Last $1.26 USD
Change Today -0.04 / -3.08%
Volume 124.1K
As of 4:00 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

arqule inc (ARQL) Key Developments

ArQule Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Confirms Earnings Guidance for the Year 2014; Provides Operational Update

ArQule Inc. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported a net loss of $6,339,000 or $0.10 per share, compared with a net loss of $6,786,000 or $0.11 per share for the second quarter of 2013. The company reported total revenues of $2,901,000 compared with $4,436,000 for the second quarter of 2013. Loss from operations was $6,406,000 against $6,844,000 for the same period a year ago. The $1.5 million revenue decrease in the three months ended June 30, 2014 is primarily due to revenue decreases of $0.9 million from the company's Daiichi Sankyo tivantinib program and $0.6 million from the company's Daiichi Sankyo ARQ 092 agreement that ended in June 2013. For the six months, the company reported a net loss of $13,480,000 or $0.22 per share, compared with a net loss of $12,561,000 or $0.20 per share, for the six-month period ended June 30, 2013. Revenues were $5,577,000 compared with $10,097,000 for the six months ended June 30, 2013. Loss from operations was $13,711,000 against $12,764,000 for the same period a year ago. The $4.5 million revenue decrease in the six months ended June 30, 2014 is primarily due to revenue decreases of $1.4 million from the company's Daiichi Sankyo tivantinib program, $1.8 million of other revenue related to a one-time research project in the six months ended June 30, 2013 and $1.3 million from the company's Daiichi Sankyo ARQ 092 agreement that ended in June 2013. For fiscal 2014, the company confirmed its 2014 financial guidance. For the year, the company expects net use of cash to range between $35 and $38 million. Revenues are expected to range between $8 and $10 million. Net loss is expected to range between $30 and $33 million, and net loss per share is expected to range between $0.48 and $0.52. The company announced operational update. Approximately 110 clinical sites are now enrolling patients in the Phase 3 METIV-HCC trial of tivantinib in second line hepatocellular carcinoma (HCC), with the goal of recruiting approximately 300 patients. Seven presentations on tivantinib were highlighted at the 2014 ASCO Annual Meeting, including three from trials being sponsored by the National Institutes of Health. The dose escalation portions of Phase 1 clinical trials with ARQ 092, an orally bioavailable, non-ATP competitive inhibitor of Akt, and ARQ 087, a multi-kinase inhibitor with pan-fibroblast growth factor (FGFR) activity, are concluding, and biomarker-driven Phase 1b expansion cohorts in these trials are about to be initiated. Data with these compounds are planned for presentation in November 2014 at the EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics.

ArQule Inc. to Report Q2, 2014 Results on Aug 05, 2014

ArQule Inc. announced that they will report Q2, 2014 results at 7:00 AM, US Eastern Standard Time on Aug 05, 2014

ArQule Inc., Q2 2014 Earnings Call, Aug 05, 2014

ArQule Inc., Q2 2014 Earnings Call, Aug 05, 2014

ArQule Inc.(NasdaqGM:ARQL) dropped from Russell 2000 Index

ArQule Inc. will be removed from the Russell 2000 Index.

ArQule Inc.(NasdaqGM:ARQL) dropped from Russell 3000 Index

ArQule Inc. will be removed from the Russell 3000 Index.

 

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