OncoMed Pharmaceuticals, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total revenues of $5,106,000 as compared to $5,919,000 a year ago. The decrease in revenue was primarily due to lower revenue recognized from reimbursement of research and development costs for services performed in the third quarter of 2017. Net loss was $10,692,000 or $0.28 per basic and diluted share, compared to $25,864,000 or $0.77 per basic and diluted share a year ago. The change in net loss from the prior year quarter was due to lower R&D and G&A expenses.  Loss from operations was $11,025,000 against $25,935,000 for the same period a year ago. Loss before provision for income taxes was $10,688,000 against $25,855,000 for the same period a year ago.

For the nine months, the company reported total revenue of $17,515,000 against $18,935,000 for the same period a year ago. Loss from operations was $49,218,000 against $80,996,000 for the same period a year ago. Loss before provision for income taxes was $48,513,000 against $80,749,000 for the same period a year ago. Net loss was $48,525,000 compared to $80,764,000 a year ago. Basic and diluted net loss per common share was $1.29 compared to $2.57 a year ago.

The company provided cash flow guidance for the year 2017. The company anticipated 2017 full-year cash utilization will be approximately $90 million. Based on the current plan, OncoMed anticipates that its current cash balance is sufficient to fund pipeline development and company operations through the third quarter of 2019, before considering potential opt-in milestones.