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ArQule reports third-quarter loss of $15.3 million, $109 million of cash at quarter end
By Lisa Kerner
Charlotte, N.C., Oct. 25 - ArQule, Inc. had a net loss for the third quarter ended Sept. 30 of $15.3 million, or $0.43 loss per share, compared to a net loss of $916,000, or $0.03 per share, for the third-quarter 2005.
Total revenues were flat at $1.65 million for the third quarters of both 2006 and 2005.
For the quarter, ArQule reported total costs and expenses of $18.3 million, up from the total costs and expenses of $8.0 million for the prior-year period.
The increase was attributed to phase 2 clinical trials with ARQ 501 and a phase 1 clinical trial with ARQ 197.
ArQule ended the third quarter with $109 million in cash and marketable securities and said it expects to end 2006 with between $85 and $90 million.
"Year to date, we have achieved measurable progress in our clinical development programs," president and chief executive officer Stephen A. Hill said in a company news release.
"We have now initiated patient enrollment in three phase 2 clinical trials with ARQ 501 and in a phase 1 clinical trial with ARQ 197."
For the nine-month period ended Sept. 30, ArQule reported a net loss of $18.6 million, or $0.52 per share, up from a net loss of $4.8 million, or $0.14 per share, for the same period in 2005.
Revenues for the first nine months of both 2005 and 2006 were $4.9 million.
Total costs and expenses for the nine-month period were rose to $43.3 million, from $25 million for the prior-year period.
Looking ahead, ArQule expects total 2006 revenues from ongoing operations to range between $6.5 million and $7 million, with net cash between $50 million and $56 million. The company anticipates a net loss of $33 million to $39 million, or a net loss per share in the range between $0.93 and $1.10 for the year.
ArQule, Inc. is a Woburn, Mass., biotechnology company
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