BioPharmX Corp fka BPMX

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BioPharmX Reports Fourth Quarter and Full Year 2018 Financial Results

MENLO PARK, Calif., April 26, 2018 – BioPharmX Corporation (NYSE American: BPMX), a specialty pharmaceutical company developing products for the dermatology market, today reports financial results for the quarter and year ended January 31, 2018.



“The past year has been filled with numerous milestones and accomplishments for BioPharmX,” said President Anja Krammer. “We achieved significant clinical milestones, including a successful Phase 2b trial for BPX-01 for acne and the launch of the BPX-04 rosacea program. We were granted three patents from the United States Patent and Trademark Office with numerous patents pending, which demonstrates a strong product pipeline.”




Fourth Quarter Financial Results
For the fourth quarter ended January 31, 2018, total operating expenses were $3.6 million, compared with total operating expenses of $4.3 million in the prior fiscal year's fourth quarter.

Net loss for the fourth quarter of 2018 was $3.8 million, or $0.03 per share, compared with a net loss of $5.2 million, or $0.09 per share, during the prior fiscal year’s fourth quarter.

Excluding stock-based compensation expense, the impact of the change in the fair value of the warrant liability, and amortization of purchased intangible assets, non-GAAP net loss for the fourth quarter of 2018 was $3.4 million, or $0.03 per share. During the fourth quarter of the prior fiscal year, the comparable non-GAAP net loss was $4.4 million, or $0.08 per share.

Full Year Financial Results
Total operating expenses for the fiscal year were $16.7 million, compared with $18.0 million in the prior fiscal year. The decrease resulted primarily from lower expenditures for the company's clinical trial activities related to BPX-01.

Net loss for the fiscal year was $16.6 million, or $0.19 per share, compared with a net loss of $18.5 million, or $0.52 per share, during the prior fiscal year.

Excluding stock-based compensation expense, a charge related to the modification of certain warrants, the impact of the change in the fair value of the warrant liability, and amortization of purchased intangible assets, non-GAAP net loss for the year was $15.0 million, or $0.17 per share. In the prior fiscal year, the comparable non-GAAP net loss was $17.1 million, or $0.48 per share.

Cash and cash equivalents as of January 31, 2018, were $7.6 million. Additionally, BioPharmX reported that after the end of the year and through the date of this press release, the company received $7.0 million in cash through warrant exercises subsequent to January 31, 2018.

BioPharmX also disclosed in its Annual Report on Form 10-K for the fiscal year ended January 31, 2018, filed April 26, 2018 with the Securities and Exchange Commission, that its audited financial statements contained an audit opinion from its independent registered public accounting firm that included a going concern paragraph. See further discussion in footnote 2 to BioPharmX’s consolidated financial statements included in its Annual Report on Form 10-K. This announcement is made pursuant to NYSE American Company Guide Section 610(b), which requires separate public announcement of the receipt of an audit opinion containing a going concern paragraph.

http://biopharmx.investorroom.com/2018-04-26-BioPharmX-Reports-Fourth-Quarter-and-Full-Year-2018-Financial-Results