Following yesterday's double-digit gains after the Food and Drug Administration accepted its new drug application (NDA) filing for peramivir as a treatment for influenza, BioCryst Pharmaceuticals (NASDAQ:BCRX) hoped to keep the good times rolling with the release of its fourth-quarter earnings results before the opening bell this morning.
For the quarter, BioCryst reported a 158% spike higher in revenue to $10.05 million from $4.1 million, which was primarily tied to collaborative revenue from its contract with the Biomedical Advanced Research and Development Authority, and Department of Health and Human Services. Revenue recognition from this contract was mostly associated with its December 2013 NDA filing for peramivir. BioCryst also delivered a 12% increase in royalty revenue to $0.52 million.
Thanks to this higher revenue recognition and relatively tame cost expansion BioCryst was able to reduce its quarterly net loss by more than half to $5.43 million, or $0.09 per share, from $11.05 million, or $0.22 per share.
Total operating expenses rose $2.11 million, or 14%, primarily because research and development costs jumped $4.52 million. BioCryst attributed these higher R&D costs to peramivir and its ongoing hereditary angioedema drug development program. However, BioCryst recognized no restructuring costs compared to $1.76 million during the fourth quarter of 2012, and saw general and administrative expenses decline by 34% to $1.27 million.
Looking ahead, BioCryst anticipates net cash usage will equal $35 million to $43 million in fiscal 2014, including operating expenses in the range of $48 million to $59 million. This is worth keeping an eye on as BioCryst ended the fourth quarter with just $40.8 million in cash and cash equivalents. The company also notes that because of the way it recognizes revenue and develops therapies per its contracts, revenue is expected to fall year-over-year in 2014.
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