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Trovagene's Q2 Net Loss Swells 10-Fold on Increased Operating Expenses

NEW YORK (GenomeWeb) – Trovagene reported after the close of the market Monday that its second quarter net loss increased nearly 10-fold year over year due primarily to increased operating expenses and changes in the fair market value of derivatives.

For the three months ended June 30, the San Diego-based molecular diagnostics firm took a net loss of $10.2 million, or $.41 per share, compared to a loss of $1.1 million, or $.17 per share, in Q2 2014. On average, analysts had expected a net loss of $.24 per share.

Trovagene said that during the quarter a $3.2 million loss due to the change in fair value of warrants resulted in a non-operating, non-cash loss of $.13 per share.

The company's Q2 revenues dropped 11 percent to $50,000 from $56,000 in the year-ago quarter. In Q2 2015 total revenues comprised $47,000 in royalty revenue and $3,000 in diagnostic service sales.

In Q2, Trovagene logged R&D expenses of $2.7 million, up 93 percent from $1.4 million in the prior-year period. Meantime, its SG&A expenses more than doubled to $3.9 million from $1.9 million.

Trovagene ended the quarter with $41.3 million in cash and cash equivalents.

During the quarter, Trovagene raised $40.3 million in a public offering of 4.6 million shares, including 600,000 shares through underwriters exercising their full overallotment option.

The company also presented research at the 2015 European Lung Cancer Conference demonstrating that its urinary circulating tumor DNA assay technology outperformed tissue biopsy in a clinical study for the detection of EGFR T790M mutations in metastatic lung cancer patients.

"Our pilot commercial team has gained impressive traction in the field, delivering stronger-than-expected participation by oncologists in our clinical experience program," Trovagene CEO Antonius Schuh said in a statement. "Additionally, we continue to demonstrate in clinical studies the utility of our precision cancer monitoring platform to detect and monitor validated driver mutations in several cancer types. Our goals over the next several quarters are clear and include increasing the number of oncologists using our assays in clinical practice, presenting and publishing additional clinical study results supporting the utility of our tests, and expanding the mutation coverage of our platform."

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