Biopharmaceutical firm Ocular Therapeutix (Nasdaq: OCUL) reported a wider net loss for the first quarter – despite an increase in revenues – hurt mainly by higher research and development expenses.
The company reported a net loss of $17.12 million or $0.45 per share for the March quarter, compared to a loss of $13.77 million or $0.40 per reported in the same period of last year. The results also missed the estimates.
The weakness in bottom-line performance was mainly due to a 38% increase in research and development expenses to $11.31 million, reflecting a spike in unallocated expenses and costs associated with the pipeline programs and preclinical programs.
Also, there was a three-fold increase in selling and marketing expenses to $3.3 million, primarily due to the Dextenza pre-commercial launch activities such as the hiring of professionals and conduct of conferences. At $0.49 million, first-quarter revenues were higher by 45% from the year-ago period and slightly above the consensus estimate of analysts.
There was a three-fold increase in selling and marketing expenses to $3.3 million, primarily due to the Dextenza pre-commercial launch activities
“This is an exciting time at Ocular Therapeutix and it has been a very productive first quarter. We have made tremendous progress with DEXTENZA on a number of fronts and are pleased that the launch is in full roll-out,” said CEO Antony Mattessich.
Ahead of the launch of its ocular pain drug Dextenza later this year, the company completed the hiring of professionals and the management team for the division during the quarter. Earlier, the FDA accepted for filing the supplemental New Drug Application for Dextenza to add the treatment of ocular inflammation following ophthalmic surgery as an additional indication.
Ocular shares have been on a downward spiral for more than a year, losing about 49% during that period. The stock closed the last trading session lower.