Oncomed Pharmaceuticals, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Cash Flow Guidance for the Year 2017
For the nine months, the company reported total revenue of $17,515,000 against $18,935,000 for the same period a year ago. Loss from operations was $49,218,000 against $80,996,000 for the same period a year ago. Loss before provision for income taxes was $48,513,000 against $80,749,000 for the same period a year ago. Net loss was $48,525,000 compared to $80,764,000 a year ago. Basic and diluted net loss per common share was $1.29 compared to $2.57 a year ago.
The company provided cash flow guidance for the year 2017. The company anticipated 2017 full-year cash utilization will be approximately $90 million. Based on the current plan, OncoMed anticipates that its current cash balance is sufficient to fund pipeline development and company operations through the third quarter of 2019, before considering potential opt-in milestones.