$TTPH Exploring Tetraphase Pharmaceuticals' Financ
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Top line
Tetraphase Pharmaceuticals (TTPH) generated contract and grant revenues of $9.6 million in fiscal 2017 compared with $5.1 million in fiscal 2016. Until now, the primary source of revenues for the company has been US government contracts.
In fiscal 2017, TTPH generated $5.4 million in revenues from its BARDA contract, compared with $2.8 million in fiscal 2016. Its second major source of contract revenue is the NIAID contract. Under this contract, Tetraphase Pharmaceuticals received $3.5 million in fiscal 2017, compared with $2.1 million in fiscal 2016.
Operating expenses
Tetraphase Pharmaceuticals (TTPH) incurred research and development expenses of $101.7 million in fiscal 2017, compared with $63.7 million in fiscal 2016. This 60.0% increase was primarily related to costs associated with conducting its IGNITE3 and IGNITE4 Phase 3 clinical trials, as well as increased regulatory costs related to its filing activities for eravacycline.
Tetraphase Pharmaceuticals’ general and administrative expenses increased from $19.2 million in fiscal 2016 to $23.6 million in fiscal 2017. The company’s total operating expenses reached $125.3 million in fiscal 2017, compared with $82.9 million in fiscal 2016. This 23.0% increase was primarily due to increases in pre-launch commercial and business development expenses as well as higher headcount-related costs.
Due to this jump in expenses, Tetraphase Pharmaceuticals’ operating loss widened from $77.8 million in fiscal 2016 to $115.7 million in fiscal 2017.
Bottom line
Tetraphase Pharmaceuticals’ (TTPH) other income totaled $963,000 in fiscal 2017, compared with $350,000 in fiscal 2016. This increase was due to higher interest income earned by the company in fiscal 2017, which was driven by a larger cash balance after its follow-on public offering in fiscal 2017.
The company incurred a net loss of $114.7 million in fiscal 2017, compared with $77.4 million in fiscal 2016. This translated into a net loss of $2.63 per share in fiscal 2017 compared with a net loss of $2.11 per share in fiscal 2016.
In the final part of this series, we’ll look at TTPH’s cash flows.
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