Latest news with #Auerbach
Los Angeles Times
02-06-2025
- Entertainment
- Los Angeles Times
The Black Keys were nearly buried by a brutal year. A new album seeks to ‘get things back on track'
For the Black Keys, 2025 is all about getting back to doing what they love — making records and touring — on their own terms. That's their way of putting behind them the disaster that was 2024: their worst-charting album since 2006, the cancellation of an arena tour after ticket sales lagged, and the firing and public castigation of legendary manager Irving Azoff as well as their PR team. Their new album's title, 'No Rain, No Flowers,' offers a positive spin on growing from the experience, which guitarist Dan Auerbach and drummer Patrick Carney echoed in our conversation ahead of their show at the Greek Theatre on Tuesday. 'This is an opportunity for us to get out of the pressure cooker of a way of touring that we realized was unsustainable and was not ideal for the fans or enjoyable for us,' says Carney. 'We like being an underdog,' Auerbach adds. The two grew up playing wiffle ball and touch football in Akron, Ohio, but were a grade apart and didn't form a band until after their brothers (who were close friends) urged them to jam together. They found power in their raw, stripped-down blues and rock and eventually formed the Black Keys. But they had to build a friendship as they were building a career. 'We'd never gone to a party together or socialized much and then we found ourselves in a van driving to shows so our friendship had a big learning curve,' Carney recalls. They started in 2001 as the quintessential indie act — their first two albums were recorded in Carney's basement — but by decade's end they were a rock band on a roll: 'Brothers,' reached No. 3 on the Billboard charts; 'El Camino' made it to No. 2 and 'Turn Blue' took them all the way to the top. Those three albums garnered 11 Grammy nominations and the band was selling out arenas and headlining Coachella. Naturally, some early fans grumbled as they moved beyond their lo-fi sound. 'I remember right before 'El Camino' thinking this might be too rock-and-roll for our base,' Carney says, 'but to me the change was a sign we weren't phoning it in.' But despite the success, the band eventually burned out. At their commercial zenith, they went on hiatus. 'We're not contrarian,' says Carney, the more voluble of the two. 'But we had accomplished all this stuff, and we felt it was time to get off of the roller coaster.' In their time apart, both men produced other artists while Auerbach also released an album with a new band, the Arcs, and a solo album, both earning critical acclaim but lower sales than the Black Keys' music. When they reunited in 2019, they say their priorities had changed. 'You can try to make another No. 1 album, but the goal became clear to us: We have this special relationship and if we want it to stay healthy the path needs to be interesting to us,' Carney says, adding that the demands of 200 on the road and the constant media obligations they'd had earlier was 'not sustainable for us at this point. It's a lot being away from your kids.' But rock's role in popular culture has continued shrinking and although the band returned to the Billboard top 10 with 'Let's Rock'; 'Delta Kream,' an album of country blues covers; and 'Dropout Boogie,' they didn't generate the same kind of attention and some fans now complained they missed the era of 'Brothers' and 'El Camino.' 'We've made it a little bit harder for ourselves,' Carney adds. 'If we had just made 'El Camino' over and over again or alternated between 'Brothers' and 'El Camino' we'd probably be playing baseball stadiums now.' But Auerbach says they always wanted to evolve similar to the bands they loved like the Beatles and the Rolling Stones. 'We're music geeks who love records so that was something we aspired to,' he says. 'We didn't want to repeat ourselves so we wanted to do something different with each album.' He says that the two love seeking out obscure old singles and when they're in the studio together the goal remains the same. 'It's like when you find a song that you've never heard before that blows your mind,' he says. 