Third Quarter Financial Highlights
Cash Position: Cash, cash equivalents, and short-term investments totaled $134.3 million as of September 30, 2017, compared to $196.4 million as of December 31, 2016.
Revenue: Net sales of OTIPRIO totaled $0.3 million for the third quarter of 2017 and the third quarter of 2016.
Operating Expenses: GAAP operating expenses were $21.3 million for the third quarter of 2017, compared to $27.8 million for the third quarter of 2016. Non-GAAP operating expenses, which exclude stock-based compensation and rent abatement expense, were $17.4 million for the third quarter of 2017, compared to $24.5 million for the third quarter of 2016.
Research and Development Expenses: GAAP research and development (R&D) expenses for the third quarter of 2017 were $10.8 million, compared to $15.9 million for the third quarter of 2016. The decrease was primarily a result of decreased clinical trial activities for OTIPRIO versus the prior year period.
Selling, General and Administrative Expenses: GAAP selling, general and administrative (SG&A) expenses in the third quarter of 2017 were $10.5 million, compared to $11.9 million for the third quarter of 2016. The decrease was primarily related to reduced commercial personnel costs.
Financial Guidance: Otonomy reaffirms its expectations that GAAP operating expenses for 2017 will be in the range of $95-$100 million, and that non-GAAP operating expenses for 2017 will be in the range of $73-$78 million for 2017. The company expects its cash balance (defined as cash, cash equivalents, and short-term investments) to total $120-$125 million at the end of 2017. The company is not providing any financial guidance for 2018 at this time.
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