NEW YORK (GenomeWeb News) – Trovagene reported after the close of the market Monday that its fourth-quarter revenues increased sharply as its net loss climbed on a change in fair value of derivative instruments related to warrants.
The San Diego-based molecular diagnostics developer brought in total revenues of $163,000 for the three months ended Dec. 31, compared to $34,000 for the fourth quarter of 2011.
Its net loss for the quarter was $6.3 million, or $.43 per share. Trovagene said that the loss was primarily driven by a $4.9 million, or $.33 per share, charge tied to a change in fair value of derivative instruments related to warrants. Its net loss for Q4 2011 was $1.3 million, or $.12 per share.
Trovagene's R&D costs for the quarter nearly doubled to $594,000 from $308,000 year over year, while its SG&A spending climbed to $1 million from $603,000.
For full-year 2012, Trovagene posted revenues of $450,000, up 75 percent from revenues of $257,000 in 2011.
During the year, Trovagene launched its urine-based molecular human papillomavirus test.
Its net loss for the year increased to $11.6 million, or $.89 per share, from $2.3 million, or $.23 per share.
The firm's R&D spending more than doubled to $1.9 million from $910,000, and its general and administrative costs jumped 48 percent to $3.4 million from $2.3 million.
Trovagene finished the year with $10.8 million in cash and cash equivalents.
The firm brought in net proceeds of $4.4 million from a private placement in the fourth quarter. In January it said that it was seeking to raise $6.1 million through a public offering of its stock.