Arno Therapeutics, Inc. Announces Consolidated Unaudited Financial Results for the Fourth Quarter and Full Year Ended December 31, 2015
March 30, 2016 at 04:17 pm EDT
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Arno Therapeutics, Inc. announced consolidated unaudited financial results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported loss from operations of $2,696,000 against $3,891,000 a year ago. Net loss was $3,995,000 against net income of $4,563,000 a year ago. Net loss per diluted and basic share was $0.20 against net income per diluted share of $0.18 a year ago. Adjusted net loss (non-GAAP) was $2,113,000 against $2,830,000 a year ago. Adjusted net loss per basic share (non-GAAP) was $0.10 against $0.14 a year ago. The primary factor for the $0.7 million year-over-year improvement in adjusted (non-GAAP) net loss in the fourth quarter of 2015 compared to the fourth quarter of 2014, was reduced spending on pre-clinical and non-clinical research activities that supported the initiation of the Phase I/II clinical trials and companion diagnostic development program on Arno's lead compound, onapristone.
For the full year, the company reported loss from operations of $13,412,000 against $21,493,000 a year ago. Net loss was $11,508,000 against net income of $7,771,000 a year ago. Net loss per diluted and basic share was $0.56 against net income per diluted share of $0.31 a year ago. Adjusted net loss (non-GAAP) was $9,954,000 against $16,898,000 a year ago. Adjusted net loss per basic share (non-GAAP) was $0.49 against $0.83 a year ago. The primary factor for the $6.9 million year-over-year improvement in adjusted (non-GAAP) net loss in the twelve months of 2015 compared to the twelve months of 2014, was reduced spending of $5.5 million on pre-clinical and non-clinical research activities that supported the initiation of the Phase I/II clinical trials and companion diagnostic development program in 2014 on Arno's lead compound, onapristone. The company incurred lower compensation costs and professional fees of $0.8 million and $0.4 million, respectively, in 2015 over the same period of 2014.
Arno Therapeutics, Inc. is an early-stage company focused on developing products for the treatment of cancer and other life threatening diseases. The Company's product development pipeline includes Onapristone, AR-42, and AR-12 and analogs. Onapristone is indicated for endometrial, prostate and breast cancer indications. AR-42 is provided for hematological malignancies and solid tumors indications. AR-12 is offered for solid tumors and hematological malignancies, and various anti-microbial targets. Onapristone is a type 1 anti-progestin hormone blocker that has considerable anti-tumor activity in patients with breast cancer. The Company is engaged in developing and commercializing AR-42, which is an oral cancer therapy in early clinical development. AR-42 is a spectrum deacetylase inhibitor of both histone and non-histone proteins, which has potency and activity in solid tumors and hematological malignancies. AR-12 is an orally available cancer treatment.