Earnings Insights - Kite Pharma
LONDON, April 21, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free earnings review on Kite Pharma Inc. (NASDAQ: KITE). On March 26, 2015, the company announced its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE to read our free earnings review on Kite Pharma Inc. (Kite Pharma). Chairman, President and CEO of Kite Pharma, Arie Belldegrun, stated that FY14 was a transformative year for the company, marked by achieving several key corporate and clinical milestones In addition to its successful IPO and follow-on offering, the company expanded its management team with world-class talent, filed its first investigational new drug application (IND) for its lead product candidate KTE-C19, and entered into a major research collaboration with Amgen, he added. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE
Earnings Overview
Kite Pharma, a clinical-stage biopharmaceutical company, focused on developing engineered autologous T cell therapy (eACT[TM]) products for the treatment of cancer, for commercial sale. The company has not generated any revenue from product sales to date. Kite Pharma continues to incur significant research and development (R&D) and other expenses related to its ongoing operations. The company is not profitable yet and has incurred losses in each period since its inception in June 2009.
During Q4 FY14, Kite Pharma reported GAAP loss from operations of $13.26 million compared to GAAP loss from operations of $2.40 million in Q4 FY13. The company's GAAP R&D expenses for Q4 FY14 were $7.86 million compared to $1.90 million for Q4 FY13. Further, GAAP general and administrative (G&A) expenses for Q4 FY14 came in at $5.40 million compared to $0.50 million in Q4 FY13. Free research on KITE can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE
In Q4 FY14, Kite Pharma's GAAP net loss attributable to common stockholders increased to $13.02 million, or $0.33 loss per diluted share, from GAAP net loss attributable to common stockholders of $2.95 million, or $0.54 loss per diluted share, in Q4 FY13. Analysts from Bloomberg had expected the company to report GAAP net loss attributable to common stockholders of $7.35 million, or $0.18 loss per share, in Q4 FY14. Moreover, Kite Pharma's non-GAAP net loss attributable to common stockholders stood at $7.51 million, or $0.19 loss per diluted share, in Q4 FY14.
For FY14, Kite Pharma's GAAP loss from operations stood at $36.66 million compared to GAAP loss from operations of $6.43 million in FY13. During FY14, Kite Pharma's GAAP R&D expenses increased to $23.09 million from $5.09 million in FY13, primarily due to $9.9 million in non-cash stock-based compensation expense, $3.7 million related to increased R&D staff and consultant costs, and $3.4 million in costs related to its eACT[TM] development program. Furthermore, GAAP G&A expenses grew to $13.57 million in FY14 from $1.34 million in FY13, primarily due to $6.1 million in non-cash stock-based compensation and $4.2 million in increased personnel costs. Sign up and read the free analyst's notes on KITE at:
http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE
In FY14, Kite Pharma's GAAP net loss attributable to common stockholders was $43.66 million, or $1.91 loss per diluted share, compared to GAAP net loss attributable to common stockholders of $7.80 million, or $1.43 loss per diluted share, in FY13. Analysts from Bloomberg had expected the company to report GAAP net loss attributable to common stockholders of $40.63 million, or $1.79 loss per share, in FY14. Moreover, Kite Pharma's non-GAAP net loss attributable to common stockholders for FY14 stood at $21.40 million, or $0.94 loss per diluted share.
As of December 31, 2014, Kite Pharma had $367.0 million in cash, cash equivalents, and marketable securities compared to $22.4 million as of December 31, 2013. The increase in cash was largely due to the proceeds from convertible debt offering, IPO, and follow-on public offering. As of December 31, 2014, the company had no outstanding debt and had 41.9 million shares of common stock issued and outstanding. Visit Investor-Edge and access the latest research on KITE at:
http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE
Stock Performance
On the day of the earnings release, March 26, 2015, Kite Pharma's stock plummeted 7.26% to end the session at $57.75. Since then, the stock has witnessed a mixed momentum. On the last close, Monday, April 20, 2015, Kite Pharma's shares finished 9.81% lower at $58.68. The company's shares vacillated between $57.84 and $66.40 during the session. A total of 2.23 million shares were traded which was above their three months average volume of 1.21 million shares. Over the last one month and over the previous three months, the company's shares have declined 18.38% and 20.87%, respectively. However, the stock has advanced 1.75% since the start of 2015. Shares in Kite Pharma closed above their 200-day moving average of $45.26. Furthermore, the stock has a Relative Strength Index (RSI) of 57.26.
Sneak Peek to Corporate Insider Trading
In the last one month, Kite Pharma has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on KITE is available at:
http://get.Investor-Edge.com/pdf/?c=Kite%20Pharma&d=21-Apr-2015&s=KITE
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