Albireo Pharma, Inc. (NASDAQ:ALBO) Q3 2019 Earnings Conference Call - Final Transcript
Nov 06, 2019 • 10:00 am ET
retains top talent.
So with that my pleasure to turn the call over to Simon for a financial update. Simon?
Thank you Ron. Let me quickly summarize our financial results for the third quarter 2019. Our revenue was $1.4 million for the quarter ended September 30 2019 compared to revenue of $0.2 million in the same period last year. The increase of $1.2 million was primarily due to the estimated royalty revenue received from EA Pharma for elobixibat for the treatment of chronic constipation in Japan. Our research and development expenses in the quarter were $12 million compared to $9.7 million in the third quarter of 2018. The increase of $2.3 million was mainly related to headcount and program expenses for odevixibat and the elobixibat phase 2 trial. Our Q3 general and administrative expenses were $6 million compared to $3.9 million in the prior year period. The increase of $2.2 million was primarily attributable to headcount as we put in place support for the transition from an R&D to commercial organization.
Other operating expense of $4 million in the quarter versus other operating income of $0.6 million last year an increase of $4.6 million due to the impact of foreign exchange rates on the inter-company loans as the Swedish kroner declined in value. There is no cash impact of these changes. Net loss for the third quarter ended September 30 2019 was $21.9 million or a loss of $1.73 per share compared to a net loss of $14 million or $1.17 per share in the third quarter of 2018. As of September 30 2019 we had a balance of $142.7 million in cash and cash equivalents compared to $157.7 million on June 30 2019. We are revising our guidance on total operating expenses for 2019 to a range of $70 million to $75 million from our previous estimate of $75 million to $80 million. We continue to anticipate that our cash balance will be sufficient to meet our operating needs into 2021.
With that let me turn the call back over to Ron for closing remarks.
Great. Thanks very much Simon. So in summary our excitement continues to build as we approach full randomization in our pivotal trial in PFIG scale up our precommercial activities and finalize our plans for a second pivotal trial in biliary atresia.
With that we'll open up the call to questions. Operator over to you.