Fresh off IPO, Nivalis posts $5.9M 2Q loss

BOULDER — Clinical-stage pharmaceutical company Nivalis Therepeutics Inc. (Nasdaq: NVLS) on Monday released its first quarterly earnings report since becoming a publicly traded company, reporting a net loss of $5.9 million.

The Boulder-based company, which is pre-revenue, is developing drug candidates for the treatment of cystic fibrosis, including lead candidate N91115, which is slated to begin Phase 2 trials later this year.

The company’s net loss for the period ending June 30 amounted to $1.41 per share and compared to a $4.2 million net loss for the same quarter last year. Company officials said the increased loss was due to a combination of initiation of a Phase 1 clinical trial for N91115 as well as administrative costs incurred during preparation for the company’s initial public offering.

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Nivalis went public in June, raising $88.6 million in gross proceeds. After going public for a price of $14 per share, the company’s stock price has climbed as high as $19.60. Nivalis stock closed Monday at $16.72.

For the year so far, Nivalis has posted a loss of $10.2 million, or $3.19 per share, compared to $8.5 million last year. The company finished the second quarter with $101 million in cash and cash equivalents.