LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NYSE: PBYI), a development stage
biopharmaceutical company, today announced financial results for the
second quarter ended June 30, 2013.
Unless otherwise stated, all comparisons are for the second quarter and
first half of the year 2013 compared to the second quarter and first
half of the year 2012.
Based on accounting principles generally accepted in the United States
(GAAP), Puma reported a net loss applicable to common stock of $12.6
million, or $0.44 per share, for the second quarter of 2013, compared to
a net loss of $14.8 million, or $0.74 per share, for the second quarter
of 2012. Net loss applicable to common stock for the first half of 2013
was $24.4 million, or $0.85 per share, compared to $26.6 million, or
$1.33 per share, for the first half of 2012.
Adjusted net loss applicable to common stock was $10.9 million, or $0.38
per share, for the second quarter of 2013, compared to adjusted net loss
applicable to common stock of $4.3 million, or $0.21 per share, for the
second quarter of 2012. Adjusted net loss applicable to common stock for
the first half of 2013 was $21.3 million, or $0.74 per share, compared
to $7.9 million, or $0.39 per share, for the first half of 2012.
Adjusted net loss applicable to common stock excludes stock-based
compensation expense and external costs associated with ongoing clinical
trials of our lead product candidate, PB272 (neratinib (oral)), that we
assumed from a licensor and which we refer to as licensor legacy
clinical trials. For a reconciliation of adjusted net loss applicable to
common stock to reported net loss applicable to common stock, please see
the financial tables at the end of this news release.
Net cash used in operating activities for the second quarter of 2013 was
$11.0 million. Net cash used in operating activities for the first half
of 2013 was $29.5 million. At June 30, 2013, Puma had cash and cash
equivalents of $60.9 million and marketable securities of $46.6 million,
compared to $137.4 million of cash and cash equivalents at December 31,
2012. Puma’s license agreement for PB272 established a limit on the
Company’s expenses related to certain clinical trials Puma assumed from
the licensor, which it refers to as legacy clinical trials. Puma reached
this limit, or cap, during the fourth quarter of 2012; therefore, the
licensor is responsible for expenses related to the legacy clinical
trials until such trials are completed. The license agreement requires
the Company to bill the licensor quarterly for external “out-of-pocket”
costs in excess of the cap cost. At June 30, 2013, the Company reported
a receivable of approximately $14.8 million associated with outstanding
invoices to the licensor. The Company anticipates receiving payments for
these outstanding invoices by the end of 2013.
“During the second quarter of 2013, we achieved an important clinical
milestone for PB272 with the initiation of our Phase III trial in
patients with HER2-positive metastatic breast cancer who have failed two
or more prior treatments,” said Alan H. Auerbach, Chief Executive
Officer and President of Puma. “We look forward to aggressively
recruiting for this trial during the remainder of this year and first
half of next year. We also anticipate that we will report data from one
of our Phase II trials of PB272 as a neoadjuvant treatment for
HER2-positive breast cancer (I-SPY2) later this quarter.
“In addition,” noted Mr. Auerbach, “we expect to (i) complete the
on-going Phase II clinical trial of PB272 in combination with
temsirolimus in fourth line HER2-positive metastatic breast cancer,
which we anticipate reporting additional data from later in 2013; (ii)
initiate a Phase III trial of the combination of PB272 plus temsirolimus
later in 2013; (iii) complete the on-going Phase II trial of PB272 in
patients with HER2-positive metastatic breast cancer that has
metastasized to the brain, which we anticipate reporting data from later
in 2013; (iv) complete our two on-going Phase II trials of PB272 as a
neoadjuvant treatment for patients with HER2-positive breast cancer,
which we expect to report data from in the third quarter of 2013 and
late 2013, respectively; (v) report data from our Phase II trial of
PB272 in patients with HER2 mutated non-small cell lung cancer later in
2013; (vi) continue our Phase II trial of PB272 in HER2-negative breast
cancer patients who have a HER2 mutation, which we also have the
potential to report initial data from later in 2013; and (vii) initiate
our Phase II basket study of PB272 in patients with other solid tumors
that have a HER2 mutation.”
Operating Expenses
Based on GAAP, operating expenses were $12.7 million for the second
quarter of 2013, compared to $14.8 million for the second quarter of
2012. Operating expenses for the first half of 2013 were $24.5 million
compared to $26.6 million for the first half of 2012.
