ONCOGENEX PHARMACEUTICALS INC. - COMMON SHARES (OGXI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Oncogenex Pharmaceuticals Inc has a market cap of $212.6 million; its shares were traded at around $13.83 with and P/S ratio of 38.7.
Revenue for the three months ended June 30, 2012 increased to $2.4 million, from $1.9 million for the three months ended June 30, 2011. The increase in 2012 as compared to 2011 was due to an increase in revenue earned through our strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial which we plan to initiate later this year. Collaboration revenue for the three months ended June 30, 2012 includes recognition of $1.9 million from the $30.0 million upfront payment and $0.5 million included in Amounts Receivable related to reimbursable costs.
Revenue for the six months ended June 30, 2012 increased to $3.7 million, from $3.1 million for the six months ended June 30, 2011. The increase in 2012 as compared to 2011 was due to an increase in revenue earned through our strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial. Collaboration revenue for the six months ended June 30, 2012 includes recognition of $2.9 million from the $30.0 million upfront payment and $0.8 million through collaborative research, $0.5 million of which is included in Amounts Receivable.
We have incurred an accumulated deficit of $91.8 million through June 30, 2012, and we expect to incur substantial and increasing additional losses in the future as we expand our R&D activities and other operations, as more fully described below. We have not generated any revenue from product sales to date, and we do not expect to generate product sales revenue for several years, if ever. In the six months ended June 30, 2012, we generated $3.7 million in Collaboration Revenue from the Collaboration Agreement with Teva.
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Oncogenex Pharmaceuticals Inc has a market cap of $212.6 million; its shares were traded at around $13.83 with and P/S ratio of 38.7.
Highlight of Business Operations:
We recorded $3.7 million of Collaboration Revenue in connection with our Collaboration Agreement with Teva in the six months ended June 30, 2012, as compared to $3.1 million in the six months ended June 30, 2011. At June 30, 2012, an aggregate of $15.4 million of the upfront collaboration payment was included in the balance sheet line item Current Deferred Collaboration Revenue, which we are recognizing as we incur direct and indirect development costs under the Collaboration Agreement. As the direct and indirect costs associated with the Clinical Development plan are incurred and the associated revenue is recognized, the Current Deferred Collaboration Revenue balance is reduced. Management currently expects that all remaining Current Deferred Collaboration Revenue will be recognized as Collaboration Revenue by the fourth quarter of 2012. Further, we are eligible to receive payments of up to $370 million upon the achievement of developmental and commercial milestones set forth in the Collaboration Agreement. At present, we are unable to predict the timing or likelihood of such milestone payments, although we do not expect to receive any milestone payments from Teva in 2012. Moreover, Isis has disclosed in its SEC filings that it believes it is entitled to receive 30% of the up to $370 million in milestone payments we may receive from Teva as part of the Collaboration Agreement. We disagree with their assessment but believe there may be some lesser payment obligation. See Note 3 of Notes to Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for further details on our collaboration with Teva.Revenue for the three months ended June 30, 2012 increased to $2.4 million, from $1.9 million for the three months ended June 30, 2011. The increase in 2012 as compared to 2011 was due to an increase in revenue earned through our strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial which we plan to initiate later this year. Collaboration revenue for the three months ended June 30, 2012 includes recognition of $1.9 million from the $30.0 million upfront payment and $0.5 million included in Amounts Receivable related to reimbursable costs.
Revenue for the six months ended June 30, 2012 increased to $3.7 million, from $3.1 million for the six months ended June 30, 2011. The increase in 2012 as compared to 2011 was due to an increase in revenue earned through our strategic collaboration with Teva, as a result of the clinical development activities associated with the AFFINITY trial. Collaboration revenue for the six months ended June 30, 2012 includes recognition of $2.9 million from the $30.0 million upfront payment and $0.8 million through collaborative research, $0.5 million of which is included in Amounts Receivable.
We have incurred an accumulated deficit of $91.8 million through June 30, 2012, and we expect to incur substantial and increasing additional losses in the future as we expand our R&D activities and other operations, as more fully described below. We have not generated any revenue from product sales to date, and we do not expect to generate product sales revenue for several years, if ever. In the six months ended June 30, 2012, we generated $3.7 million in Collaboration Revenue from the Collaboration Agreement with Teva.
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