Portola Pharmaceuticals Inc. (PTLA) Reports Fourth Quarter Loss

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It was a difficult day of trading for San Francisco-based Company Portola Pharmaceuticals Inc. (PTLA). The company reported loss of approximately $39.3 million, equals to a loss of 82 cents per share for 4Q ended December 31, 2014. Portola posted revenue of $2.4 million for the period. The company operates as a biopharmaceutical company and develops and discovers product candidates having potential to make great strides in the field of thrombosis and other hematologic diseases.

The company has reported that overall its loss has ballooned to a head-spinning $137.1 million, while revenue for the year was reported as a mere $9.6 million. In addition, according to the company’s CEO, William Lis, the company launched promising products targeting multi-billion dollar hospital or specialty-based markets in thrombosis and hematologic cancers. These put the company on track to achieving its goal of launching these products – with the first expected in 2016, the second planned for 2017 and the third thereafter.

Additionally the Collaboration revenue for 4Q earned under Portola’s collaborations was $2.4 million compared with $2.1 million for 4Q. Additionally, joint venture revenue for the year ended December 31, 2014, was $9.6 million compared with $10.5 million for the previous year. Additionally, Cash equivalents and investments overall for the financial year rose to $392.3 million compared with $319.0 million previous year.

Total operating expenses for the company for 4Q was $41.7 million, an increase of $14.3 million from $27.4 million for the previous year. Total operating expense for the year was $147.2 million up from $94.7 million for the corresponding period, the year before. The figures for the Operating expenses included the $9.3 million in stock-based compensation, an increase of $4.3 million from previous year. Research and development expenses for the year totalled $123.6 as at year end December 2014; this was up from $79.3 million for 2013.

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