Adjusted operating expenses were $11.0 million for the second quarter of
2013, compared to $4.3 million in the second quarter of 2012. Adjusted
operating expenses in both quarters exclude stock-based compensation
expenses and licensor legacy clinical trial costs. Adjusted operating
expenses for the first half of 2013 were $21.4 million, compared to $7.9
million for the first half of 2012. For a reconciliation of adjusted
operating expenses to reported operating expenses, please see the
financial tables at the end of this news release.
General and Administrative Expenses:
Based on GAAP, general and administrative expenses were $2.3 million in
the second quarter of 2013, compared to $1.8 million in the second
quarter of 2012. Adjusted operating expenses in both quarters exclude
stock-based compensation expenses. General and administrative expenses
for the first half of 2013 were $4.5 million compared to $3.1 million
for the first half of 2012.
Adjusted general and administrative expenses were $1.9 million for the
second quarter of 2013, compared to $1.8 million in the second quarter
of 2012. Adjusted general and administrative expenses for the first half
of 2013 were $3.7 million, compared to $3.1 million for the first half
of 2012.
Research and Development Expenses:
Based on GAAP, research and development expenses were $10.4 million in
the second quarter of 2013, compared to $13.0 million in the second
quarter of 2012. Research and development expenses for the first half of
2013 were $20.0 million, compared to $23.5 million for the first half of
2012.
Adjusted research and development expenses were $9.1 million in the
second quarter of 2013, compared to $2.5 million in the second quarter
of 2012. The increase in adjusted research and development expenses from
the second quarter of 2012 was driven primarily by the commencement of a
Phase III clinical trial in metastatic breast cancer and a Phase II
clinical trial in non-small cell lung cancer. Adjusted research and
development expenses for the first half of 2013 were $17.7 million,
compared to $4.8 million for the first half of 2012.
About Puma Biotechnology
Puma Biotechnology, Inc. is a development stage biopharmaceutical
company that acquires and develops innovative products for the treatment
of various forms of cancer. The Company focuses on in-licensing drug
candidates that are undergoing or have already completed initial
clinical testing for the treatment of cancer and then seeks to further
develop those drug candidates for commercial use. The Company is
initially focused on the development of PB272 (oral neratinib), a potent
irreversible tyrosine kinase inhibitor, for the treatment of patients
with HER2-positive metastatic breast cancer and patients with non-small
cell lung cancer, breast cancer and other solid tumors that have a HER2
mutation.
Further information about Puma Biotechnology can be found at www.pumabiotechnology.com.
Forward-Looking Statements:
This press release contains forward-looking statements, including
statements regarding anticipated timing for the commencement and
completion of various clinical trials and the announcement of data
relative to these trials. All forward-looking statements included in
this press release involve risks and uncertainties that could cause the
Company's actual results to differ materially from the anticipated
results and expectations expressed in these forward-looking statements.
These statements are based on current expectations, forecasts and
assumptions, and actual outcomes and results could differ materially
from these statements due to a number of factors, which include, but are
not limited to, the fact that the Company has no product revenue and no
products approved for marketing, the Company’s dependence on PB272,
which is still under development and may never receive regulatory
approval, the challenges associated with conducting and enrolling
clinical trials, the risk that the results of clinical trials may not
support the Company’s drug candidate claims, even if approved, the risk
that physicians and patients may not accept or use the Company’s
products, the Company’s reliance on third parties to conduct its
clinical trials and to formulate and manufacture its drug candidates,
the Company’s dependence on licensed intellectual property, and the
other risk factors disclosed in the periodic reports filed by the
Company with the Securities and Exchange Commission from time to time,
including the Company’s Annual Report on Form 10-K for the year
ended December 31, 2012. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The Company assumes no obligation to update these
forward-looking statements, except as required by law.
