UPDATE: Galmed Pharma (GLMD) Reports Q2 Loss of $0.17

(Updated - August 2, 2018 7:48 AM EDT)

Galmed Pharma (NASDAQ: GLMD) reported Q2 EPS Loss of $0.17, versus ($0.16) reported last year. Revenue for the quarter came in at $270 thousand versus the consensus estimate of $270 thousand.

Financial Summary - First Quarter 2018 vs. First Quarter 2017:

• Cash and cash equivalents and marketable securities totaled $94.1 million as of June 30, 2018, compared to $19.0 million at December 31, 2017. The increase is mainly attributable to the approximately $70.3 million in net proceeds raised in an underwritten public offering that was completed in June 2018, together with $5.9 million in net proceeds raised in a registered direct offering during April 2018.
• Net loss of $2.7 million, or ($0.17) per share, for the three months ended June 30, 2018, compared to a net loss of $2.7 million, or ($0.22) per share, for the three months ended June 30, 2018.
• The Company recognized $0.3 million of revenue for the three months ended June 30, 2018, the same amount as in the corresponding quarter in 2017. The revenue relates to the amortization of the up-front payments under the license agreement with Samil Pharma.
• Research and development expenses amounted to approximately $1.9 million for the three months ended June 30, 2018, compared to approximately $2.3 million for the three months ended June 30, 2017. The decrease resulted primarily from a decrease in expenses in connection with clinical studies.
• General and administrative expenses amounted to approximately $1.1 million for the three months ended June 30, 2018, compared to approximately $0.6 million for the three months ended June 30, 2017. The increase in general and administrative expenses for the three months ended June 30, 2018 resulted primarily from a provision for employees' year-end compensation, as well as an increase in professional services.
• Financial expenses amounted to $0.1 million for the three months ended June 30, 2018, compared to financial income of $0.01 million for the three months ended June 30, 2017.

For earnings history and earnings-related data on Galmed Pharma (GLMD) click here.

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