On Wednesday, Steadymed Ltd (NASDAQ:STDY) relocated in green zone with incline of 1.27%. The company has a one year low of $2.25 and a one year high of $5.21. During the last trading session the minimum price at which share is traded was $3.90 and peak price of the day was $4.15.
SteadyMed Ltd. (STDY), a specialty pharmaceutical company focused on the development of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs, recently offered a corporate update and declared its financial results for the fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Financial Results Contrast to Fourth Quarter 2015 Financial Results:
SteadyMed recorded licensing revenues of $0.32M in the fourth quarter of 2016, contrast to $0.43M revenues in the fourth quarter of 2015. The recorded revenues were attributable to the recognition of revenue from the $3.0M upfront payment received from Cardiome during 2015, in connection with the license of rights to Trevyent in Europe, the Middle East and Canada.
For the fourth quarter ended December 31, 2016, SteadyMed stated a net loss of $2.40M, or $0.12 per share, contrast to a net loss of $6.50M, or $0.48 per share for the fourth quarter ended December 31, 2015. The current quarter’s calculation of loss per share is based on 20,139,826 weighted-average shares outstanding, as compared to 13,581,329 outstanding shares in the prior-year period.
Total operating expenses for the fourth quarter ended December 31, 2016 were $6.70M, contrast to $6.90M for the quarter ended December 31, 2015. The operating expenses in both periods were mainly attributable to research and development (R&D) expenses related to Trevyent and our other development programs, general and administrative (G&A) expenses, and sales and marketing (S&M).
R&D expenses for the fourth quarter of 2016 were $4.60M, contrast to $5.30M for the fourth quarter of 2015. The decrease in R&D expenses was mainly because of a reduced use of sub-contractor services and materials for Trevyent and our other development programs.
G&A expenses for the fourth quarter of 2016 were $1.50M, same as for the fourth quarter of 2015. The main changes in expenses in the fourth quarter of 2016 in comparison to the fourth quarter of 2015 was a decrease in personnel related costs of about $0.30M offset by a boost in legal and intellectual property expenses of the same amount.
S&M expenses for the fourth quarter of 2016 were $0.60M contrast to $0.10M for the fourth quarter of 2015. The increase in S&M was mainly because of a boost in consulting fees related to pre-commercialization of Trevyent.
In the fourth quarter ended December 31, 2016, the Company recorded $4.0M in financial income as a result of the change in the fair value of the warrants issued in the August 2016 private placement.
Year Ended December 31, 2016 Financial Results Contrast to Year Ended December 31, 2015 Financial Results:
For the year ended December 31, 2016, SteadyMed recorded licensing revenues of $1.06M, contrast to $0.869M revenues for the year ended December 31, 2015. The recorded revenues were attributable to the recognition of revenue from the $3.0M upfront payment received from Cardiome during 2015, as talked about above.
For the year ended December 31, 2016, SteadyMed stated a net loss of $25.90M, or $1.59 per share, contrast to a net loss of $25.0M, or $2.45 per share for the year ended December 31, 2015. The current year’s calculation of loss per share is based on 16.253M weighted-average shares outstanding, as compared to 10.593M outstanding shares in the prior-year period.
Total operating expenses for the year ended December 31, 2016 were $28.50M, contrast to $25.60M for the year ended December 31, 2015. The increase in total operating expenses was mainly attributable to a boost in our research and development (R&D) expenses related to Trevyent, a boost in general and administrative (G&A) expenses and a boost in sales and marketing (S&M) expenses.
R&D expenses for the year ended December 31, 2016 were $20.90M, contrast to $20.0M for the year ended December 31, 2015. The increase in R&D expenses was mainly because of a greater use of sub-contractor services and materials for Trevyent, travel, and a boost in personnel related costs.
G&A expenses for the year ended December 31, 2016 were $5.60M, contrast to $4.80M for the year ended December 31, 2015. The increase in G&A expenses was mainly because of a boost in salary, bonuses, stock based compensation expenses and other personnel related costs in support of operating in a public company environment and legal and intellectual property expenses.
S&M expenses for the year ended December 31, 2016 were $1.90M contrast to $0.80M for the year ended December 31, 2015. The increase in S&M was mainly because of increase in consulting fees related to pre-commercialization of Trevyent.
For the year ended December 31, 2016, the Company recorded $2.50M in financial income as a result of the change in the fair value of the warrants issued in the August 2016 private placement, which was offset by $0.80M in issuance costs allocated to those warrants.
As of December 31, 2016, SteadyMed had cash and cash equivalents of $23.20M. Administration believes the Company has enough cash to finance the Company into the fourth quarter of 2017.
“2016 was a year of important progress for SteadyMed, which saw our Company appreciably advance the development of its lead product candidate, Trevyent for the treatment of PAH. These are exciting times for SteadyMed as we look forward to learning of our IPR ruling in April and submit our NDA for Trevyent to the FDA at the end of the second quarter,” said Jonathan Rigby, President and Chief Executive Officer of SteadyMed. “In addition, we ended 2016 with a cash position of $23.20M, bolstered by the proceeds of our successful July 2016 Private Placement, with another $10.70M tranche that we believe we will be in a position to call in the third quarter. Overall, we believe that we are well positioned to execute on our primary planned and operational objectives in 2017 and beyond, and look forward to sharing details of our continued progress with our shareholders.”
STDY has market capitalization of $80.56 million. The Company has 20.14 million shares outstanding while EPS in next five years is expected to reach 37.50% wh. The Company’s price to sale ratio was 67.13 while price to book ratio was 4.26.
