Monday, biopharmaceutical company Molecular Insight Pharmaceuticals, Inc. (MIPI), reported a narrower net loss for the second quarter, reflecting lower operating expenses, primarily research and development expenses.
The Cambridge, Massachusetts-based company's net loss for the second quarter narrowed to $17 million or $0.66 per share from $21.01 million or $0.84 per share last year.
On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.59 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.
Total revenue including research and development grants increased to $137 thousand from $88 thousand in the year-ago period. Analysts had a consensus revenue estimate of $210 thousand for the quarter.
Loss from operations for the quarter narrowed to $12 million from $16.34 million in the year-ago period.
Total operating expenses for the quarter declined to $12 million from $16.43 million in the year-ago period.
Research and development expenses for the quarter decreased to $7.10 million from $10.10 million last year, reflecting conclusion of the Zemiva trial, reduced activity costs for Onalta and Solazed and reduction in non-core development expenditures. General and administrative expenses dropped to $5 million from $6.40 million in the same period last year, associated with legal fees, the use of consultants, and a workforce reduction.
For the six-month period, net loss narrowed to $32 million or $1.27 per share from $41 million or $1.63 per share in the same period last year. Total revenue including research and development grants increased to $349 million from $176 million last year.
Separately, Molecular Insight announced that it has contracted with MDS Nordion to manufacture Azedra for late-stage trials and for potential commercial use.
The company also announced the appointment of Joseph Limber as Non-Executive Chairman and Charles Abdalian, Jr., as Vice President of Finance and Chief Financial Officer.
MIPI is currently trading at $5.70, down $0.19 or 3.23%, on the Nasdaq.
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