'That's what we're looking for when we're working in the studio together, to re-create that feeling you get in your gut.' Auerbach adds that after starting out just the two of them in isolation — in a basement in Akron — they found they loved collaborating, working with the producer Danger Mouse on their biggest albums and, more recently, musicians like Beck, Noel Gallagher, ZZ Tops' Billy Gibbons and rapper Juicy J. That said, Carney argues that even when they've worked with collaborators, 'at the end of the day it'll sound like us. It doesn't matter who else we work with, our aesthetic is always gonna shine through.' But with the combination of the shifting music landscape and their exploring new sounds, their popularity seemed on the wane. Last year, 'Ohio Players' peaked at just 26. Then came the touring fiasco, for which they have largely blamed Azoff — who has been investigated by the Department of Justice for colluding with Live Nation (which he used to run) — saying he put the band in the wrong rooms among other things. Carney tweeted, angrily and profanely, about how the band got screwed but deleted them to avoid being sued. When they finally spoke publicly, to Rolling Stone, they confessed to being naive about how the music industry consolidation was harming bands. They called the European tour ' the most poorly orchestrated tour we had been on' and Carney said, 'we fired their a—' of Azoff's company but were more circumspect in their quotes, not saying the words 'Live Nation.' Their new publicist had called me in advance saying not to bring up these issues but to let the band do it. When that didn't happen and my time was almost up I raised the issues. After a question or two the publicist tried to shut things down, but Carney said, 'It's the L.A. Times. Let's do the interview. Come on. We're here' and talked generally about the industry being problematic. 'We're just trying to make music and tour in a f—ed up industry.' Carney says the band is now more involved in planning and is 'very methodical' about how long it'll tour and about choosing the venues, adding that the smaller venues offer a better fan experience and a less expensive one since they don't need video screens for the back of an arena. Auerbach says they're also tinkering with their setlists, though he says their catalog is now so deep they can't please everyone. 'But we definitely have our fans in mind when it comes to making selections.' As they reposition themselves and 'get things back on track,' Carney says, the duo are now in a good place despite last year. 'Our friendship is stronger than it ever has been,' he says. 'We've been through every possible thing that you can go through so we can kinda get through anything now. And there's still a lot of joy in making music together.'
Yahoo
16-05-2025
- Entertainment
- Yahoo
The Black Keys Detail New LP, ‘No Rain, No Flowers'
The Black Keys have landed on an Aug. 8 release date for their 13th album, No Rain, No Flowers, the title track from which is out now. Among the collaborators on the self-produced Easy Eye Sound/Warner project are songwriters Rick Nowels and Daniel Tashian, plus veteran hip-hop producer/keyboardist Scott Storch. Black Keys guitarist/vocalist Dan Auerbach previously told SPIN that he and bandmate Patrick Carney used to obsessively watch YouTube videos of Storch 'playing all his parts from his productions on piano. He showed up and he was so excited to be in the studio because it's filled with keyboards here. He said he'd never really recorded with real instruments before — like harpsichords, vibes, tack pianos and stuff. So, he was like a kid in a candy shop. We hit it off and we had a lot of fun.' More from Spin: Peter Baumann's Old and New Dreams GIRLS IN WAITING Prince Royce: 'With Music, We Can Become One' The album's first single, 'The Night Before,' emerged as Carney, Auerbach and Tashian played drums, guitar and bass in a circle at Auerbach's Easy Eye Sound studio. 'It came together so quickly that we overlooked it,' said Auerbach. 'When we were playing the songs we had for people, it was the very last one we played to the record label. As soon as we played it, everyone unanimously said that should be the first single.' No Rain, No Flowers amounts to some positive fallout surrounding the release of 2024's Ohio Players and the abrupt cancelation of its supporting tour, during which Auerbach and Carney traded barbs with former manager Irving Azoff. 'We put a lot of time into [that] album, and then it came out and some bullshit happened and we had to pivot,' said Carney. 'Som we pivoted to where we feel most comfortable, which is back in the studio — make more music and just do it again.' The Black Keys will be on the road in North America beginning May 23 in Durant, Ok., and have dates on the books through Sept. 20 at Atlanta's Shaky Knees festival. 'The fact we didn't get to tour last year, we hated it,' Carney admitted. 'It sucks for us, sucks for the fans. Also, the circumstances were bullshit. But at the end of the day, we did get to make another album. And it's something that we're proud of, and that will be a document that will exist long after we're gone.' To see our running list of the top 100 greatest rock stars of all time, click here.
