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Fourth Quarter 2019 Financial Results

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Fourth Quarter 2019 Financial Results

Menlo reported a net loss of $21.5 million for the fourth quarter of 2019, compared to a net loss of $17.6 million for the same period in 2018.

Research and development expenses were $11.8 million in the fourth quarter of 2019, compared to $15.1 million for the same period in 2018. The decrease was primarily due to decreases in manufacturing and clinical trial expenses.

General administrative expenses were $10.2 million in the fourth quarter of 2019, compared to $3.4 million for the same period in 2018. The increase was primarily due to increases in stock-based compensation expense, legal expenses, and transaction-related expenses in connection with negotiating and executing the merger agreement with Foamix.

Full Year 2019 Financial Results

Menlo reported a net loss of $73.7 million for the year ended December 31, 2019, compared to a net loss of $51.4 million for the year ended December 31, 2018.

Collaboration and license revenue was zero for the year ended December 31, 2019, compared to $10.6 million for the year ended December 31, 2018. The decrease in collaboration and license revenue was due to the termination of Menlo's collaboration agreement with JT Torii in June 2018.

Research and development expenses were $53.8 million for the year ended December 31, 2019, compared to $53.0 million for the year ended December 31, 2018. The increase was primarily due to an increase in clinical trial expenses, an increase in stock-based compensation expense, and an increase in manufacturing expenses offset by a $3.0 million milestone expense to Merck in May 2018.

General administrative expenses were $22.5 million for the year ended December 31, 2019, compared to $12.2 million for the year ended December 31, 2018. The increase was primarily due to increases in stock-based compensation expense, legal expenses, and transaction-related expenses in connection with negotiating and executing the merger agreement with Foamix.

As of December 31, 2019, Menlo had $76.9 million in cash, cash equivalents and investments, compared to $136.3 million
as of December 31, 2018.

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