Threshold Pharmaceuticals Inc. (THLD, Financial) filed Quarterly Report for the period ended 2011-06-30.
Threshold Pharmaceuticals Inc. has a market cap of $77.6 million; its shares were traded at around $1.59 with and P/S ratio of 53.9.
Research and Development. Research and development expenses were $5.1 million for the three months ended June 30, 2011 compared to $5.0 million for the three months ended June 30, 2010. The $0.1 million increase in expenses is due primarily to a $0.2 million increase in clinical development expenses. Research and development expenses were $11.2 million for the six months ended June 30, 2011 compared to $9.4 million for the six months ended June 30, 2010. The $1.7 million increase in expenses is due primarily to a $1.8 million increase in clinical and development expenses.
General and Administrative. General and administrative expenses were $1.7 million for the three months ended June 30, 2011, compared to $1.0 million for the three months ended June 30, 2010. The $0.7 million increase was primarily due to a $0.3 million increase in consulting expenses, $0.2 million increase in facilities expense and a $0.2 million increase in personnel related expenses. General and administrative expenses were $3.0 million for the six months ended June 30, 2011, compared to $2.3 million for the six months ended June 30, 2010. The increase of $0.7 million was primarily due to $0.4 million increase in personnel related expenses, $0.2 million increase in facilities expense and $0.2 million in consulting expenses. General and administrative expenses are expected to increase in 2011 compared to 2010.
We have incurred net losses of $242.7 million since inception through June 30, 2011. 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.
During the six months ended June 30, 2011 we sold 717,132 shares of our common stock at an average price of $2.83 pursuant to our at market issuance facility, for net proceeds of $1.8 million. In March 2011, we sold to certain investors an aggregate of 14,313,081 shares of our common stock for a purchase price equal to $2.05 per share and, for a purchase price equal to $0.05 per share, warrants exercisable for a total of 5,725,227 shares of our common stock for aggregate gross proceeds equal to $30.1 million in connection with the offering. The warrants have an exercise price equal to $2.46 per share. Net proceeds generated from the offering were approximately $27.8 million, which includes underwriter discounts and estimated offering costs.
Net cash provided by financing activities for the three months ended June 30, 2011 and 2010 was $29.7 million and $0.1 million, respectively. The $29.6 million increase in cash provided by financing activities was primarily due to the approximately $27.8 million of net proceeds from our March 2011 registered direct offering and $1.8 million net proceeds from equity issuance pursuant to our at market issuance facility.
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Threshold Pharmaceuticals Inc. has a market cap of $77.6 million; its shares were traded at around $1.59 with and P/S ratio of 53.9.
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 $33.1 million. During the six months ended June 30, 2011 we raised net proceeds of $1.8 million through the sale of common stock pursuant to our at market issuance facility. In March 2011, we completed an offering of common stock and warrants that raised net proceeds of approximately $27.8 million, which includes underwriter discounts and estimated offering costs. As of June 30, 2011 we had cash, cash equivalents and marketable securities of $31.5 million. Our net loss for the three months ended June 30, 2011 was $7.9 million and our cumulative net loss since our inception through June 30, 2011 was $242.7 million.Research and Development. Research and development expenses were $5.1 million for the three months ended June 30, 2011 compared to $5.0 million for the three months ended June 30, 2010. The $0.1 million increase in expenses is due primarily to a $0.2 million increase in clinical development expenses. Research and development expenses were $11.2 million for the six months ended June 30, 2011 compared to $9.4 million for the six months ended June 30, 2010. The $1.7 million increase in expenses is due primarily to a $1.8 million increase in clinical and development expenses.
General and Administrative. General and administrative expenses were $1.7 million for the three months ended June 30, 2011, compared to $1.0 million for the three months ended June 30, 2010. The $0.7 million increase was primarily due to a $0.3 million increase in consulting expenses, $0.2 million increase in facilities expense and a $0.2 million increase in personnel related expenses. General and administrative expenses were $3.0 million for the six months ended June 30, 2011, compared to $2.3 million for the six months ended June 30, 2010. The increase of $0.7 million was primarily due to $0.4 million increase in personnel related expenses, $0.2 million increase in facilities expense and $0.2 million in consulting expenses. General and administrative expenses are expected to increase in 2011 compared to 2010.
We have incurred net losses of $242.7 million since inception through June 30, 2011. 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.
During the six months ended June 30, 2011 we sold 717,132 shares of our common stock at an average price of $2.83 pursuant to our at market issuance facility, for net proceeds of $1.8 million. In March 2011, we sold to certain investors an aggregate of 14,313,081 shares of our common stock for a purchase price equal to $2.05 per share and, for a purchase price equal to $0.05 per share, warrants exercisable for a total of 5,725,227 shares of our common stock for aggregate gross proceeds equal to $30.1 million in connection with the offering. The warrants have an exercise price equal to $2.46 per share. Net proceeds generated from the offering were approximately $27.8 million, which includes underwriter discounts and estimated offering costs.
Net cash provided by financing activities for the three months ended June 30, 2011 and 2010 was $29.7 million and $0.1 million, respectively. The $29.6 million increase in cash provided by financing activities was primarily due to the approximately $27.8 million of net proceeds from our March 2011 registered direct offering and $1.8 million net proceeds from equity issuance pursuant to our at market issuance facility.
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