Yahoo
16-05-2025
- Business
- Yahoo
The White House has been obsessed with tariffs. Wall Street is wondering about Trump's tax cuts
As the US and China came to an agreement to lower tariffs sharply this week, trade war uncertainty has, for now, subsided. But Wall Street has a new question for President Donald Trump: What about tax cuts? Lawmakers this week are debating Trump's tax agenda, which includes extending the 2017 Tax Cuts and Jobs Act and adding potential tax cuts on tips, overtime pay and Social Security. That 'big, beautiful bill' could have, well, big implications for the economy — and for stocks and bonds. A lower tax burden could could mean more money for consumers, the engine of the economy, to splash out at stores, in addition to providing a boost to Wall Street. But Trump's tax cuts could also increase the deficit, and investors might demand higher interest rates to hold US debt. Alan Auerbach, a professor of economics at UC Berkeley, told CNN that he thinks investors could balk if the tax bill lowers taxes without cuts to government spending as well. 'I think there may still be some belief in markets that there's going to be large spending cuts, and I think when they find out there really aren't, that might have some impact,' he said. While many investors have been enthusiastic about potential tax cuts, concerns about the federal debt have also increased substantially since 2017, when Trump's first tax cuts were passed, Auerbach said. The ratio of federal debt to gross domestic product, or the total value of goods and services produced in the economy, was 123% in 2024, up from 104% in 2017, according to the Treasury Department. A higher debt-to-GDP ratio signals the government might have 'greater difficulty in repaying its debt,' according to Treasury Department. 'We're now talking about deficits and a national debt-to-GDP ratio that are really going to be unprecedented, except for recent recessionary times,' Auerbach said. While Trump is set on extending his tax cuts, there just aren't that many places in the federal budget to cut spending, he said. Volatility has settled this month as Trump walked back his most aggressive tariff policies. As the focus turns to tax cuts, which Republicans hope to sign into law this summer, investors will be keen to see whether the president's tax agenda provides a boost to markets or shakes confidence in US assets. Investors' ire (or joy) could come out in the bond market, Sam Stovall, chief investment strategist at CFRA Research, told CNN. 'I think we have to watch closely the bond market, because it will give us a signal as to whether it dislikes whatever Trump does with taxes,' Stovall said. Trump's tariff chaos spooked markets deeply last month, making investors nervous about US assets. As a result, the yield on the 10-year US Treasury note rose about 50 basis points the week ending April 11, according to analysts at JPMorgan Chase. That was the largest weekly increase since 2001, they said. US Treasuries have typically been considered a safe haven and the best kind of place to park your cash during tough times. But the ongoing worries about the deficit could keep Treasuries volatile, the JPMorgan Chase analysts wrote, or at least give investors pause about holding long-term US debt. A March report by the Committee for a Responsible Federal Budget said Trump's proposed tax cuts would add to the federal debt, which the report said is already on an unsustainable path. 'They (lawmakers) should not add further to the debt by enacting or extending tax cuts and spending without offsets,' the report said. 'Doing so could spark a debt spiral and impose significant costs on current and future generations.' For now, investors are largely waiting to see what happens, said Chip Hughey, managing director for fixed income at Truist Advisory Services. 'It is still too early to tell what the ultimate impact the final tax bill will have on the US Treasury market,' Hughey said. Republicans still have plenty to work out in the tax bill, Berkeley's Auerbach pointed out. Not all the proposed changes are likely to make it in. While Capitol Hill and Wall Street begin to think more about tax cuts, the worries about tariffs haven't entirely gone away, either. Tariff rates still remain substantially higher than before Trump took office, and investors are waiting for more economic data to see how American consumers are faring, Tom Hainlin, national investment strategist at US Bank Wealth Management Group, told CNN. More trade agreements could be coming, and the frameworks of the deals announced so far still need to be fleshed out, Hainlin said. 'I think perhaps going into the year, there was a hope that there would be more of a clearly defined sequence, and not this sort of parallel processing of all of these initiatives at once,' Hainlin said. The lack of a 'clearly defined sequence' means that, at least for now, the path for the US economy remains particularly unclear. 'Even with the trade deal with China and suspension of reciprocal tariffs against other trade partners, tariffs remain a substantial headwind for the US economy,' David Doyle, head of economics at Macquarie, said in a Tuesday note. 'While a positive development, the de-escalation does not mean that everything is 'all clear' on the trade war front.'
