Ardea Biosciences 4Q Loss Widens

The company's loss after preferred dividends for the period ended Dec. 31 grew to $9.1 million, or 86 cents per share, compared with a loss of $476,000, or 5 cents per share, in the previous year.

Quarterly results included a stock-based compensation charge of $600,000 or 5 cents per share. Analysts predicted a narrower loss of 78 cents per share, according to a Thomson Financial survey.

Total operating expenses soared to $9.9 million from $1.1 million as research and development costs surged to $7.3 million from $65,000.

Quarterly collaboration revenue amounted to $268,000 due to research related to a master services deal with Valeant. In the prior-year period, the company booked no collaboration revenue.

Wall Street expected quarterly sales of $1.1 million.

Ardea reported a full-year loss of $25.3 million, or $2.55 per share, compared with a loss of $607,000, or 7 cents per share, a year earlier.

Annual collaboration revenue was $3.1 million.

Shares of Ardea fell $1.18, or 8.3 percent, to $13.01 in morning trading. Over the past year, the stock has traded between $4.60 and $16.25.