BioCrust Pharmaceuticals, a Durham-based drug company, saw its stock fall by nearly 10 percent on Monday after it reported a loss and revenue in the second quarter that both missed Wall Street expectations.
BioCryst reported a net loss of $16.9 million, or 21 cents per share, worse than the net loss of $16.3 million, or 22 cents per share, in the same quarter a year ago. Analysts were expecting a loss of 19 cents per share.
The company’s revenue for the quarter was $3.1 million, down from the $4.8 million in the second quarter of 2016 and below the Wall Street expectations of $5.79 million.
“We are excited by the positive results previously reported in Parts 1 and 2 of the APeX-1 clinical trial that indicate we have an active oral drug, and look forward to completing the trial and reporting complete trial results in the third quarter of this year,” said Chief Executive Officer Jon P. Stonehouse in a statement.
BioCryst’s shares fell 51 cents, or 10 percent, to $4.59 in Monday morning trading.
The company said that the decrease in revenue was primarily due to a decrease in revenue under U.S. government development contracts.
Research and development expenses for the second quarter of 2017 increased to $15.8 million from $14.2 million in the second quarter of 2016, primarily due to increased spending on the company’s hereditary angioedema portfolio.
The company said that it expects its 2017 net cash use to be between $30 million and $50 million.
RAPIVAB, a flu drug, is BioCryst’s first approved product and has received regulatory approval in the United States, Canada, Japan, Taiwan and Korea
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism