RXi Pharmaceuticals this week reported its second-quarter financial results, posting a sharp drop in its net loss amid a decrease in research and development spending.
For the three-month period ended June 30, RXi’s net loss was $2 million, compared with $7.6 million in 2012. The drop is primarily due to a $6.2 million one-time charge in the second quarter of last year related to the fair value of common shares issued in exchange for patent and technology rights.
Revenues in the quarter were $200,000, compared with zero revenues in the year-ago period.
R&D costs fell to $1.2 million from $6.9 million, again due to the one-time charge in last year’s second quarter. General and administrative expenses edged up to $1 million from $700,000.
At the end of the second quarter, RXi had cash, cash equivalents, and short-term investments totaling $17.6 million.