Clovis posts $34.8 million 2Q loss

BOULDER – Clovis Oncology Inc. (Nasdaq: CLVS) on Thursday afternoon reported a net loss of $34.8 million for the second fiscal quarter ending June 30.

Boulder-based Clovis is developing drugs to treat multiple types of cancer.

The company reported no revenue in the second quarter. The net loss amounted to $1.03 per share, compared to a net loss of $19.3 million, or 72 cents per share for the same period last year.

The company stated in its earnings report that the increase in expenses this year was due to the initiation of multiple studies and increased manufacturing of clinical drug supplies for a pair of Clovis’ drugs. The company also saw increased expenses from the hiring of additional staff to support expanded development.

Clovis’ net cash burn for the second quarter was $30.3 million. The company had $273.2 million in cash and cash equivalents as of June 30.  It projects total cash burn this year to be about $120 million, with about $200 million remaining at year-end.

Clovis’ stock price has seen a volatile past 12 months. After rising as high as $93.33 earlier this year, the shares have slid steadily. The price closed at $36.88 Thursday before the earnings report was released, down 41 cents or 1.1 percent from the previous day’s close.

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