San Francisco-based Kindred Biosciences ($KIN) saw its loss swell for the second quarter as it continued development of new drugs including CereKin, a drug for canine osteoarthritis, based off studies for Amgen ($AMGN) and Pfizer's ($PFE) Enbrel. The company's second-quarter earnings report shows that it incurred a net loss of $8.1 million compared to a $396,000 in the same period a year ago as its R&D expenses grew in preparation for two more drugs for pets, AtoKin and SentiKin.
Research and development expenses for the three and 6 months ended June 30, 2014, were $5.6 million and $10.1 million, respectively. General and administrative expenses for the three and 6 months ended June 30, 2014, were $2.5 million and $4.2 million, respectively. For the 6 months ended June 30, 2014, the company incurred a net loss of $14.3 million. For the year, the year the company expects operating expenses to run $25 million to $35 million, excluding the stock-based compensation expense of about $4.5 million but had cash, equivalents and short-term investments of $112.4 million at June 30, 2014.
"We currently anticipate the top line results from our pivotal study of CereKin shortly. The fact that we completed the entire study from start to finish in only 12 months, and on budget, is a testament to the quality and dedication of our team," said Kindred's CEO Dr. Richard Chin, in a statement.
AtoKin is being developed to treat topic dermatitis in dogs, while SentiKin targets postoperative pain in dogs. Kindred also completed a study during the quarter of its SentiKin, a treatment for postoperative pain in cats, as well as a drug that may stimulate appetite in felines. It expects this quarter to study another drug that targets fever in horses.
The company wrote in the second-quarter earnings report that it expects both its R&D and administrative expenses to grow in the third quarter as it develops its new drug candidates, but could not reasonably estimate by how much.
- here's the release