Yahoo
08-05-2025
- Business
- Yahoo
Puma Biotechnology Reports First Quarter Financial Results
LOS ANGELES, May 08, 2025--(BUSINESS WIRE)--Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, announced financial results for the first quarter ended March 31, 2025. Unless otherwise stated, all comparisons are for the first quarter of 2025 compared to the first quarter of 2024. Product revenue, net consists entirely of revenue from sales of NERLYNX®, Puma's first commercial product. Product revenue, net in the first quarter of 2025 was $43.1 million, compared to product revenue, net of $40.3 million in the first quarter of 2024. Based on accounting principles generally accepted in the United States (GAAP), Puma reported net income of $3.0 million, or $0.06 per basic and diluted share, for the first quarter of 2025, compared to net loss of $4.8 million, or $0.10 per basic and diluted share, for the first quarter of 2024. Non-GAAP adjusted net income was $5.0 million, or $0.10 per basic and diluted share, for the first quarter of 2025, compared to non-GAAP adjusted net loss of $2.4 million, or $0.05 per basic share and diluted share, for the first quarter of 2024. Non-GAAP adjusted net income (loss) excludes stock-based compensation expense. For a reconciliation of GAAP net income (loss) to non-GAAP adjusted net income (loss) and GAAP net income (loss) per share to non-GAAP adjusted net income (loss) per share, please see the financial tables at the end of this news release. Net cash provided by operating activities for the first quarter of 2025 was $3.6 million, compared to $11.3 million provided by operating activities in the first quarter of 2024. At March 31, 2025, Puma had cash, cash equivalents and marketable securities of $93.2 million, compared to cash, cash equivalents and marketable securities of $101.0 million at December 31, 2024. "We are pleased to report better than expected net income for the first quarter of 2025," said Alan H. Auerbach, Chairman, Chief Executive Officer, and President of Puma. "We recently presented new clinical data on neratinib at the American Association for Cancer Research (AACR) Annual Meeting 2025 and we look forward to important updates from our ongoing alisertib clinical studies later this year." Mr. Auerbach added, "We anticipate the following key milestones over the next 12 months: (i) presentation of interim data from ALISCA™-Breast1, a Phase II trial of alisertib in combination with endocrine treatment in patients with chemotherapy-naïve HER2-negative, hormone receptor-positive metastatic breast cancer (H2 2025); and (ii) presentation of additional interim data from the ALI-4201/ALISCA™-Lung1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive stage small cell lung cancer (H2 2025)." Revenue Total revenue consists of product revenue, net from sales of NERLYNX and royalty revenue. For the first quarter ended March 31, 2025, total revenue was $46.0 million, of which $43.1 million was net product revenue and $2.9 million was royalty revenue. This compares to total revenue of $43.8 million in the first quarter of 2024, of which $40.3 million was net product revenue and $3.5 million was royalty revenue. Operating Costs and Expenses Total operating costs and expenses were $42.0 million for the first quarter of 2025, compared to $46.1 million for the first quarter of 2024. Cost of Sales Cost of sales was $10.6 million for the first quarter of 2025, virtually unchanged from $10.7 million for the first quarter of 2024. Selling, General and Administrative Expenses Selling, general and administrative expenses were $17.6 million for the first quarter of 2025, compared to $21.8 million for the first quarter of 2024. The $4.2 million decrease resulted primarily from a decrease of $3.6 million in professional fees and expenses, primarily legal fees; a decrease of $0.2 million in payroll and related costs; and a decrease of $0.2 million in stock-based compensation. Research and Development Expenses Research and development expenses were $13.8 million for the first quarter of 2025, compared to $13.6 million for the first quarter of 2024. The $0.2 million increase resulted primarily from increases of $0.2 million in clinical trial expenses; and $0.2 million in consultants and contractors; partially offset by a decrease of $0.1 million in stock-based compensation. Total Other