Exelixis, Inc. (NASDAQ:EXEL) posted a net loss of $37 million in the second quarter even on net revenues more than doubling from $8 million as of last year, to highs of $36.3 million. The net loss was, however, an improvement from a net loss of $43.4 million posted last year same quarter.
The biopharmaceutical company has attributed the exponential increase in revenue to the impact of the commercial launch of CABOMETYX in April as well as the increase in sales for COMETRIQ. Buoyed by the earnings report the Street pushed the stock up in the market to a new 52-week high.
Selling, General and Administrative expenses more than doubled to highs of $35.8 million compared to $12.8 million last year. Exelixis has attributed the increase to an increase in personal related expenses. The company is currently increasing its sales force in the US as it continues to explore ways of ramping up sales.
Research and development expenses, on the other hand, were slightly lower coming in at $23 million compared to $24.5 million posted last year. The drop was down to a decrease in clinical trial costs. Other net income expense for the quarter came in at $11.9 million compared to $12.1 million for the comparable period last year.
Exelixis exited the second quarter with cash and cash equivalent totaling $384 million, up from $253.3 million as of December 31, 2015. The increase was down to an upfront payment received from Ipsen in Connection as part of a licensing agreement.
Exelixis stock has been on an impressive run since the start of the year having rallied by more than 50%. The momentum comes on the heels of the company’s flagship tyrosine Kinase inhibitor showing meaningful anti-tumor responses in patients struggling with thyroid cancer as well as renal cancer.
Investors also continue to take note on the stock, especially on reports Exelixis, Inc. (NASDAQ:EXEL) carrying out trials that have the potential to expand the use of cabozantinib as an alternative treatment for liver cancer.