|
|
|
PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY
|
|
(A DEVELOPMENT STAGE COMPANY)
|
|
CONDENSED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(in millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 15,
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
2010 (date
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
of inception) to
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
June 30, 2013
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
$
|
2.3
|
|
|
|
|
$
|
1.8
|
|
|
|
|
$
|
4.5
|
|
|
|
|
$
|
3.1
|
|
|
|
|
$
|
38.7
|
|
|
Research and development
|
|
|
|
|
10.4
|
|
|
|
|
|
13.0
|
|
|
|
|
|
20.0
|
|
|
|
|
|
23.5
|
|
|
|
|
|
70.4
|
|
|
Totals
|
|
|
|
|
12.7
|
|
|
|
|
|
14.8
|
|
|
|
|
|
24.5
|
|
|
|
|
|
26.6
|
|
|
|
|
|
109.1
|
|
|
Loss from operations
|
|
|
|
|
(12.7
|
)
|
|
|
|
|
(14.8
|
)
|
|
|
|
|
(24.5
|
)
|
|
|
|
|
(26.6
|
)
|
|
|
|
|
(109.1
|
)
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
0.1
|
|
|
|
|
|
-
|
|
|
|
|
|
0.1
|
|
|
|
|
|
-
|
|
|
|
|
|
0.2
|
|
|
Other income (expense)
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(0.1
|
)
|
|
Totals
|
|
|
|
|
0.1
|
|
|
|
|
|
-
|
|
|
|
|
|
0.1
|
|
|
|
|
|
-
|
|
|
|
|
|
0.1
|
|
|
Net loss
|
|
|
|
$
|
(12.6
|
)
|
|
|
|
$
|
(14.8
|
)
|
|
|
|
$
|
(24.4
|
)
|
|
|
|
$
|
(26.6
|
)
|
|
|
|
$
|
(109.0
|
)
|
|
Net loss per common share—basic and diluted
|
|
|
|
$
|
(0.44
|
)
|
|
|
|
$
|
(0.74
|
)
|
|
|
|
$
|
(0.85
|
)
|
|
|
|
$
|
(1.33
|
)
|
|
|
|
|
|
Weighted-average common shares outstanding—basic and diluted
|
|
|
|
|
28,676,666
|
|
|
|
|
|
20,040,000
|
|
|
|
|
|
28,676,666
|
|
|
|
|
|
20,040,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY
|
|
(A DEVELOPMENT STAGE COMPANY)
|
|
LIQUIDITY AND CAPITAL RESOURCES
|
|
(in millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
Cash and cash equivalents
|
|
|
|
$
|
60.9
|
|
|
|
|
|
|
|
|
|
|
|
$
|
137.4
|
|
|
Marketable securities
|
|
|
|
|
46.6
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Licensor receivable
|
|
|
|
|
14.8
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6
|
|
|
Working capital
|
|
|
|
|
103.6
|
|
|
|
|
|
|
|
|
|
|
|
|
127.3
|
|
|
Stockholders' equity
|
|
|
|
|
107.0
|
|
|
|
|
|
|
|
|
|
|
|
|
128.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
Ended
|
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
Cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
$
|
(29.5
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
(11.6
|
)
|
|
Investing activities
|
|
|
|
|
(47.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(0.8
|
)
|
|
Financing activities
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash
|
|
|
|
$
|
(76.5
|
)
|
|
|
|
|
|
|
|
|
|
|
$
|
(12.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP and Non-GAAP
Financial Information
|
|
(in millions except share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Measure
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Reported)
|
|
|
|
|
|
|
|
|
Non-GAAP Measure
|
|
|
(Reported)
|
|
|
|
|
|
|
|
|
Non-GAAP Measure
|
|
|
|
|
Three Months
|
|
|
Expense Adjustments
|
|
|
Three Months
|
|
|
Six Months
|
|
|
Expense Adjustments
|
|
|
Six Months
|
|
|
|
|
Ended
|
|
|
|
|
|
Licensor
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
Licensor
|
|
|
Ended
|
|
|
|
|
June 30,
|
|
|
Stock-based
|
|
|
legacy
|
|
|
June 30,
|
|
|
June 30,
|
|
|
Stock-based
|
|
|
legacy
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
compensation
|
|
|
