Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR) released its third quarter earnings report after closing bell tonight, posting net losses of 39 cents per share on $4.4 million in revenue. Analysts had been expecting losses of 31 cents per share on $3.7 million in revenue for the quarter.
In the same quarter last year, the drug maker reported losses of 41 cents per share on $3 million in revenue.
Updates from Tekmira’s earnings report
The drug maker had cash and cash equivalents of $120.5 million at the end of the quarter. Research and development expenses were $9.3 million, compared to $5.5 million in the same quarter last year.
The company also said it will host an analyst date on Nov. 21. Starting on Jan. 1, Tekmira Pharmaceuticals will be a domestic issue for the purposes of Securities and Exchange reporting. This means that the company will have to comply with the SEC’s disclosures and proxy solicitation rules.
Tekmira’s Ebola treatment
Tekmira shares have been highly volatile for some time as investors debate the potential success of the company’s Ebola vaccine. Investors and analysts will want to hear more about progress on the treatment on the company’s earnings call.
More than 5,000 people in West Africa have died of the virus, and there are concerns about it spreading around the world. Tekmira secured a $140 million contract from the U.S. Dept. of Defense. The drug maker has also been working on cancer and hepatitis B treatments.
In tonight’s earnings report, Tekmira said the DoD is reimbursing it for costs incurred in the testing and development of the Ebola treatment. The company recorded $1.5 billion in revenue for the third quarter, compared to $2.8 million for it in last year’s third quarter.
“In response to the extremely unique circumstances surrounding the Ebola virus outbreak, we have designed and initiated production of a modified RNAi therapeutic directed against the Guinea variant of the Ebola virus, which is responsible for the epidemic in West Africa,” said Tekmira President and CEO Dr. Mark Murray in a statement. “We are also very pleased that the DoD exercised the option to manufacture TKM-Ebola-Guinea, valued at $7.0 million. This shows a commitment to the continued development of anti-Ebola therapeutics.”
