Feb 5 2011
Pharmacyclics, Inc. (Nasdaq: PCYC) today reported recent developments and financial results for its fiscal second quarter that ended December 31, 2010.
Financial Results for Second Quarter Fiscal 2011
The non-GAAP (Generally Accepted Accounting Principles) net loss reported for the fiscal quarter ended December 31, 2010 was $6.1 million, or $0.10 per share. This compares with a non-GAAP net loss of $1.4 million, or $0.03 per share, for the fiscal quarter ended December 31, 2009. Reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
The GAAP net loss for the fiscal quarter ended December 31, 2010 was $7.5 million, or $0.13 per share. This compares with a GAAP net loss of $0.2 million, or $0.00 per share for the fiscal quarter ended December 31, 2009.
Total revenue was $2.8 million for the fiscal quarter ended December 31, 2010. Upon the signing of a drug supply agreement with Les Laboratoires Servier ("Servier") in the quarter ended December 31, 2009, the company began recognizing revenue from its collaboration agreement with Servier, which was entered into in April 2009. Total revenue for the fiscal quarter ended December 31, 2009 was $4.7 million, of which $1.2 million represents the pro rata portion of revenue attributable to the period from April 2009 (i.e., the signing of the collaboration agreement) to June 30, 2009.
As of December 31, 2010, the company had cash, cash equivalents and marketable securities totaling $61.6 million. This compares with $74.1 million in cash, cash equivalents and marketable securities as of June 30, 2010, our prior fiscal year end. We received the third scheduled payment of $1.0 million from our Collaboration and License Agreement with Les Laboratoires Servier in November 2010 and we expect to receive the fourth and final research payment of $1.0 million in the second calendar quarter of 2011.
Mr. Duggan stated, "Our Btk Inhibitor, our Factor VII Inhibitor and our HDAC Inhibitor are now in Phase II. We are pleased with our progress and remain focused on building shareholder value by continuing on the regulatory pathways we have set."