Chimerix Slips To Loss In Q3 - Quick Facts

(RTTNews) - Chimerix Inc. (CMRX) reported a net loss of $6.7 million, or $0.26 per share for the third quarter of 2013, compared to net income of $11.1 million, or $6.70 per basic share and $0.11 per diluted share in the third quarter of 2012.

The third quarter of 2012 was profitable on a stand-alone basis and therefore included both basic and diluted net income per share. This was due to the one-time payment from Merck, Sharp & Dohme Corp.

Loss from operations was $6.4 million for the third quarter of 2013, compared to an income from operations of $11.3 million for the same period in 2012. The significant variance was attributable to the one-time upfront license payment of $17.5 million related to the exclusive license of CMX157 to Merck, Sharp & Dohme Corp. in July 2012.

Revenues for the third quarter of 2013 decreased to $912,000, compared to $20.9 million for the same period in 2012, due to a combination of a one-time upfront license payment of $17.5 million related to the exclusive license of CMX157 to Merck in the third quarter of 2012, as well as a decrease in the third quarter of 2013 in reimbursable expenses associated with the Company's ongoing contract with the Biomedical Advanced Research and Development Authority or BARDA.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.38 per share and revenues of $1.28 million. Analysts' estimates typically exclude special items.