Financial Highlights
As of December, 2014, the Company held cash and cash equivalents of €53.2 million. Licensing and collaboration revenues for the 12 months ended December 31, 2014 were €4.7 million, compared with €2.9 million in revenues in 2013. The majority of 2014 revenues are related to development activities that were reimbursable by Chiesi under the Company’s co-development agreement for Hemophilia B.
Research and development expenses were €33.9 million for the 12 months ended December 31, 2014, compared to €13.2 million for the comparable period in 2013. The increase reflects the higher level of research and development spend to support further development of the Company’s product candidates.
Selling, general and administrative expenses were €11.2 million for the 12 months ended December 31, 2014, compared to €11.6 million in 2013. The net loss for the full year 2014 was €37.0 million or €2.16 per share, compared to €26.8 million or €2.48 per share for the full year 2013.
For the three months ended December 31, 2014 the Company recorded licensing and collaboration revenue of €1.5 million compared with €0.9 million for the same period in 2013.
Research and development expenses were €9.9 million for the three months ended December 31, 2014, compared to €3.6 million for the comparable period in 2013. This change is in line with the increase in research and development for the twelve month period. Selling, general and administrative expenses were €3.4 million for the three months ended December 31, 2014, compared to €4.1 million in 2013. This decrease related to the expenses incurred in 2013 in preparation of the initial public offering. The net loss for the three month period ended December 31, 2014 was €11.2 million, compared to €6.8 million for the comparable period in 2013.