Aerie Cites Increased Operating Expenses for 1Q Net Loss
Thursday, May 17, 2018 12:18 AM
DURHAM, N.C.—Aerie Pharmaceuticals
(NASDAQ:AERI) reported a GAAP net loss of $40.7 million for the first quarter ended March 31, 2018 compared to a net loss of $25.8 million for the first quarter of 2017. The company said the loss was primarily comprised of $40.8 million in total operating expenses, including $13.0 million in research and development expenses and $27.8 million in selling, general and administrative expenses. Excluding $8.7 million of non-cash stock-based compensation expense, adjusted total operating expenses for the first quarter of 2018 were $32.1 million, with adjusted research and development expenses of $10.9 million and adjusted selling, general and administrative expenses of $21.1 million. Total adjusted net loss for the first quarter of 2018 was $32.0 million.
Aerie said the higher operating expenses in the first quarter of 2018 as compared to the first quarter 2017 primarily reflect increased activities associated with the expansion of its employee base to support the growth of its operations, and preparatory activities associated with efforts to commercialize Rhopressa ophthalmic solutions.
As of March 31, 2018, Aerie had cash, cash equivalents and investments of $334.0 million.
“Aerie’s first commercial moment has arrived as we proudly launch Rhopressa in the United States. Years of preparation are behind us, and we are now in full execution mode. We are delighted that the early response we are seeing from physicians is fully in line with our advance understanding of the need and opportunity, and we are making excellent progress in gaining market access,” said Vicente Anido, Jr., PhD, Aerie’s chairman and CEO. “We remain very well-financed, as we aspire to build Aerie into a major ophthalmic pharmaceutical company with global reach.”