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Threshold Pharmaceuticals Inc. (THLD) filed Quarterly Report for the period ended 2011-09-30.
Threshold Pharmaceuticals Inc. has a market cap of $76.1 million; its shares were traded at around $1.55 with and P/S ratio of 52.8.
This is the annual revenues and earnings per share of THLD over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of THLD.
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 nine months ended September 30, 2011 we raised net proceeds of $2.3 million through the sale of common stock pursuant to our at the market stock 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 offering costs. As of September 30, 2011 we had cash, cash equivalents and marketable securities of $25.3 million. Our net loss for the three months ended September 30, 2011 was $4.1 million and our cumulative net loss since our inception through September 30, 2011 was $246.8 million.Net cash used in investing activities for the nine months ended September 30, 2011 was $13.7 million compared with net cash provided by investing activities of $12.1 million for the nine months ended September 30, 2010. The $25.8 million decrease in cash provided by investing activities was due primarily to the excess of proceeds used in the purchase of marketable securities over proceeds from the sales and maturities of marketable securities.
On October 29, 2010, we entered into an at market issuance sales agreement, or sales agreement, with McNicoll, Lewis & Vlak LLC, or MLV, pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $15.0 million from time to time through MLV as our sales agent. Sales of our common stock through MLV will be made on The NASDAQ Capital Market, on any other existing trading market for our common stock, to or through a market maker or as otherwise agreed by MLV and us. Subject to the terms and conditions of the sales agreement, MLV will use commercially reasonable efforts to sell our common stock from time to time, based upon our instructions (including any price, time or size limits or other customary parameters or conditions we may impose). We will pay MLV an aggregate commission rate of 3.0% of the gross proceeds of the sales price per share of any common stock sold under the sales agreement. Under certain circumstances, sales of the stock under the at market issuances sales agreement could result in an adjustment to the exercise price of certain of our outstanding warrants. The number of shares we are able to sell under this arrangement will be limited in practice based on the trading volume of our common stock. As of December 31, 2010 we had not sold any stock pursuant to the sales agreement. On March 11, 2011, we filed a prospectus supplement reducing the amount of securities for sale under our shelf registration statement pursuant to the sales agreement. The maximum aggregate gross proceeds from potential future sales of common stock under our existing shelf registration statement are $3.3 million. For the nine months ended September 30, 2011, we sold an aggregate of 971,037 shares of our common stock at an average price of $2.66 pursuant to the sales agreement. Net proceeds from the sale of stock were $2.3 million. The sales of the stock did not result in an adjustment to the exercise price of certain of our outstanding warrants.
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