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Kindred Biosciences' Q1 Loss Shrinks, Revenue Jumps

05/11/2021 12:26

04:15 PM EDT, 05/11/2021 (MT Newswires) -- Kindred Biosciences (KIN) on Tuesday reported a Q1 loss of $0.24 per share, compared with a loss of $0.58 per share a year ago.

Analysts polled by Capital IQ had expected a loss of $0.24 per share.

Revenue of $2.4 million was up year over year from $603,000. Analysts had projected $2.7 million.

In 2021, the company said it expects operating expenses in the range of $41 million to $43 million, and plans to invest $2.9 million in capital expenditures on lab and manufacturing equipment for its biologics programs. KindredBio also said its existing cash, cash equivalents, and investments, remaining proceeds from the Mirataz sale, revenue from contract manufacturing and revenues, will be sufficient to fund the current operating plan through the end of 2023, excluding the drawdown of $30 million from its debt facility.

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