NEW YORK (GenomeWeb) – Trovagene reported after the close of the market on Thursday that its second quarter revenues more than doubled year over year, though it missed analysts' consensus estimate on the top and bottom lines.
For the three months ended June 30, the San Diego-based molecular diagnostic developer posted revenues of $104,000 compared to $50,000 in Q2 2015, missing the Wall St. estimate of $270,000 in revenues.
Trovagene reported $48,000 in royalty revenue, up slightly from $47,000 a year ago; diagnostic services revenue of $24,000 compared to $3,000 in Q2 2015; and clinical research services revenue of $32,000 compared to none last year.
Trovagene's net loss attributable to common stockholders in Q2 was $10.2 million, or $.34 per share, compared to the same net loss a year ago but with a loss per share of $.41. On average, analysts had expected a loss per share of $.31. The company used approximately 30 million shares to calculate its per-share loss in Q2 2016 compared to about 24.6 million shares in the year-ago period, primarily due to the 2015 sales and issuance of about 4.6 million shares of common stock through an underwritten public offering and controlled equity offering.
The company's second quarter R&D spending rose 51 percent to $4.1 million from $2.7 million, while its SG&A expenses grew 44 percent to $5.6 million from $3.9 million.
Trovagene finished the quarter with $50.6 million in cash, cash equivalents, and short-term investments.
During the quarter Trovagene brought on a new CEO, Bill Welch, and published data demonstrating that its Trovera test, featuring proprietary mutation allele enrichment technology, was able to identify EGFR T790M mutations in both the urine and blood of patients with metastatic non-small cell lung cancer and has high concordance with tumor tissue.
The company also entered into a clinical collaboration with the University of Michigan Comprehensive Cancer Center to investigate the early detection of pancreatic cancer and to monitor patient response to therapy using the Trovera KRAS ctDNA urine and blood tests. Trovagene also entered into a collaboration with the University of Southern California Norris Comprehensive Cancer Center to establish a standardized framework for the use of Trovera ctDNA testing in urine samples.