Nivalis posts first-quarter loss, offers details on merger with Alpine Immune

BOULDER — Nivalis Therapeutics Inc. posted a net loss of $8.9 million, or 57 cents per share, for its first quarter earnings.

The Boulder bioscience company posted its results shortly after announcing a merger with Alpine Immune Sciences Inc., a privately-held biotech company. The combined company is expected to have $90 million in cash and cash equivalents following the closing of the transaction.

The company’s net loss grew slightly from the same period last year, when its loss was $7.8 million, or 51 cents per share. Nivalis said the increased loss was the result of $3.5 million in restructuring charges and a $2 million increase in stock-based compensation expenses, related to the termination of all but five employees.

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The combined company will operate under the name Alpine Immune Sciences Inc.

Mitchel H. Gold, chief executive and executive chairman of Alpine will retain those roles for the combined company, which will have two representatives from Nivalis’ current board, four from Alpine and one independent designee.

Nivalis shareholders will own about 26 percent of the combined company.