If drug developer Tranzyme Pharma (NASDAQ:TZYM) has potential buyers lined up, the company isn’t saying. 

The possibility of a sale or merger arose following failure of Trranzyme’s two lead drug candidates in clinical trials last year. While the Durham company previously disclosed it is considering strategic alternatives it reiterated in a statement released with its earnings report that it has made no decisions on its next steps and there is no timetable for the strategic review process. Tranzyme said it will not comment on the matter until its board of directors determines when it is appropriate to do so.

In the financial results, Tranzyme reported $8.4 million in 2012 revenue, down 17 percent from 2011. While the company does not have any approved drugs, it does draw licensing and royalty revenue from its drug discovery technology.

Tranzyme reported a net loss of $22.8 million in 2012, slightly higher than the $22.2 million net loss in 2011. At the end of the 2012, Tranzyme reported $15.3 million in cash and cash equivalents.

Tranzyme’s focus was developing drugs to treat gastrointestinal conditions. Ulimorelin, a drug developed to restore GI function following surgery, failed to perform better than a placebo in phase III clinical trial results released last year. A second drug candidate, TZP-102, was being studied as a treatment for diabetic gastroparesis. But after TZP-102 failed to distinguish itself from a placebo in two phase II trials, Tranzyme stopped clinical work on the compound.