Arno Therapeutics Reports 2013 Financial Results And Provides Update On Strategic And Operational Milestones
4/1/2014 9:37:50 AM
FLEMINGTON, N.J., April 1, 2014 (GLOBE NEWSWIRE) -- Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage biopharmaceutical company focused on the development of oncology therapeutics, today announced financial results for the full year ended December 31, 2013. For the year ended December 31, 2013, Arno reported a net loss of $39.7 million, or $5.28 per share, which includes $19.0 million related to non-cash interest expense from convertible debentures retired in 2013, $4.2 million of non-cash other expense for the increase in derivative liability of stock warrants, and $1.5 million of non-cash stock based compensation expense. Adjusting for these non-cash items, which totaled $24.7 million, the Company realized a net loss of $15.0 million on a non-GAAP basis, or $2.00 per share. This compares to full year 2012 net loss of $14.4 million, or $3.17 per share on a GAAP basis, and adjusted 2012 net loss of $10.2 million on a non-GAAP basis, or $2.25 per share, when considering the same non-cash adjustments.
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