Infinity Pharmaceuticals Inc. (INFI) reported a loss of 57 cents per share in the first quarter of 2013 narrower than the Zacks Consensus Estimate of a loss of 67 cents, but wider than the year-ago loss of 40 cents. The narrower-than-expected loss was primarily due to lower operating expenses incurred by the company in the first quarter of 2013.
Infinity Pharma did not generate any revenue during first quarter of 2013; however, it had recorded $25.2 million as collaborative research and development revenue in the year-ago quarter.
Infinity Pharma’s research and development (R&D) expenses decreased 29.1% to $20.3 million in the first quarter of 2013. The decrease was primarily due to the discontinuation of the company’s Hedgehog pathway development program. The company’s general and administrative (G&A) expenses increased 9.1% to $7.4 million.
Infinity Pharma is working on its pipeline. The company intends to present data on retaspimycin hydrochloride (HCl) from two studies in the second half of 2013. One is in combination with Sanofi’s (SNY) Taxotere (docetaxel) and the other in combination with Novartis’ (NVS) Afinitor (everolimus). Both the studies are evaluating retaspimycin HCl for the treatment of non-small cell lung cancer.
The company also has IPI-145 in its pipeline under its phosphoinositide-3-kinase (PI3K) program. IPI-145 is being developed for several indications at various stages. The company is expecting several data read-outs and trial initiations under this program this year.
Infinity Pharma currently carries a Zacks Rank #3 (Hold). Other stocks such as Inovio Pharmaceuticals Inc. (INO), with a Zacks Rank #1 (Strong Buy), currently looks more attractive in the pharma space.
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