Flex Pharma Q2 Loss Sharply Widens - Quick Facts

(RTTNews) - Biotechnology company Flex Pharma, Inc. (FLKS) reported that second-quarter net loss sharply widened to $7.08 million from $2.19 million in the prior-year quarter, while net loss per share sharply narrowed to $0.47 from last year's $1.42 on significantly higher share count.

Included in the loss for the latest quarter was $1.6 million of stock-based compensation expense.

On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

"We are excited to launch our consumer product leveraging our recent data in a real-world setting with athletes, which we believe is the first time any consumer beverage has shown a statistically significant reduction of naturally occurring muscle cramps in athletes. We expect to begin commercializing in the first half of 2016," Chairman and CEO Christoph Westphal said.

Total operating expenses for the quarter soared to $7.09 million from $2.19 million in the same quarter last year.

As of June 30, 2015, Flex Pharma had cash of $106.0 million. Based on its current cash position, Flex Pharma expects to have sufficient capital to fund its operations until the middle of 2018.