On May 5, 2022 Idera Pharmaceuticals, Inc. ("Idera," the "Company," "we," "us," or "our") (Nasdaq: IDRA) reported its financial and operational results for the first quarter ended March 31, 2022 (Press release, Idera Pharmaceuticals, MAY 5, 2022, View Source [SID1234613661]).
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"We continue to preserve cash while actively pursuing new development or commercial-stage assets for Idera’s portfolio," stated Vincent Milano, Idera’s Chief Executive Officer. "We also continue to work with JMP Securities, a Citizens Company, our current partner and advisor on business development activities, to explore additional strategic alternatives for the Company."
First Quarter Financial Results
Our cash position as of March 31, 2022 was $28.0 million. Based on our current operating plan, we anticipate that our current cash and cash equivalents will fund our operations through the one-year period subsequent to the May 5, 2022 filing date of the Quarterly Report Form 10-Q.
Research and development expenses for the three months ended March 31, 2022 totaled $1.8 million, compared to $6.9 million for the same period in 2021. General and administrative expense for the three months ended March 31, 2022 totaled $2.4 million, compared to $3.2 million for the same period in 2021.
Additionally, during the three months ended March 31, 2021, we recorded $7.0 million and $118.8 million non-cash warrant revaluation gain and non-cash future tranche right revaluation gain, respectively, related to the change in fair value of securities issued in connection with our December 2019 private placement transaction. No such non-cash gains were recognized in the three months ended March 31, 2022, as the warrants and future tranche rights were terminated in the first quarter of 2021.
As a result of the factors above, net loss applicable to common stockholders for the three months ended March 31, 2022 was $4.2 million or $0.08 per basic and diluted share compared to net income applicable to common stockholders of $109.6 million or $2.66 per basic share for 2021. On a diluted basis, net loss applicable to common stockholders for the three months ended March 31, 2021 was $10.0 million or $0.14 per diluted share.
Excluding the non-cash gain of approximately $125.8 million for the three months ended March 31, 2021 related to the termination of securities issued in connection with the December 2019 private placement transaction, net loss applicable to common stockholders was $10.0 million, or $0.24 per basic and diluted share (calculated based upon the basic weighted-average number of common shares, due to the antidilutive effect of net loss).