Clinical-stage biotechnology company Avalanche Biotechnologies Inc (NASDAQ:AAVL) reported a loss for both 4Q2014 and full-year 2014. However, the management cited that they made remarkable achievements in 2014 despite the losses. The company hopes that 2015 will be another milestone year because it has the financial resources to execute operations without limitation.
4Q financial results
Avalanche Biotechnologies Inc (NASDAQ:AAVL) reported 4Q loss of $10.4 million, representing $0.46 per share. The results fell below the Wall Street estimates. Analysts on the average expected a loss of $0.33 per share. On the revenue front, Avalanche generated $0.2 million. Both EPS and revenue improved compared to the same quarter a year earlier.
2014 financial highlight
For the full-year 2014, Avalanche generated $0.6 million of revenue but suffered a loss of $25.4 million, representing $2.46 per share. The full-year bottom-line results deteriorated compared to the previous year when the company suffered a loss of just about $5.3 million or $1.44 a share.
CEO says well done
Despite the year characterized by losses, Avalanche Biotechnologies Inc (NASDAQ:AAVL) cited various achievements in 2014. According to founder and CEO, Thomas W. Chalberg, Jr., Ph.D., the milestones attained in 2014 include completing Phase 2a clinical study enrollment for lead drug candidate AVA-101 and addition of key members to the management team. Additionally, the CEO cited their research collaboration with Regeneron as another key achievement they attained last year.
Improvement in cash
Avalanche Biotechnologies Inc (NASDAQ:AAVL) finished 2014 in far much better financial position compared to the previous year. Cash at the end of the year was $159.4 million compared to $0.6 million compared at the end of 2013. The cash hoard was primarily boosted by $130.5 million of net proceeds tapped from public offering of the company’s common stock.
The significant cash position is expected to support further research and drug development projects to expand the company’s pipeline and products portfolio. Avalanche is involved in the development of gene therapy for sight conditions. The company spent a total of $7.2 million in research and development projects in 4Q and $17 million in full-year 2014.