Threshold Pharmaceuticals Inc. (THLD, Financial) filed Quarterly Report for the period ended 2010-09-30.
Threshold Pharmaceuticals Inc. has a market cap of $41.1 million; its shares were traded at around $1.22 with and P/S ratio of 28.5.
Research and Development. Research and development expenses were $4.8 million for the three months ended September 30, 2010 compared to $4.0 million for the three months ended September 30, 2009. The $0.8 million increase in expenses is due primarily to a $0.9 million increase in clinical development expenses and $0.1 million increase in employee-related expenses offset by a $0.2 million decrease in stock-based compensation and consulting expenses. Research and development expenses were $14.2 million for the nine months ended September 30, 2010 compared to $11.7 million for the nine months ended September 30, 2009. The $2.5 million increase in expenses is due primarily to a $2.6 million increase in clinical and development expenses, a $0.2 million increase in consulting and $0.2 million increase in personnel related expenses, partially offset by a $0.5 million decrease in stock-based compensation.
Discovery research and development expenses were $0.4 million for the three months ended September 30, 2010 compared to $0.9 million for the three months ended September 30, 2009, and were $2.5 million for the nine months ended September 30, 2010 compared to $3.3 million for the nine months ended September 30, 2009. We continue to focus our efforts towards discovering and developing new drug candidates from our hypoxia activated prodrug platform.
General and Administrative. General and administrative expenses were $1.3 million for the three months ended September 30, 2010, compared to $1.2 million for the three months ended September 30, 2009. The $0.1 million increase was primarily due to a $0.2 million increase in consulting expenses, partially offset by a $0.1 million decrease in stock-based compensation expense. General and administrative expenses were $3.6 million for the nine months ended September 30, 2010, compared to $4.1 million for the nine months ended September 30, 2009. The decrease of $0.5 million is primarily due to a $0.6 million decrease in stock-based compensation expense.
Interest Income (Expense), Net. Interest income (expense), net for the three months and nine months ended September 30, 2010 was interest income of $14,000 and $53,000, respectively, compared to interest income for the three months ended September 30, 2009 of $12,000 and net interest expense for the nine months ended September 30, 2009 of $37,000, respectively. Interest income (expense), net for the nine months ended September 30, 2009, included $0.1 million in interest expense related to notes payable that were repaid during the six months ended June 30, 2009. Additionally, interest income declined primarily due to lower interest rates during the three and nine months ended September 30, 2010 compared to the same periods in the prior year.
We have incurred net losses of $219.9 million since inception through September 30, 2010. We have not generated and do not expect to generate revenue from sales of product candidates in the near term. From inception until our initial public offering in February 2005, we funded our operations primarily through private placements of our preferred stock. In February 2005, we completed our initial public offering of 1,018,768 shares of common stock, raising net proceeds of $38.1 million. In October 2005, we completed a public offering of 1,066,537 shares of our common stock for net proceeds of $62.4 million. On August 29, 2008, we sold to certain investors an aggregate of 8,970,574 shares of our common stock and warrants exercisable for a total of 3,588,221 shares of our common stock raising net proceeds of $16.8 million. On October 5, 2009, we sold to certain investors an aggregate of 18,324,599 shares of our common stock and warrants exercisable for a total of 7,329,819 shares of our common stock for aggregate net proceeds of $33.1 million. We had cash, cash equivalents and marketable securities of $20.1 million and $37.3 million at September 30, 2010 and December 31, 2009, respectively, available to fund operations.
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Threshold Pharmaceuticals Inc. has a market cap of $41.1 million; its shares were traded at around $1.22 with and P/S ratio of 28.5.
Highlight of Business Operations:
We are a development stage company incorporated in October 2001. We have devoted substantially all of our resources to research and development of our product candidates. We have not generated any revenue from the sale of our product candidates, and prior to our initial public offering in February 2005, we funded our operations through the private placement of equity securities. In February 2005, we completed our initial public offering that raised net proceeds of $38.1 million, and in October 2005, we completed an offering of common stock that raised net proceeds of $62.4 million. In August 2008, we completed an offering of common stock and warrants that raised net proceeds of $16.8 million. In October 2009, we completed an offering of common stock and warrants that raised net proceeds of $33.1million. As of September 30, 2010 we had cash, cash equivalents and marketable securities of $20.1 million. Our net loss for the nine months ended September 30, 2010 was $12.1 million and our cumulative net loss since our inception through September 30, 2010 was $219.9 million.Research and Development. Research and development expenses were $4.8 million for the three months ended September 30, 2010 compared to $4.0 million for the three months ended September 30, 2009. The $0.8 million increase in expenses is due primarily to a $0.9 million increase in clinical development expenses and $0.1 million increase in employee-related expenses offset by a $0.2 million decrease in stock-based compensation and consulting expenses. Research and development expenses were $14.2 million for the nine months ended September 30, 2010 compared to $11.7 million for the nine months ended September 30, 2009. The $2.5 million increase in expenses is due primarily to a $2.6 million increase in clinical and development expenses, a $0.2 million increase in consulting and $0.2 million increase in personnel related expenses, partially offset by a $0.5 million decrease in stock-based compensation.
Discovery research and development expenses were $0.4 million for the three months ended September 30, 2010 compared to $0.9 million for the three months ended September 30, 2009, and were $2.5 million for the nine months ended September 30, 2010 compared to $3.3 million for the nine months ended September 30, 2009. We continue to focus our efforts towards discovering and developing new drug candidates from our hypoxia activated prodrug platform.
General and Administrative. General and administrative expenses were $1.3 million for the three months ended September 30, 2010, compared to $1.2 million for the three months ended September 30, 2009. The $0.1 million increase was primarily due to a $0.2 million increase in consulting expenses, partially offset by a $0.1 million decrease in stock-based compensation expense. General and administrative expenses were $3.6 million for the nine months ended September 30, 2010, compared to $4.1 million for the nine months ended September 30, 2009. The decrease of $0.5 million is primarily due to a $0.6 million decrease in stock-based compensation expense.
Interest Income (Expense), Net. Interest income (expense), net for the three months and nine months ended September 30, 2010 was interest income of $14,000 and $53,000, respectively, compared to interest income for the three months ended September 30, 2009 of $12,000 and net interest expense for the nine months ended September 30, 2009 of $37,000, respectively. Interest income (expense), net for the nine months ended September 30, 2009, included $0.1 million in interest expense related to notes payable that were repaid during the six months ended June 30, 2009. Additionally, interest income declined primarily due to lower interest rates during the three and nine months ended September 30, 2010 compared to the same periods in the prior year.
We have incurred net losses of $219.9 million since inception through September 30, 2010. We have not generated and do not expect to generate revenue from sales of product candidates in the near term. From inception until our initial public offering in February 2005, we funded our operations primarily through private placements of our preferred stock. In February 2005, we completed our initial public offering of 1,018,768 shares of common stock, raising net proceeds of $38.1 million. In October 2005, we completed a public offering of 1,066,537 shares of our common stock for net proceeds of $62.4 million. On August 29, 2008, we sold to certain investors an aggregate of 8,970,574 shares of our common stock and warrants exercisable for a total of 3,588,221 shares of our common stock raising net proceeds of $16.8 million. On October 5, 2009, we sold to certain investors an aggregate of 18,324,599 shares of our common stock and warrants exercisable for a total of 7,329,819 shares of our common stock for aggregate net proceeds of $33.1 million. We had cash, cash equivalents and marketable securities of $20.1 million and $37.3 million at September 30, 2010 and December 31, 2009, respectively, available to fund operations.
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