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Arno Therapeutics Reports First Quarter 2014 Financial And Business Update



5/16/2014 10:07:57 AM

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FLEMINGTON, N.J., May 15, 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 first quarter of 2014. For the three months ended March 31, 2014, Arno reported a net loss of $0.4 million, or $0.02 per share, which includes non-cash income of $5.7 million for the decrease in derivative liability of stock warrants, and $1.2 million of non-cash stock based compensation expense. Adjusting for these non-cash items, which totaled $4.5 million, the Company realized a net loss of approximately $5.0 million, or $0.24 per share on a non-GAAP basis. This compares to first quarter 2013 net loss of $0.9 million, or $0.21 per share on a GAAP basis, and adjusted first quarter 2013 net loss of approximately $3.4 million, or $0.75 per share on a non-GAAP basis, when considering the same non-cash adjustments plus $2.1 million related to non-cash interest expense from debentures that were converted into common stock in 2013.

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