NEW YORK (GenomeWeb News) – Trovagene reported after the close of the market on Monday a 71 percent drop in revenues for its fourth quarter.
The San Diego-based molecular diagnostics firm posted $47,000 in revenues for the three months ended Dec. 31, 2013, down from $163,000 a year ago.
Its net loss for the quarter was $1.0 million, or $.05 per share, compared to a net loss of $6.3 million, or $.43 per share, in Q4 2012. The reduction, Trovagene said, resulted from a $1.3 million increase in total operating expenses, which was offset by "a change in the fair value of derivative instruments related to warrants of $6.7 million," as compared to the year-ago fourth quarter.
The company's R&D expenses more than doubled year over year to $1.3 million from $594,000, while its SG&A costs increased 60 percent to $1.6 million from $1.0 million.
Trovagene posted $259,000 in revenues for full-year 2013, down 42 percent from $450,000 in 2012.
Its net loss was $11.8 million, or $.70 per share, compared to a net loss of $11.6 million, or $.89 per share, a year ago. A $5.6 million increase in total operating expenses, offset by "a change in fair value of derivative instruments related to warrants of $5.6 million," compared to 2012, drove the change in net loss, Trovagene said.
The company recorded $3.9 million in R&D costs, more than double the $1.9 million it spent in 2012, while its SG&A costs also more than doubled year over year to $7.0 million from $3.4 million in 2012.
Trovagene finished 2013 with $25.8 million in cash and cash equivalents.
"In 2013, we transitioned from a technology-driven company to one focused on building a body of clinical evidence, including health economic data, to demonstrate how our molecular diagnostic platform may change the way cancer patients are treated," Trovagene CEO Antonius Schuh said in a statement. "This year, we plan to release additional oncogene mutation assays to broaden the reach of our technology, and to present additional clinical study results to establish the value of our innovative platform."
Earlier on Monday Trovagene announced that it had launched its first multiplexed oncogene mutation assay based on next-generation sequencing technology. The assay detects the seven most commonly encountered mutations of the KRAS oncogene.
"With the introduction of our first multiplexed oncogene mutation assay, we continue to establish our molecular diagnostic platform for cancer monitoring based on cell-free DNA in urine," Schuh said. "Integrating NGS technology at the desired analytical sensitivity offers scalability across our entire platform, and we remain focused on expanding the number of tests available through our CLIA lab, as well as demonstrating the clinical utility of these assays with our collaboration partners."