Dicerna Pharmaceuticals Inc (NASDAQ: DRNA) stock surged 7.41% on March 11th, 2019 and continued its bullish momentum on march 12th, 2019 rising over 1.2% (as of 12:10 pm GMT-4; Source: Google finance).
In 2018, the company has received $40.5 million from our collaborative agreement with Alexion, which represented a $22 million upfront payment, a $15 million equity investment at a premium and the first milestone payment of $3.5 million. Of the $40.5 million, the company received $31.4 was allocated to the revenue portion of the agreement and was recorded as deferred revenue, while $9.1 million was recorded in equity. The majority of the balance of deferred revenue associated with the Alexion collaboration will be recognized over the anticipated three-year term of the initial research programs. With respect to the collaboration with Lilly, in 2018, the company has received $100 million equity investment at a premium. The $48.7 million premium on equity was recorded as deferred revenue to be recognized over the term of the initial research programs.
Moreover, general and administrative expenses were $21.7 million and $16.8 million for the years ended December 31, 2018 and 2017 respectively. The increase is primarily due to increases in consulting costs of $1.9 million, Board of Directors compensation of $1 million and an $800,000 increase in salary and benefits expense. The company expect G&A expenses to increase in 2019 as compared to 2018, largely due to the planned investment in staffing, preparation of our new company headquarters and market readiness activities. Litigation expenses consists solely of expenses associated with the Alnylam litigation. Litigation expenses increased primarily due to the $24.7 million of settlement expenses recorded in 2018. The final payment under the settlement with Alnylam was made in January 2019. As a result of the transactions and activities, net loss attributable to common stockholders for 2018 was $88.9 million compared with $80.3 million for 2017.
DRNA in the fourth quarter of FY 18 has reported the adjusted loss per share of 29 cents, missing the analysts’ estimates for the adjusted loss per share of 23 cents. The company had reported the adjusted revenue of $5.1 billion in the fourth quarter of FY 18, missing the analysts’ estimates for revenue of $8.4 billion. As of December 31, 2018, we had $302.6 million in cash, cash equivalents and held-to-maturity investments. DRNA ended 2018 with positive cash from operations of $18.3 million (ph), which included $80 million of cash received in 2018 from the upfront payments and premiums on equity from the Lilly and Alexion collaborations.