Breaking Finance News

Pain Therapeutics Reports Mostly Inline Earnings (PTIE)

Pain Therapeutics (NASDAQ: PTIE) reported second EPS of $(0.01) versus the estimated $(0.01). Revenue came in at $1.96 million versus the estimated $2.0 million. Sales were Down 28 percent year over year.

Other highlights include:

  • Program fee revenue reflects the non-cash revenue we recognize from upfront program fees received in prior years. Program fee revenue decreased to $3.9 million in 1H 2013 from $5.4 million in 1H 2012 because in late 2012 we extended the period over which we recognize this type of revenue.
  • Research and development expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012 and to $2.3 million in 1H2013 from $3.1 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related research and development expenses decreased to $0.6 million in 1H 2013 from $0.8 million in 1H 2012.
  • General and administrative expenses decreased to $1.1 million in Q2 2013 from $1.5 million in Q2 2012, and to $2.4 million in 1H2013 from $3.0 million in 1H2012, primarily due to reduced cash-based compensation. Non-cash stock related general and administrative expenses were $0.9 million in both the 1H 2013 and the 1H 2012.

[stock-tools exchange="NASDAQ" symbol="PTIE" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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