MORRISTOWN, N.J., October 13, 2019 – Shares of Melinta Therapeutics Inc. (NASDAQ: MLNT) showed the bullish trend with a higher momentum of 1.84% to $3.88. The company traded total volume of 503.327K shares as contrast to its average volume of 748.34K shares. The company has a market value of $54.44M and about 14.03M shares outstanding.
Melinta Therapeutics, Inc. (MLNT) reported revenue of $14.10M for the first quarter of 2019. Revenue from product sales was $11.80M, flat with the first quarter of 2018. Strong performance by Vabomere® (meropenem and vaborbactam) and Minocin® (minocycline) for Injection were offset by softer sales of Baxdela and Orbactiv® (oritavancin).
Cost of goods sold (“COGS”) was $7.40M and $7.70M, respectively, for the first quarter of 2019 and the first quarter of 2018, of which $4.10M and $4.70M was comprised of non-cash amortization of intangible assets.
Research and development (“R&D”) expenses were $5.40M for the first quarter of 2019, contrast to $16.10M for the same period in 2018. R&D expenses reduced mainly as a result of the completion of the Company’s Phase III study for Baxdela in CABP as well as winding down its early research and discovery programs, which was accomplished at the end of March 2019. Selling, general and administrative (“SG&A”) expenses were $25.90M for the first quarter of 2019, contrast to $34.60M for the same period in 2018. SG&A expenses reduced mainly as a result of the cost-cutting measures the Company initiated in the fourth quarter of 2018.
Net loss was $26.50M, or $2.34 per share, for the first quarter of 2019, contrast to a net loss of $29.40M, or $4.76 per share, for the first quarter of 2018. Net loss per share year-over-year reflects changes in share count as a result of the one-for-five reverse stock split effective on February 22, 2019.
The Company ended the quarter with $116.90M of cash and cash equivalents, which included the $75.0M disbursement under the convertible loan facility with Vatera in February 2019.
The Company offered gross profit margin of 61.50%. ROE was recorded as -72.50% while beta factor was 4.53. The stock, as of recent close, has shown the weekly upbeat performance of 9.60% which was maintained at -2.11% in this year.
