Cash-strapped Repros Therapeutics Inc reported a wider-than-expected quarterly loss, sending its shares down about 25 percent in pre-market trade.
The company, which earlier received a going concern warning from its auditors, posted a loss of $10.2 million, or 66 cents per share in its third-quarter, compared with a loss of $6.6 million, or 51 cents a share, in the year-ago quarter.
Analysts on average were expecting the company to post a loss of 59 cents a share, according to Thomson Reuters I/B/E/S.
The company, which focuses on developing treatments for reproductive disorders, said although it reduced its amount of accounts payable and accrued expenses by about $8.9 million since September, the amount of cash on hand is not sufficient to fund future clinical trials of its experimental drugs Androxal and Proellex.
Proellex is the company's experimental drug for uterine fibroids which has been put on hold for safety reasons, while Androxal is currently being tested in men with low testosterone levels.
Repros said that as of Sept. 30, it had about $2.5 million in cash and cash equivalents, and the accounts payable and accrued expenses were about $12.2 million.
The company also reiterated the warning that it does not have enough cash to fund ongoing operations and a failure to raise cash in the immediate short term may result in the filing of bankruptcy and dissolution of the company.
Shares of the company were trading down 25 percent at 72 cents before the bell. They closed at 97 cents Friday on Nasdaq.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by Jarshad Kakkrakandy)