Arena Pharmaceuticals Misses Q4 Expectations

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) reported financial results Monday for the fourth quarter and full year ended December 31, 2014.Revenues totaled $9.2 million, below expectations of $10.36 million and above the $7.44 million reported in the prior year period.Revenues included $3.8 million in net product sales of BELVIQ, of which $3.2 million represented 31.5 percent of Eisai's net product sales and $0.6 million related to redemptions of the 15-day free voucher and product samples.The fourth quarter net loss was $32.1 million, or $(0.15) per share, greater than the expected loss of $(0.12). The company reported a loss of $(0.11) in the prior year period.Research and development expenses totaled $27.8 million and general and administrative expenses totaled $8.9 million.As of December 31, 2014, cash and cash equivalents totaled $163.2 million.In the first quarter of 2015, the company raised approximately $100.7 million in net proceeds through the sale of 21.0 million shares of common stock at a price to the underwriters of $4.8139 per share.CEO Jack Lief said, "2014 was a pivotal year for Arena, marked by the advancement of multiple development programs and the growth of sales of BELVIQ. We reported impressive clinical trial results from our pipeline of internally discovered GPCR drug candidates, including for our lorcaserin lifecycle management programs. In 2015 and beyond, we plan to build on this momentum by aggressively pursuing our promising drug development opportunities both internally and through collaboration, while continuing to support the delivery of patient benefits with BELVIQ."Arena was unable to predict first quarter sales and did not provide guidance for its overall 2015 revenues.The company expected full year 2015 research and development expenses of approximately $114.0 million to $122.0 million, including non-cash expenses of approximately $13.0 million and $6.0 million in development expenses reimbursed by Eisai (with such reimbursed expenses included in revenue).Arena Pharmaceuticals, Inc. traded at $4.19 in the after hours session, down 2.08 percent.