Monday, Corcept Therapeutics Inc. (CORT), a pharmaceutical company that develops drugs to treat psychiatric and metabolic disorders, reported a wider loss for the fourth quarter, reflecting higher research and development expenses.
The Menlo Park, California-based company reported a fourth-quarter net loss of $6.17 million or $0.13 per share, compared to a loss of $4.19 million or $0.11 per share in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Collaboration revenue for the quarter was 143 thousand. The company did not report any revenue for the prior year quarter.
Research and development expenses increased to $4.73 million from $2.67 million in the year ago quarter. Total operating expenses increased to $6.16 million from $4.42 million in the comparable quarter last year.
The company said the higher research and development expenses are associated with new Phase 3 trials for the treatment of psychotic features of psychotic depression and Cushing's Syndrome, manufacturing development and the research program related to the study of new selective GR-II antagonists.
For the full year, the company reported a net loss of $20.06 million or $0.43 per share, compared to a loss of $11.57 million or $0.34 per share last year. Analysts expected the company to report a loss of $0.41 per share for the full year.
Collaboration revenue for the full year declined to $209 thousand from $482 thousand in the previous year. Analysts anticipated revenue of $70.00 thousand for the full year.
Looking ahead to 2009, the company said its expects continued progress in the development of Corlux and its series of selective GR-II antagonists.
The company has two Phase 3 programs ongoing, including Corlux for the treatment of the psychotic features of psychotic depression and for Cushing's Syndrome. Corcept has also developed an intellectual property portfolio that covers the use of GR-II antagonists in the treatment of a wide variety of psychiatric and metabolic disorders, including the prevention of weight gain caused by the use of antipsychotic medication.
CORT is currently trading at $1.16, down $0.02 or 1.69% on a volume of 29,300 shares on the Nasdaq.
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