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.
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, -------- -------- 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 ------------ 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 ------------ Loss before provision for income taxes (4,410) (3,741) (8,810) (9,137) Provision for income taxes - - 2 1 -------------- Net and comprehensive loss $(4,410) $(3,741) $(8,812) $(9,138) ======= ======= ======= ======= 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 ---- ---- 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 --- --- Total current assets 7,290 7,981 Property and equipment, net 141 109 Total assets $7,431 $8,090 ====== ====== Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $1,526 $1,376 Accrued expenses and other current liabilities 1,528 1,603 ----- ----- Total current liabilities 3,054 2,979 Long-term liabilities 114 39 --- Total liabilities 3,168 3,018 Stockholders’ equity 4,263 5,072 Total liabilities and stockholders’ equity $7,431 $8,090 ====== ======
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 --- Total stock-based compensation expense 446 566 1,039 951 Total reconciling items 423 41 1,082 790 --- Non-GAAP net loss available to common stockholders $(3,987) $(3,700) $(7,730) $(8,348) ======= ======= ======= ======= 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) ====== ====== ====== ====== 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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