UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2014
Repros Therapeutics Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-15281 | 76-0233274 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 2408 Timberloch Place, Suite B-7 The Woodlands, Texas |
77380 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (281) 719-3400
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2014 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated May 12, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Repros Therapeutics Inc.
(Registrant) |
||
| May 12, 2014
(Date) |
/s/ KATHI ANDERSON
Kathi Anderson CFO |
| Exhibit Index | ||
| 99.1 | Press release dated May 12, 2014 | |
EXHIBIT 99.1
THE WOODLANDS, Texas, May 12, 2014 (GLOBE NEWSWIRE) -- Repros Therapeutics Inc.® (Nasdaq:RPRX) today announced financial results for the first quarter ended March 31, 2014.
Financial Results
Net loss for the three month period ended March 31, 2014 was ($8.5) million, or ($0.37) per share, as compared to a net loss of ($7.4) million, or ($0.41) per share, for the same period in 2013. The increase in net loss was primarily due to increased payroll and benefits expenses, as a result of increased headcount, and increased legal expenses.
Research and development ("R&D") expenses increased 16%, or approximately $1.0 million, to $7.3 million for the three month period ended March 31, 2014 as compared to $6.3 million for the same period in the prior year. The increase in R&D expenses was primarily due to an increase in legal expenses of $436,000 and an increase in payroll and benefits expenses of $275,000. Additionally, clinical development expenses related to Androxal® and Proellex® increased by $126,000 and $180,000, respectively, for the three month period ended March 31, 2014 as compared to the same period in the prior year.
General and administrative ("G&A") expenses increased 15%, or approximately $159,000, to $1.2 million for the three month period ended March 31, 2014 as compared to $1.1 million for the same period in the prior year. The change reflected a $200,000 increase in non-cash, stock-based compensation, partially offset by a decrease of approximately $41,000 in cost of professional services.
Total revenues and other income increased to $2,000 for the three month period ended March 31, 2014 as compared to $1,000 for the same period in the prior year. This increase was due to an increase in interest income as a result of higher cash balances.
Liquidity and Capital Resources
The Company had cash and cash equivalents of approximately $68.0 million as of March 31, 2014 as compared to $75.8 million as of December 31, 2013. Net cash of approximately $7.6 million and $6.8 million was used in operating activities during the three month periods ended March 31, 2014 and 2013, respectively. The major use of cash for operating activities for the three month period ended March 31, 2014 was to fund our clinical development programs and associated administrative costs. Cash used in investing activities during the three month period ended March 31, 2014 was approximately $285,000 primarily for capitalized patent and patent application costs for Androxal® and Proellex®. Cash provided by financing activities during the three month period ended March 31, 2014 was approximately $104,000 as a result of the exercise of 15,000 stock options for cash.
As of March 31, 2014, the Company had 23,097,412 shares of common stock outstanding.
About Repros Therapeutics Inc. ®
Repros Therapeutics focuses on the development of small molecule drugs for major unmet medical needs that treat male and female reproductive disorders.
Any statements made by the Company that are not historical facts contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," "believe," "plan," "seek," "could," "can," "should" or similar expressions. These statements are based on assumptions that the Company has made in light of the Company's experience in the industry, as well as the Company's perceptions of historical trends, current conditions, expected future developments and other factors the Company believes are appropriate in these circumstances. Any such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such forward-looking statements, including the ability to have success in the clinical development of the Company's technologies, the reliability of interim results to predict final study outcomes, the ability to protect the Company's intellectual property rights and such other risks as are identified in the Company's most recent Annual Report on Form 10-K and in any subsequent quarterly reports on Form 10-Q. These documents are available on request from Repros Therapeutics or at www.sec.gov. Repros disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please visit the Company's website at http://www.reprosrx.com.
| REPROS THERAPEUTICS INC. AND SUBSIDIARY | ||
| (A Development Stage Company) | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (unaudited and in thousands except per share amounts) | ||
|
Three Months Ended March 31, |
||
| 2014 | 2013 | |
| Revenues and other income | $ 2 | $ 1 |
| Expenses | ||
| Research and development | 7,325 | 6,308 |
| General and administrative | 1,226 | 1,067 |
| Total expenses | 8,551 | 7,375 |
| Net loss | $ (8,549) | $ (7,374) |
| Net loss per share - basic and diluted | $ (0.37) | $ (0.41) |
| Weighted average shares used in loss per share calculation: | ||
| Basic | 23,033 | 18,182 |
| Diluted | 23,033 | 18,182 |
| CONSOLIDATED BALANCE SHEETS | ||
| (unaudited and in thousands) | ||
|
March 31, 2014 |
December 31, 2013 |
|
| Cash and cash equivalents | $ 68,012 | $ 75,807 |
| Prepaid expenses and other currents assets | 583 | 189 |
| Fixed assets (net) | 64 | 75 |
| Patents (net) | 3,150 | 2,906 |
| Total assets | $ 71,809 | $ 78,977 |
| Accounts payable and accrued expenses | $ 3,909 | $ 3,552 |
| Stockholders' equity | 67,900 | 75,425 |
| Total liabilities and stockholders' equity | $ 71,809 | $ 78,977 |
CONTACT: Investor Relations:
Thomas Hoffmann
The Trout Group
(646) 378-2931
thoffmann@troutgroup.com