Celldex 4Q loss widens on higher R&D costs
NEEDHAM, Mass. (AP) — Cancer drug developer Celldex Therapeutics Inc. said Thursday its fourth-quarter loss widened as higher clinical trial expenses boosted its research and development costs.
For the quarter ended Dec. 31, the Needham, Mass.-based company posted a loss of $16.8 million, or 27 cents per share, compared with a loss of $12.7 million, or 29 cents per share, in the same quarter a year earlier.
The recent quarter's results are based on 62.5 million outstanding shares, up 42 percent from the year-ago quarter.
Revenue jumped 50 percent to $3.6 million from $2.4 million.
The loss was larger than Wall Street expected, but the company's revenue beat predictions. Analysts, on average, expected a loss of 25 cents per share on $2.5 million in revenue, according to FactSet.
Research and development expenses jumped 40 percent to $13.7 million on higher costs related to a potential brain cancer treatment that the company is developing.
For the full year 2012, Celldex posted a loss of $59.1 million, or $1.02 per share, compared with a loss of $44.8 million, or $1.13 per share, in 2011. Revenue increased to $11.2 million from $9.3 million.
Celldex shares fell 33 cents, or 3 percent, to $10.67 in afternoon trading after dropping as low as $9.13 earlier in the day. Over the past 52 weeks, the stock has traded between $3.52 and $11.24.