Pfenex Posts Q1 Earnings Miss, Revenue In Line

Pfenex Inc., a San Diego-based biotechnology firm, reported pre-market Thursday a bigger-than-expected net loss for Q1 on lower revenues that met analysts’ consensus forecasts.

Q1 net loss attributable to shareholders was $6.0 million or $0.29 per share, compared to a loss of $2.0 million or $1.28 per share a year earlier, missing the average analyst estimate for a loss of $0.24 per share. The per-share results were skewed as the number of shares used to compute the loss rose to 20,474 from 1,548 shares.

Revenues were $2.0 million, in line with the consensus of $2.1 million. Sales decreased by 23% year-on-year mostly due to a decrease in government funding for the development of the company’s anthrax vaccine product candidate Px563L.

The company said it plans to start a Phase 1 trial for its recombinant anthrax vaccine in the second half of 2015.