On May 09, 2016 Stemline Therapeutics, Inc. (Nasdaq:STML) reported financial results for the quarter ended March 31, 2016 (Press release, Stemline Therapeutics, MAY 9, 2016, View Source [SID:1234512127]).

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Ivan Bergstein, M.D., Stemline’s Chief Executive Officer, commented, "During the first quarter, we made substantial progress across our multiple clinical programs. In particular, we continued to advance our ongoing potentially pivotal Phase 2 trial of SL-401 in blastic plasmacytoid dendritic cell neoplasm (BPDCN). We look forward to sharing updated data from this trial at our principal investigator’s oral presentation at the upcoming annual meeting of the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper)."

Dr. Bergstein, continued, "Our team has executed extremely well, reaching our first quarter enrollment goals in our ongoing SL-401 trials in BPDCN and additional indications, as well as treating the first patients with SL-801 in our Phase 1 trial of advanced solid tumors. We also continue to meet accrual expectations in our SL-701 Phase 2 trial in second-line glioblastoma. With this level of performance, coupled with our strong cash position, we believe we have the resources to achieve significant clinical and regulatory milestones this year and beyond."

First Quarter 2016 Financial Results Review
Stemline ended the first quarter of 2016 with $87.8 million in cash, cash equivalents and investments, as compared to $97.5 million as of December 31, 2015, which reflects a cash burn of $9.7 million for the quarter. The company ended the first quarter of 2016 with 19.0 million shares outstanding.

For the first quarter of 2016, Stemline had a net loss of $9.0 million, or $0.51 per share, compared with a net loss of $7.7 million, or $0.46 per share, for the same period in 2015.

Research and development expenses were $6.5 million for the first quarter of 2016, which reflects an increase of $0.5 million, or 8%, compared with $6.0 million for the first quarter of 2015. The higher expenses during the first quarter were primarily attributable to the ramp up in clinical trial activities.

General and administrative expenses were $2.9 million for the first quarter of 2016, which reflects an increase of $1.1 million, or 58%, compared with $1.8 million for the first quarter of 2015. The increase in expense year over year was primarily attributable to higher non-cash stock based compensation and payroll costs relating to employees.