BioPharmX Corporation (NYSE American: BPMX), a specialty pharmaceutical company developing products for the dermatology market, today reports financial results for the quarter ended July 31, 2018.
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MENLO PARK, Calif., /PRNewswire/ -- BioPharmX Corporation (NYSE American: BPMX), a specialty pharmaceutical company developing products for the dermatology market, today reports financial results for the quarter ended July 31, 2018. "This quarter has been filled with significant progress for the company," said Anja Krammer, BioPharmX president and co-founder. "In acne, the FDA granted a CARC waiver, potentially shaving years off of additional dermal carcinogenicity studies for BPX-011, and in rosacea, we received IRB approval to begin the BPX-041 phase 2 program. To help guide these development programs, we also formed a Special Advisory Council consisting of experts across a variety of fields. Additionally, this quarter saw our third patent awarded this year, underscoring the value of the HyantX™ delivery system." Second Quarter Financial Results For the second quarter ended July 31, 2018, total operating expenses were $4.5 million, compared with total operating expenses of $4.3 million in the prior fiscal year's second quarter. Net loss for the quarter ended July 31, 2018 was $4.4 million, or $0.02 per share, compared with a net loss of $3.7 million, or $0.05 per share, during the prior fiscal year's second quarter. Excluding stock-based compensation expense and the impact of the change in the fair value of the warrant liability, non-GAAP net loss for the quarter ended July 31, 2018 was $4.0 million, or $0.02 per share of common stock. During the second quarter of the prior fiscal year, the comparable non-GAAP net loss was $3.7 million, or $0.05 per share. Cash and cash equivalents as of July 31, 2018, were $6.6 million. NYSE American Compliance About BioPharmX® Corporation Use of Non-GAAP Measures BioPharmX Corporation has provided a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. These non-GAAP measures may be different from non-GAAP measures used by other companies, including peer companies, and therefore, comparability may be limited. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. BioPharmX Corporation believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with its results of operations as determined in accordance with GAAP and that these measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. BioPharmX Corporation encourages investors and others to review the company's financial information in its entirety and not rely on a single financial measure. Stock-based compensation expenses represent non-cash charges related to equity awards granted by BioPharmX Corporation. The change in fair value of the warrant liability results from the periodic revaluing of the warrant liability. Although these are recurring charges to BioPharmX Corporation's operations, management believes the measurement of these amounts can vary considerably from period to period and depend substantially on factors that are not a direct consequence of operating performance that is within management's control. Thus, management believes that excluding these charges from non-GAAP net loss and non-GAAP net loss per share facilitates comparisons of BioPharmX Corporation's operational performance in different periods, as well as with similarly determined non-GAAP financial measures of comparable companies. Forward-Looking Statement BioPharmX is a registered trademark of BioPharmX, Inc. 1Caution: BPX-01 and BPX-04 are new drugs limited by U.S. law to investigational use. BIOPHARMX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
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2018 2017 2018 2017
---- ---- ---- ----
Revenues, net $24 $17 $42 $36
Cost of goods sold 13 9 20 20
--- --- --- ---
Gross margin 11 8 22 16
Operating expenses
Research and
development 2,730 2,413 5,057 5,354
Sales and
marketing 566 586 1,167 1,383
General and
administrative 1,182 1,280 2,628 2,583
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Total
operating
expenses 4,478 4,279 8,852 9,320
Loss from
operations (4,467) (4,271) (8,830) (9,304)
Change in fair
value of
warrant
liability 23 525 (43) 161
Other income,
net 34 5 63 6
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Loss before
provision for
income taxes (4,410) (3,741) (8,810) (9,137)
Provision for
income taxes - - 2 1
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Net and comprehensive loss $(4,410) $(3,741) $(8,812) $(9,138)
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Net loss per share
Basic and
diluted ($0.02) ($0.05) ($0.05) ($0.13)
Shares used in computing net loss per share
Basic and
diluted 191,325 74,357 185,616 71,069
BIOPHARMX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
July 31, January 31,
2018 2018
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Assets
Current assets:
Cash and cash
equivalents $6,581 $7,576
Accounts
receivable, net 16 7
Inventories 13 10
Prepaid expenses
and other
current assets 680 388
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Total current assets 7,290 7,981
Property and
equipment, net 141 109
Total assets $7,431 $8,090
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,526 $1,376
Accrued expenses
and other
current
liabilities 1,528 1,603
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Total current liabilities 3,054 2,979
Long-term
liabilities 114 39
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Total liabilities 3,168 3,018
Stockholders' equity 4,263 5,072
Total liabilities and
stockholders' equity $7,431 $8,090
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BIOPHARMX CORPORATION
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(in thousands, except per share amounts; unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
GAAP net loss available to common
stockholders $(4,410) $(3,741) $(8,812) $(9,138)
Change in fair value of warrant liability (23) (525) 43 (161)
Stock-based compensation expense:
- Research and development 159 158 359 266
- Sales and marketing 112 109 241 191
- General and administrative 175 299 439 494
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Total stock-based compensation expense 446 566 1,039 951
Total reconciling items 423 41 1,082 790
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Non-GAAP net loss available to
common stockholders $(3,987) $(3,700) $(7,730) $(8,348)
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GAAP net loss available to common
stockholders $(0.02) $(0.05) $(0.05) $(0.13)
Reconciling items
-Change in fair value of warrant
liability - (0.01) - -
- Stock-based compensation expense - 0.01 0.01 0.01
Non-GAAP net loss per share:
basic and diluted $(0.02) $(0.05) $(0.04) $(0.12)
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Shares used in computing non-GAAP net loss per share
Basic and diluted 191,325 74,357 185,616 71,069
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Company Codes: AMEX:BPMX |
