On Friday, Shares of Cara Therapeutics Inc (NASDAQ: CARA) lost 0.62 percent to $19.15. The stock opened its trade at $19.49 and after floating in a price range of $18.73 to $19.85; the stock grabbed the investor’s attention and traded 990.98K shares as compared to its average daily volume of 1.22M shares. The stock’s institutional ownership stands at 55.40 percent.
Cara Therapeutics, Inc. (CARA), a biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting peripheral kappa opioid receptors, recently declared financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Financial Results:
Net Loss: The Company stated a net loss of $16.80M, or $0.51 per basic and diluted share, for the first quarter of 2018 contrast to a net loss of $22.20M, or $0.81 per basic and diluted share, for the same quarter of 2017.
Revenues: The Company did not recognize any revenue during the first quarter of 2018. Total revenue in the first quarter of 2017 was $911.0K, which consisted of:
(1) License and milestone fees revenue of $530.0K related to a sub-license fee earned from Maruishi Pharmaceuticals, or Maruishi, in connection with its sub-license agreement with Kissei Pharmaceuticals.
(2) Collaborative revenue of $313.0K related to a sub-license fee earned from Maruishi; and
(3) Clinical compound revenue of $68.0K from the sale of clinical compound to Maruishi.
Research and Development (R&D) Expenses: R&D expenses were $13.40M in the first quarter of 2018 contrast to $20.80M in the same period of 2017. The lower R&D expenses in 2018 were principally because of a net decrease in direct clinical trial costs, which were partially offset by increases in stock compensation expense and payroll and related costs for R&D personnel.
General and Administrative (G&A) Expenses: G&A expenses were $3.70M during the first quarter of 2018 contrast to $2.40M in the same period of 2017. The increase in 2018 was mainly because of increases in stock compensation expense and payroll and related costs for G&A personnel.
Other Income: Other income was $311.0K in the first quarter of 2018 contrast to $90.0K in the same period of 2017. The increase in 2018 was mainly because of higher dividend and interest income resulting from a higher average balance of the Company’s portfolio of investments in the 2018 period.
Cash and Cash Equivalents and Marketable Securities Position: At March 31, 2018, cash and cash equivalents and marketable securities totaled $74.50M contrast to $92.60M at December 31, 2017. The decrease in the balance of cash and cash equivalents and marketable securities mainly resulted from cash used in operations of $18.50M, partially offset by proceeds of $0.30M from the exercise of stock options.
CARA has a market value of $586.88M while its EPS was booked as $-0.82 in the last 12 months. The stock has 32.68M shares outstanding. Beta value of the company was 3.03; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 1.60.