Arno Therapeutics, Inc. Announces Consolidated Unaudited Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014
April 31, 2015 at 08:38 pm EDT
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Arno Therapeutics, Inc. announced consolidated unaudited financial results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported loss from operations of $3,891,000 against $5,899,000 a year ago. Net income was $4,563,000 against net loss of $23,739,000 a year ago. Net income per diluted share was $0.18 against net loss per diluted share of $1.51 a year ago. Adjusted net loss (non-GAAP) was $2,830,000 against $5,366,000 a year ago. Adjusted net loss per basic share was $0.14 against $0.34 a year ago. The primary factor for the $2.5 million year-over-year improvement in adjusted (non-GAAP) net loss compared to the fourth quarter of 2013 was reduced spending on non-clinical research and CMC activities in 2014 totaling $2.1 million.
For the full year, the company reported loss from operations of $21,493,000 against $16,941,000 a year ago. Net income was $7,771,000 against net loss of $39,657,000 a year ago. Net income per diluted share was $0.31 against net loss per diluted share of $5.28 a year ago. Adjusted net loss (non-GAAP) was $16,898,000 against $15,037,000 a year ago. Adjusted net loss per basic share was $0.83 against $2.01 a year ago. The $1.9 million increase in adjusted (non-GAAP) net loss for the full year 2014, was due to increased R&D expenses, primarily associated with the initiation in 2014 of the two phase I/II clinical trials for onapristone.
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.