QLT releases Q2 financial results

QLT has announced its second-quarter financial results, including research and development expenses of $4.1 million related to the company’s synthetic retinoid program.

The decrease from last year’s research and development expenses of $4.4 million is due primarily to the company’s workforce reduction related to the completion of the QLT091001 phase 1b retreatment study in patients with Leber congenital amaurosis and retinitis pigmentosa, according to a company press release.

The company also reported $4.1 million in selling, general and administrative expenses compared with $1.8 million for the same period in 2013. The net $2.3 million increase in expenses was due to consulting and transaction fees associated with a merger with Auxilium proposed in June, according to the release.

QLT’s operating loss for the second quarter of 2014 was $8.6 million compared with $7.1 million for the same period in 2013, also due to the fees associated with the proposed Auxilium merger.

As of June 30, QLT’s consolidated cash and cash equivalents were $137.9 million compared with $118.5 million in 2013, according to the release.