Sirna Therapeutics Reports First Quarter 2004 Financial Results

Strategic Insights -

Sirna Therapeutics, a biopharmaceutical company, has announced its financial results for the first quarter of 2004. During this period, the company reported a net loss of $5.9 million, or $0.19 per share, compared to a net loss of $5.5 million, or $1.62 per share, in the same quarter of 2003. Revenues for the quarter were $318,000, primarily driven by a contract with Eli Lilly & Company. The collaboration with Lilly is focused on investigating Sirna's proprietary modified small interfering RNAs (siRNAs) against specific oncology targets. Research and development expenses increased to $5.1 million, primarily due to the expansion of the company's research and development activities and the advancement of its RNAi drug candidate, Sirna-027, towards the clinic.

Key Takeaways:

  • Net loss applicable to common stock for the first quarter of 2004 was $5.9 million, or $0.19 per share, compared to a net loss of $5.5 million, or $1.62 per share, for the same period in 2003.
  • Revenues for the quarter ended March 31, 2004, were $318,000, primarily driven by a contract with Eli Lilly & Company.
  • Research and development expenses increased to $5.1 million in the first quarter of 2004, primarily due to the expansion of the company's research and development activities and the advancement of its RNAi drug candidate, Sirna-027, towards the clinic.
  • The company's collaboration with Eli Lilly is a strong validation of Sirna's work and intellectual property position in RNAi.
  • Sirna anticipates filing an IND for its age-related macular degeneration program by the end of 2004.
  • The hire of Dr. Roberto Guerciolini as Senior Vice President of Development and Chief Medical Officer will play a pivotal role in preparing the company for the initiation of clinical trials.

Statistics:

  • Net loss applicable to common stock for the first quarter of 2004: $5.9 million
  • Net loss for the same period in 2003: $5.5 million
  • Revenues for the quarter ended March 31, 2004: $318,000
  • Research and development expenses for the first quarter of 2004: $5.1 million
  • Revenue from Eli Lilly & Company contract in the first quarter of 2004: unknown
  • Company's cash, cash equivalents, and securities available-for-sale at March 31, 2004: $29.6 million

Sources:

  • Sirna Therapeutics, Inc. press release, "Sirna Therapeutics Reports First Quarter 2004 Financial Results," 2004
  • Sirna Therapeutics, Inc. About Us page, "About Sirna Therapeutics," 2004
  • http://www.sirna.com/
  • Securities and Exchange Commission filings, including the Forms 10-K and 10-Q.