Income (Expenses) Total other expenses were $0.7 million for the first quarter of 2025, compared to total other expenses of $2.3 million for the first quarter of 2024. The $1.6 million decrease resulted primarily from a lower debt balance, which reflects principal payments of approximately $11.1 million per quarter. Second Quarter and Full Year 2025 Financial Outlook Second Quarter 2025 Full Year 2025 (current) Full Year 2025 (previous) Net Product Revenue $48–$50 million $192–$198 million $192–$198 million Royalty Revenue $2–$3 million $20–$24 million $20–$24 million License Revenue $0 million $0 million $0 million Net Income/(Loss)* $4–$6 million $23–$28 million $23–$28 million Gross to Net Adjustment 20%–21.5% 20.5%–21.5% 20.5%–21.5% *The outlook above does not include any adjustments for tax valuation allowance. Conference Call Puma Biotechnology will host a conference call to report its first quarter 2025 financial results and provide an update on the Company's business and outlook at 1:30 p.m. PT/4:30 p.m. ET on Thursday, May 8, 2025. The call may be accessed by dialing 1-877-709-8150 (domestic) or 1-201-689-8354 (international). Please dial in at least 10 minutes in advance and inform the operator that you would like to join the "Puma Biotechnology Conference Call." A live webcast of the conference call and presentation slides may be accessed on the Investors section of the Puma Biotechnology website at A replay of the call will be available shortly after completion of the call and will be archived on Puma's website for 90 days. About Puma Biotechnology Puma Biotechnology, Inc. is a biopharmaceutical company with a focus on the development and commercialization of innovative products to enhance cancer care. Puma in-licensed the global development and commercialization rights to PB272 (neratinib, oral) in 2011. Neratinib, oral was approved by the U.S. Food and Drug Administration in 2017 for the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer, following adjuvant trastuzumab-based therapy, and is marketed in the United States as NERLYNX® (neratinib) tablets. In February 2020, NERLYNX was also approved by the FDA in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. NERLYNX was granted marketing authorization by the European Commission in 2018 for the extended adjuvant treatment of adult patients with early stage hormone receptor-positive HER2-overexpressed/amplified breast cancer and who are less than one year from completion of prior adjuvant trastuzumab-based therapy. NERLYNX® is a registered trademark of Puma Biotechnology, Inc. In September 2022, Puma entered into an exclusive license agreement for the development and commercialization of the anti-cancer drug alisertib, a selective, small molecule, orally administered inhibitor of aurora kinase A. Initially, Puma intends to focus the development of alisertib on the treatment of small cell lung cancer and breast cancer. In February 2024, Puma initiated ALISCA™-Lung1, a Phase II clinical trial of alisertib monotherapy for the treatment of patients with extensive-stage small cell lung cancer. In November 2024, Puma initiated ALISCA™-Breast1, a Phase II clinical trial of alisertib in combination with endocrine therapy for the treatment of patients with HER2-negative, HR-positive metastatic breast cancer. To help ensure patients have access to NERLYNX, Puma has implemented the Puma Patient Lynx support program to assist patients and healthcare providers with reimbursement support and referrals to resources that can help with financial assistance. More information on the Puma Patient Lynx program can be found at or by calling 1-855-816-5421. Further information about Puma Biotechnology may be found at INDICATIONS NERLYNX® (neratinib) tablets, for oral use, is a kinase inhibitor indicated: As a single agent, for the extended adjuvant treatment of adult patients with early stage HER2-positive breast cancer, to follow adjuvant trastuzumab-based therapy. In combination with capecitabine, for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer, who have received two or more prior anti-HER2 based regimens in the metastatic setting. Important Safety Information Regarding NERLYNX® (neratinib) U.S. Indication CONTRAINDICATIONS: None WARNINGS AND PRECAUTIONS: Diarrhea: Manage diarrhea through either NERLYNX dose escalation or loperamide prophylaxis. If