clinical trials
|
|
|
2013
|
|
|
2013
|
|
|
compensation
|
|
|
clinical trials
|
|
|
2013
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
2.3
|
|
|
|
|
(0.4
|
)
|
|
|
|
-
|
|
|
|
|
1.9
|
|
|
|
|
4.5
|
|
|
|
|
(0.9
|
)
|
|
|
|
-
|
|
|
|
|
3.7
|
|
|
Research and development
|
|
|
|
10.4
|
|
|
|
|
(1.0
|
)
|
|
|
|
(0.3
|
)
|
|
|
|
9.1
|
|
|
|
|
20.0
|
|
|
|
|
(1.7
|
)
|
|
|
|
(0.5
|
)
|
|
|
|
17.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(12.7
|
)
|
|
|
|
1.4
|
|
|
|
|
0.3
|
|
|
|
|
(11.0
|
)
|
|
|
|
(24.5
|
)
|
|
|
|
2.6
|
|
|
|
|
0.5
|
|
|
|
|
(21.4
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.1
|
|
|
Other expense
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(12.6
|
)
|
|
|
|
1.4
|
|
|
|
|
0.3
|
|
|
|
|
(10.9
|
)
|
|
|
|
(24.4
|
)
|
|
|
|
2.6
|
|
|
|
|
0.5
|
|
|
|
|
(21.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to common stock
|
|
|
|
(12.6
|
)
|
|
|
|
1.4
|
|
|
|
|
0.3
|
|
|
|
|
(10.9
|
)
|
|
|
|
(24.4
|
)
|
|
|
|
2.6
|
|
|
|
|
0.5
|
|
|
|
|
(21.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share—basic and diluted
|
|
|
$
|
(0.44
|
)
|
|
|
$
|
0.05
|
|
|
|
$
|
0.01
|
|
|
|
$
|
(0.38
|
)
|
|
|
$
|
(0.85
|
)
|
|
|
$
|
0.09
|
|
|
|
$
|
0.02
|
|
|
|
$
|
(0.74
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding—basic and diluted
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
28,676,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Measure
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Measure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Reported)
|
|
|
|
|
|
|
|
|
Non-GAAP Measure
|
|
|
(Reported)
|
|
|
|
|
|
|
|
|
Non-GAAP Measure
|
|
|
|
|
Three Months
|
|
|
Expense adjustments
|
|
|
Three Months
|
|
|
Six Months
|
|
|
Expense Adjustments
|
|
|
Six Months
|
|
|
|
|
Ended
|
|
|
|
|
|
Licensor
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
Licensor
|
|
|
Ended
|
|
|
|
|
June 30,
|
|
|
Stock-based
|
|
|
legacy
|
|
|
June 30,
|
|
|
June 30,
|
|
|
Stock-based
|
|
|
legacy
|
|
|
June 30,
|
|
|
|
|
2012
|
|
|
compensation
|
|
|
clinical trials
|
|
|
2012
|
|
|
2012
|
|
|
compensation
|
|
|
clinical trials
|
|
|
2012
|
|
Operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
|
1.8
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1.8
|
|
|
|
|
3.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3.1
|
|
|
Research and development
|
|
|
|
13.0
|
|
|
|
|
(0.2
|
)
|
|
|
|
(10.3
|
)
|
|
|
|
2.5
|
|
|
|
|
23.5
|
|
|
|
|
(0.3
|
)
|
|
|
|
(18.4
|
)
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(14.8
|
)
|
|
|
|
0.2
|
|
|
|
|
10.3
|
|
|
|
|
(4.3
|
)
|
|
|
|
(26.6
|
)
|
|
|
|
0.3
|
|
|
|
|
18.4
|
|
|
|
|
(7.9
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Other expense
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(14.8
|
)
|
|
|
|
0.2
|
|
|
|
|
10.3
|
|
|
|
|
(4.3
|
)
|
|
|
|
(26.6
|
)
|
|
|
|
0.3
|
|
|
|
|
18.4
|
|
|
|
|
(7.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to common stock
|
|
|
|
(14.8
|
)
|
|
|
|
0.2
|
|
|
|
|
10.3
|
|
|
|
|
(4.3
|
)
|
|
|
|
(26.6
|
)
|
|
|
|
0.3
|
|
|
|
|
18.4
|
|
|
|
|
(7.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share—basic and diluted
|
|
|
$
|
(0.74
|
)
|
|
|
$
|
0.01
|
|
|
|
$
|
0.51
|
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(1.33
|
)
|
|
|
$
|
0.01
|
|
|
|
$
|
0.92
|
|
|
|
$
|
(0.39
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding—basic and diluted
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
|
|
|
20,040,000
|
|
Contact: