Thursday, Threshold Pharmaceuticals Inc. (THLD), reported a fourth-quarter loss that narrowed from a year ago, helped by lower operating expenses, primarily a decline in R&D expenditure and lower head count in its facilities.
The Redwood City, California-based company reported a narrowed net loss for the fourth quarter of $4.79 million or $0.32 per share from $7.41 million or $1.19 per share in the year-ago quarter.
Net revenues for the quarter increased marginally to $360 thousand from $359 thousand in the prior-year quarter.
Research and development expenses declined to $3.6 million from $5.1 million for the fourth quarter of 2007, reflecting lower clinical development expenses related to glufosfamide and, to a lesser extent, decrease in staffing and facilities expenses due to lower headcount.
General and administrative expenses were $1.7 million, down from $2.9 million for the same quarter last year, primarily due to lower staffing expenses and facilities expenses and to a lesser extent lower consulting expenses.
Non-cash stock compensation expense also decreased to $0.7 million from $1.4 million in the prior-year quarter.
For the full year, the company's net loss narrowed to $18.29 million or $1.97 per share from $30.66 million or $4.97 per share last year.
Revenues for fiscal year 2008 increased marginally to $1.44 million from $1.43 million a year ago.
THLD is currently trading at $1.15, up $0.02 or 1.77%.
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