OncoMed Pharmaceuticals, Inc. announced unaudited consolidated earnings results for first quarter ended March 31, 2016. For the quarter, the company reported total revenue of $6,350,000, loss from operations of $27,247,000, loss before income taxes of $27,210,000, net loss of $27,213,000 or $0.9 per basic and diluted share compared to the total revenue of $9,687,000, loss from operations of $14,540,000, loss before income taxes of $14,518,000, net loss of $14,529,000 or $0.49 per basic and diluted share for the same quarter a year ago. The change in that loss was due to an increase in R&D costs and slightly lower collaboration revenues. The decrease in revenue over the same period in 2015 was primarily due to achievement in 2015 of a $5 million milestone from GlaxoSmithKline related to brontictuzumab.

The company reiterated financial guidance for the full year 2016. Based on its current plans and expectations, the company anticipated cash expenses in the range of approximately 110-120 million. Existing cash is anticipated to fund company operations through the first quarter of 2018, without taking into account potential future milestones or payments from partners Potential milestone and opt-in payments from partners GSK, Bayer and Celgene over the course of 2016, 2017, and 2018 total over $270 million.