Puma Biotechnology, a biopharmaceutical company, has released its financial results for the second quarter ending June 30, 2024. Comparisons are made between Q2 2024 and Q2 2023, unless specified otherwise.
Product revenue, which comes entirely from sales of NERLYNX®, Puma’s first commercial product, was $44.4 million in Q2 2024. This marks a decrease from $51.6 million in Q2 2023. For the first half of 2024, product revenue totaled $84.6 million, down from $98.3 million in the same period of 2023.
Under generally accepted accounting principles (GAAP), Puma reported a net loss of $4.5 million, or $0.09 per share, for Q2 2024. This contrasts with a net income of $2.1 million, or $0.05 per basic and diluted share, in Q2 2023. For the first six months of 2024, the net loss was $9.3 million, or $0.19 per share, compared to a net income of $3.5 million, or $0.08 per basic share and $0.07 per diluted share, for the first half of 2023.
On a non-GAAP basis, the adjusted net loss for Q2 2024 was $2.5 million, or $0.05 per share, compared to an adjusted net income of $4.6 million, or $0.10 per basic and diluted share, for Q2 2023. For the first six months of 2024, the non-GAAP adjusted net loss was $4.9 million, or $0.10 per share, compared to an adjusted net income of $8.8 million, or $0.19 per basic and diluted share, for the same period in 2023. Non-GAAP adjusted net (loss) income excludes stock-based compensation expenses. Detailed reconciliations of GAAP to non-GAAP figures are available in the financial tables at the end of this release.
Net cash provided by operating activities was $1.0 million for Q2 2024, down from $3.3 million in Q2 2023. For the first half of 2024, net cash provided by operating activities was $12.3 million, compared to $5.9 million for the same period in 2023. As of June 30, 2024, Puma had cash, cash equivalents, and marketable securities totaling $96.8 million, slightly up from $96.0 million at December 31, 2023.
Alan H. Auerbach, Chairman, CEO, and President of Puma, commented, “We were encouraged by the promising efficacy signals from the Phase I/Ib study of alisertib in combination with osimertinib for advanced osimertinib-resistant EGFR-mutated lung cancer, presented at the 2024 ASCO Annual Meeting. The trial has been amended to focus future enrollment on patients who are tp53 wild type, and we are eager to continue studying this combination in this targeted patient group. Additionally, the biomarker analysis from the Phase II randomized clinical trial of alisertib alone versus alisertib + fulvestrant for endocrine and CDK4/6 inhibitor-resistant HER2-negative hormone receptor-positive metastatic breast cancer may provide insights into which patients could benefit most from alisertib treatment.”
Mr. Auerbach added, “We expect to achieve the following key milestones in the next 12 months: (i) the initiation of ALISCA™-Breast1, a Phase II trial of alisertib combined with endocrine treatment for chemotherapy-naïve HER2-negative hormone receptor-positive metastatic breast cancer (Q4 2024), and (ii) the release of interim data from ALISCA™-Lung1, a Phase II trial of alisertib monotherapy for extensive stage small cell lung cancer (Q4 2024).
