compensation expense related to the adoption of SFAS No. 123R, compared to $673,000 and $3.2 million in the comparable periods in 2007. Results for full-year 2007 include $645,000 in revenue generated from funding of research and development expenses by Cystic Fibrosis Foundation Therapeutics, Inc. under the Company's collaboration agreement with the Foundation. There was no revenue recorded in 2008.
Research and development expenses for the fourth quarter of 2008 totaled $3.5 million, compared to $4.2 million in the fourth quarter of 2007. For full-year 2008, research and development expenses were $16.1 million compared to $18.3 million in 2007. The decrease in research and development expenses was due primarily to a decrease in head count, bonuses, and a decline in preclinical development offset by an increase in clinical trial expenses.
Fourth quarter 2008 general and administrative expenses were $1.5 million compared to $1.9 million in the fourth quarter of 2007, and full-year 2008 general and administrative expenses were $6.5 million compared to $8.1 million in 2007. The decrease in general and administrative expenses was due mainly to a decrease in executive head count, bonuses, Directors and Officers insurance, and in accounting and consulting fees.
Total other income and expenses were $1.0 million in 2008 compared to $2.7 million in 2007. The decrease in other income and expense for 2008 compared to 2007 was due mainly to lower interest rates and lower cash balances.
Cash used in operations for full-year 2008 totaled $19.0 million versus $23.7 million for full-year 2007. Year-end 2008 cash and equivalents totaled $24.2 million, compared to $43.2 million at December 31, 2007.
Hollis-Eden Pharmaceuticals, Inc. is developing a new series of small molecule compounds that, according to company officials, are metabolites or synthetic analogs of endogenous hormones derived by the adrenal glands from the body's most abundant circulating adrenal steroid.
((Comments on this story may be sent to health@closeupmedia.com))
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