"During the 2016 fiscal year we made outstanding progress in moving our two lead Alzheimer's programs forward," said
Fourth Quarter and Fiscal Year 2016 Highlights
Financial Results for the Quarter and Fiscal Year Ended September 30, 2016
Corium reported total revenues in the fourth quarter of fiscal 2016 of $7.9 million, compared with $9.3 million in the fourth quarter of fiscal 2015, and for the fiscal year ended September 30, 2016, reported total revenues of $33.0 million, compared with $40.9 million in fiscal 2015. For fiscal 2016, the decrease in total revenues resulted primarily from a decline in contract research and development revenues, as well as a decline in product revenues versus fiscal 2015.
The decrease in contract research and development revenues is primarily the result of several programs advancing into later stages of clinical development, when there are fewer revenue-generating development activities until preparations begin for approval and commercial launch, along with the discontinuation of two development projects in fiscal 2015. The
Total research and development (R&D) expenses in the fourth quarter of fiscal 2016 were $8.2 million, compared with $8.6 million in the fourth quarter of fiscal 2015, and for the fiscal year ended September 30, 2016, total R&D expenses were $32.4 million, compared with $32.5 million in fiscal 2015. For fiscal 2016, R&D expenses associated with Corium's investment in its proprietary product programs increased, including the advancement of Corium's two programs for Alzheimer's disease through Phase 1 clinical trials. This increase in R&D spending was offset by a lower level of resources required for contract research and development programs, corresponding to the lower level of revenues from contract research and development.
General and administrative (G&A) expenses in the fourth quarter of fiscal 2016 were $2.5 million, compared with $3.0 million in the fourth quarter of fiscal 2015, and for the fiscal year ended September 30, 2016, G&A expenses were $11.6 million, compared with $11.2 million in fiscal 2015. The increase in G&A for the year was primarily attributable to an increase in stock-based compensation expense and higher personnel costs.
Corium reported a net loss for the fourth quarter of fiscal 2016 of $9.3 million, or $0.42 per share, compared with a net loss of $8.6 million, or $0.42 per share, in the fourth quarter of fiscal 2015. For the fiscal year ended September 30, 2016, Corium reported a net loss of $36.7 million, or $1.65 per share, compared with a net loss of $28.5 million, or $1.52 per share, in fiscal 2015. As of September 30, 2016, there were 22,391,631 shares of Corium common stock outstanding.
Cash and cash equivalents as of September 30, 2016 were $39.8 million.
Conference Call and Webcast Details
Corium will host a conference call today at 5:00 p.m. ET (
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our business strategy, financial and operating performance, operating costs and expenses, product pipeline, clinical trial and regulatory timing and plans and associated resource requirements, regulatory pathways for our development programs, the achievement of clinical and commercial milestones, and the advancement of our technologies as well as our proprietary, co-developed and partnered products and product candidates. Forward-looking statements are based on management's current expectations and projections and are subject to risks and uncertainties, which may cause Corium's actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect Corium's business and its results are detailed in Corium's Quarterly Report on Form 10-Q for the quarter ended August 12, 2016, filed with the Securities and Exchange Commission on June 30, 2016, and other reports as filed from time to time with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial or operating performance, which speaks only as of the date they are made. Corium undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
Corplex™ and MicroCor® are trademarks of Corium International, Inc.
Twirla® is a registered trademark of Agile Therapeutics, Inc.
Aricept® is a registered trademark of
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Abilify® is a registered trademark of
|CORIUM INTERNATIONAL, INC.|
|Condensed Statements of Operations and Comprehensive Loss|
|(unaudited, in thousands, except share and per share data)|
|Three Months Ended ||Years|
Ended September 30,
|Contract research and development revenues||1,192||2,923||5,420||12,721|
|Costs and operating expenses:|
|Cost of product revenues||4,422||4,239||17,346||17,608|
|Cost of contract research and development revenues||2,073||3,772||10,674||16,064|
|Research and development expenses||6,121||4,784||21,687||16,454|
|General and administrative expenses||2,460||2,993||11,566||11,185|
|Amortization of intangible assets||170||158||659||622|
|Loss on disposal and sale and leaseback of equipment||13||10||15||12|
|Total costs and operating expenses||15,259||15,956||61,947||61,945|
|Loss from operations||(7,341||)||(6,690||)||(28,924||)||(21,024||)|
|Loss before income taxes||(9,327||)||(8,634||)||(36,700||)||(28,447||)|
|Income tax expense||—||1||3||3|
|Net loss and comprehensive loss||$||(9,327||)||$||(8,635||)||$||(36,703||)||$||(28,450||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.42||)||$||(0.42||)||$||(1.65||)||$||(1.52||)|
|Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted||22,365,247||20,594,810||22,282,599||18,709,292|
|CORIUM INTERNATIONAL, INC.|
|Condensed Balance Sheets|
|As of |
|Cash and cash equivalents||$||39,833||$||72,218|
|Unbilled accounts receivable||346||812|
|Prepaid expenses and other current assets||1,341||1,367|
|Total current assets||48,280||81,760|
|Property and equipment, net||11,147||11,593|
|Intangible assets, net||7,057||6,854|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued expenses and other current liabilities||4,271||4,091|
|Long-term debt, current portion||77||57|
|Capital lease obligations, current portion||72||820|
|Recall liability, current portion||460||760|
|Deferred contract revenues, current portion||355||134|
|Total current liabilities||7,972||9,814|
|Long-term debt, net of current portion||50,966||49,270|
|Capital lease obligations, net of current portion||—||72|
|Recall liability, net of current portion||1,859||2,229|
|Deferred contract revenues, net of current portion||3,500||3,500|
|Additional paid-in capital||170,319||166,085|
|Total stockholders' equity||2,853||35,322|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||67,150||$||100,207|
Investor and Media Contact:
SMP Communications Susan M. Pietropaolosusan@smpcommunications.com (201) 923-2049
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