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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.
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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.