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Trevena Reports Full Year 2013 Financial Results
Trevena to Host Conference Call Today at 11:00AM Eastern Time
KING OF PRUSSIA, PA, March 20, 2014 Trevena, Inc. (NASDAQ: TRVN), a clinical stage pharmaceutical company focused on the discovery and development of G protein coupled receptor (GPCR) biased ligands, today announced financial results for the year ended December 31, 2013.
Following our initial public offering in January, we are well-positioned to drive the development of our pipeline and build on the clinical data supporting the potential for improved therapeutic benefits of our biased ligands over existing treatments, said Maxine Gowen, Ph.D., president and chief executive officer of Trevena. During 2014, we plan to advance our ongoing BLAST-AHF Phase 2b trial for TRV027 in acute heart failure, commence Phase 2 trials for TRV130 in moderate to severe acute pain, and complete our ongoing Phase 1 study for TRV734, our oral follow on candidate to TRV130 for acute and chronic pain. In addition, we plan to select another candidate from our proprietary ABLETM platform, a delta-opioid receptor biased ligand for CNS indications.
As of December 31, 2013, Trevena had cash and cash equivalents of $38.0 million. In addition to this, the Company subsequently raised net proceeds of $59.6 million from an initial public offering in January 2014 after deducting underwriting discounts and commissions and offering expenses. Trevena believes that the net proceeds from this offering and our existing cash and cash equivalents will be sufficient to fund our operations through the end of 2015.
Net loss attributable to common shareholders for the year ended December 31, 2013 was $23.6 million, as compared with a net loss of $16.0 million for the year ended December 31, 2012. Included in the net loss to common shareholders were non-cash charges of $333,710 and $316,642 for the accretion of preferred stock in 2013 and 2012, respectively.
Research and development expenses were $18.8 million for 2013, as compared to $13.3 million for 2012. The $5.5.million increase was primarily driven by expenses associated with the Phase 2b trial for TRV027, drug formulation and delivery development expenses for TRV130 and TRV434, and expenses associated with IND-enabling studies for TRV734.
General and administrative expenses were $4.7 million for the full year 2013, compared with $3.1 million for 2012. The increase was driven primarily by an increase in professional fees for legal services, for financial consulting services in connection with business development activities and expenses incurred in connection with planning for our initial public offering of common stock.
As of March 17, 2014, the Company had 26.2 million shares outstanding.
Fourth Quarter 2013 and Recent Highlights
Strengthened Balance Sheet with $66.6 Million IPO. In January 2014, Trevena raised gross proceeds of $66.6 million and net proceeds of $59.6 million in an initial public offering of 9.5 million shares at a price of $7 per share, including the partial exercise of the underwriters overallotment.
The following information was filed by Trevena Inc (TRVN) on Thursday, March 20, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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