Trevena Q1 Loss Widens, But Loss/shr Narrows - Quick Facts

(RTTNews) - Trevena Inc. (TRVN) said that its net loss attributable to common shareholders for the first-quarter ended March 31, 2014 was $9.4 million or $0.59 per share, compared with a net loss of $3.0 million or $4.30 per share for the first quarter of 2013. Included in the net loss to common shareholders were non-cash charges of $28,521 and $79,161 for the accretion of preferred stock in 2014 and 2013, respectively.

Research and development expenses were $7.6 million in the first quarter of 2014 versus $2.1 million in the first quarter of 2013. The increase was primarily driven by clinical research expenses for TRV130, expenses associated with the Phase 2b study for TRV027, and expenses associated with the progression of TRV734 from preclinical to clinical studies.

General and administrative expenses were $2.0 million for the quarter ended March 31, 2014, as compared to $0.8 million in the prior year. The increase was primarily the result of headcount and salary costs, increased compensation expense associated with stock options granted and increased insurance, professional fees and other operating costs as a result of becoming a public company.

The company did not generate revenue for the latest-quarter. However, the company had reported revenue of $41,201 in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.36 per share and revenues of $30 thousand. Analysts' estimates typically exclude special items.

The company also announced the successful completion of the first part of a randomized, double-blind, placebo-controlled multiple ascending dose study of TRV130, which Trevena is developing as a first-line intravenous treatment for patients experiencing moderate to severe acute pain. This study evaluated the maximum tolerated dose and pharmacokinetics of TRV130 when multiple doses were given, and is an important step in furthering the development of TRV130. This study also measured pharmacodynamic effects of TRV130, including pupil constriction and cold pain test analgesia.