The total revenues for Array BioPharma (ARRY), which are comprised of reimbursement revenues, collaboration revenues, and revenues from licenses and milestones, decreased from $39.2 million in 1Q17 to $29.7 million in 1Q18.
Reimbursement revenues decreased from $31.3 million in 1Q17 to $18.1 million in 1Q18. Collaboration revenues and revenues from licenses and milestone payments increased from $6.2 million and $1.6 million, respectively, in 1Q17 to $8 million and $3.5 million, respectively, in 1Q18.
For fiscal 2018, Array BioPharma is expected to report revenues of $108 million, while peers Loxo Oncology (LOXO), Amgen (AMGN), and Bristol-Myers Squibb (BMY) are expected to report revenues of $36.8 million, $22.8 billion, and $21.2 billion, respectively.
Total operating expenses for Array BioPharma remained flat at $65.2 million in 1Q18 compared with $63.2 million in 1Q17.
The components of total operating expenses have witnessed a mixed trend. The cost of partnered programs increased from $8.8 million in 1Q17 to $11.7 million in 1Q18. Research and development expenses decreased from $46.5 million in 1Q17 to $41.4 million in 1Q18.
General and administrative expenses, a smaller component of the total operating expenses, witnessed a significant rise from $7.8 million in 1Q17 to $12 million in 1Q18.
As a result of the fall in revenues, the net loss for Array BioPharma increased from -$28.6 million in 1Q17 to -$37.9 million in 1Q18.
Although the company’s net loss per share rose only 10%, from -$0.20 in 1Q17 to -$0.22 in 1Q18, that was partially helped by the increase in the average number of shares outstanding, which increased from 145.1 million in 1Q17 to 174.7 million in 1Q18. During the quarter, Array BioPharma raised $258.7 million from a public offering of common stock.
Array BioPharma makes up 0.23% of the iShares Russell 2000 Growth’s (IWO) total portfolio holdings.