We recorded a net income of $18.4 million ($1.47 per common share) for the three months ended March 31, 2013 (Q1-2013), compared to a net loss of $7.0 million ($0.57 per common share) for the three months ended March 31, 2012 (Q1-2012). The net income for Q1-2013 was primarily due to the recognition of a $20.8 million gain on the settlement of debt owed to Merck. The net loss for Q1-2012 was due to restructuring charges, clinical development efforts, pre-clinical research projects, as well as other operating costs.
Total revenue for Q1-2013 was $0.1 million as compared to $0.4 million in Q1-2012.
Research and development expenditures were $0.4 million for Q1-2013 compared to $2.9 million for Q1-2012. Selling, general and administration expenditures for Q1-2013 were $2.2 million compared to $2.6 million for Q1-2012. Effective Q1-2013, selling, general and administration expenditures include costs incurred to support the commercialization of BRINAVESSTM. We did not incur any interest expense during Q1-2013 as a result of the settlement of debt owed to Merck. Interest expense for Q1-2012 was $1.1 million.
Stock-based compensation, a non-cash item included in operating expenses, remained consistent at $0.1 million for Q1-2013 and Q1-2012.
Liquidity and Outstanding Share Capital
At March 31, 2013, the Company had cash and cash equivalents of $25.7 million. As of May 6, 2013, the Company had 12,470,335 common shares issued and outstanding and 1,321,242 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD $10.27 per share.