diarrhea occurs despite recommended prophylaxis, treat with additional antidiarrheals, fluids, and electrolytes as clinically indicated. Withhold NERLYNX in patients experiencing severe and/or persistent diarrhea. Permanently discontinue NERLYNX in patients experiencing Grade 4 diarrhea or Grade ≥ 2 diarrhea that occurs after maximal dose reduction. Hepatotoxicity: Monitor liver function tests monthly for the first 3 months of treatment, then every 3 months while on treatment and as clinically indicated. Withhold NERLYNX in patients experiencing Grade 3 liver abnormalities and permanently discontinue NERLYNX in patients experiencing Grade 4 liver abnormalities. Embryo-Fetal Toxicity: NERLYNX can cause fetal harm. Advise patients of potential risk to a fetus and to use effective contraception. ADVERSE REACTIONS: The most common adverse reactions (reported in ≥ 5% of patients) were: NERLYNX as a single agent: diarrhea, nausea, abdominal pain, fatigue, vomiting, rash, stomatitis, decreased appetite, muscle spasms, dyspepsia, AST or ALT increased, nail disorder, dry skin, abdominal distention, epistaxis, weight decreased, and urinary tract infection. NERLYNX in combination with capecitabine: diarrhea, nausea, vomiting, decreased appetite, constipation, fatigue/asthenia, weight decreased, dizziness, back pain, arthralgia, urinary tract infection, upper respiratory tract infection, abdominal distention, renal impairment, and muscle spasms. To report SUSPECTED ADVERSE REACTIONS, contact Puma Biotechnology, Inc. at 1-844-NERLYNX (1-844-637-5969) or FDA at 1-800-332-1088 or DRUG INTERACTIONS: Gastric acid reducing agents: Avoid concomitant use with proton pump inhibitors. Separate NERLYNX by at least 2 hours before or 10 hours after H2-receptor antagonists. Or separate NERLYNX by at least 3 hours after antacids. Strong CYP3A4 inhibitors: Avoid concomitant use. P-gp and moderate CYP3A4 dual inhibitors: Avoid concomitant use. Strong or moderate CYP3A4 inducers: Avoid concomitant use. Certain P-gp substrates: Monitor for adverse reactions of P-gp substrates for which minimal concentration change may lead to serious adverse reactions when used concomitantly with NERLYNX. USE IN SPECIFIC POPULATIONS: Lactation: Advise women not to breastfeed. Please see Full Prescribing Information for additional safety information. Forward-Looking Statements This press release contains forward-looking statements, including statements regarding Puma's anticipated milestones and estimates of future financial results for the second quarter and full year 2025. All forward-looking statements involve risks and uncertainties that could cause Puma's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, which include, but are not limited to, any adverse impact on Puma's business or the global economy and financial markets, any changes in Puma's product candidates' regulatory approvals, results from Puma's clinical trials, any litigation involving Puma, any changes to Puma's in-licensed intellectual property and the risk factors disclosed in the periodic and current reports filed by Puma with the Securities and Exchange Commission from time to time, including Puma's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Puma assumes no obligation to update these forward-looking statements, except as required by law. PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (in millions except share and per share data) Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) Revenues: Product revenue, net $ 43.1 $ 40.3 Royalty revenue 2.9 3.5 Total revenue 46.0 43.8 Operating costs and expenses: Cost of sales 10.6 10.7 Selling, general and administrative 17.6 21.8 Research and development 13.8 13.6 Total operating costs and expenses 42.0 46.1 Income (loss) from operations 4.0 (2.3 ) Other income (expenses): Interest income 1.1 1.0 Interest expense (2.2 ) (3.4 ) Other income 0.4 0.1 Total other expenses, net (0.7 ) (2.3 ) Net income (loss) before income taxes 3.3 (4.6 ) Income tax expense (0.3 ) (0.2 ) Net income (loss) $ 3.0 $ (4.8 ) Net income (loss) per share of common stock—basic $ 0.06 $ (0.10 ) Net income (loss) per share of common stock—diluted $ 0.06 $ (0.10 ) Weighted-average shares of common stock outstanding—basic 49,595,697 48,189,256 Weighted-average shares of common stock outstanding—diluted 49,906,341 48,189,256 PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY LIQUIDITY AND CAPITAL RESOURCES (in millions) March 31, December 31, 2025 2024 (Unaudited) Cash and cash equivalents $ 63.0 $ 69.2 Marketable securities 30.1 31.7 Working capital 45.8 51.5 Short term debt 45.3 45.3 Long term debt 10.6 21.7 Stockholders' equity 97.1 92.1 Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 (Unaudited) (Unaudited) Cash provided by (used in): Operating activities $ 3.6 $ 11.3 Investing activities 1.5 (19.1 ) Financing activities (11.3 ) — Net decrease in cash, cash equivalents and restricted cash $ (6.2 ) $ (7.8 ) Use of Non-GAAP Measures In addition to operating results as calculated in accordance with GAAP, Puma uses certain non-GAAP financial measures when planning, monitoring, and evaluating operational performance. The following table presents Puma's net income (loss) and net income (loss) per share calculated in accordance with GAAP and as adjusted to remove the impact of stock-based compensation expense. For the three months ended March 31, 2025 and 2024, stock-based compensation represented approximately 6.4% and 6.7% of operating expenses, respectively, in each case excluding cost of sales and acquired in-process research and development. Puma's management believes that these non-GAAP financial measures are useful to enhance understanding of Puma's financial performance, are more indicative of its operational performance, and facilitate a better comparison among fiscal periods. These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP reporting measures. PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) and GAAP Net Income (Loss) Per Share to Non-GAAP Adjusted Net Income (Loss) Per Share (in millions except share and per share data) (Unaudited) Three Months Ended March 31, 2025 2024 GAAP net income (loss) $ 3.0 $ (4.8 ) Adjustments: Stock-based compensation - Selling, general and administrative (1) 1.2 1.5 Research and development (2) 0.8 0.9 Non-GAAP adjusted net income (loss) $ 5.0 $ (2.4 ) GAAP net income (loss) per share—basic $ 0.06 $ (0.10 ) Adjustment to net income (loss) (as detailed above) 0.04 0.05 Non-GAAP adjusted basic net income (loss) per share $ 0.10 (3) $ (0.05 ) (3) GAAP net income (loss) per share—diluted $ 0.06 $ (0.10 ) Adjustment to net income (loss) (as detailed above) 0.04 0.05 Non-GAAP adjusted diluted net income (loss) per share $ 0.10 (4) $ (0.05 ) (5) (1) To reflect a non-cash charge to operating expense for selling, general, and administrative stock-based compensation. (2) To reflect a non-cash charge to operating expense for research and development stock-based compensation. (3) Non-GAAP adjusted basic net income (loss) per share was calculated based on 49,595,697 and 48,189,256 weighted-average shares of common stock outstanding for the three months ended March 31, 2025 and 2024, respectively. (4) Non-GAAP adjusted diluted net income per share was calculated based on 49,906,341 weighted-average shares of common stock outstanding for the three months ended March 31, 2025. (5) Potentially dilutive common stock equivalents were not included in this non-GAAP adjusted diluted net loss per share for the three months ended March 31, 2024, as these shares would be considered anti-dilutive. View source version on Contacts Alan H. Auerbach or Mariann Ohanesian, Puma Biotechnology, Inc., +1 424 248 6500info@ ir@ David Schull or Olipriya Das, Russo Partners, +1 212 845 Sign in to access your portfolio
The Guardian
06-05-2025
- The Guardian
Taylor Auerbach motivated by ‘hate' of former Seven colleague when he leaked texts about Lehrmann, network alleges
Former Spotlight producer Taylor Auerbach was motivated by 'hate' for a former colleague when he leaked details about the Seven Network's dealings with Bruce Lehrmann to the press, Seven has alleged in court documents. The claim forms part of Seven's defence of a lawsuit brought by Auerbach, its former employee, in March. The journalist, who was a late witness in the Lehrmann defamation trial in March 2024, claims the network's public statements about him outside the court last year led to him being vilified and shunned. Auerbach alleged Seven executives spoke to a journalist and provided statements to News Corp and ABC's Media Watch which disparaged him. After leaving Spotlight in 2023 and signing a non-disclosure agreement, Auerbach was employed by Sky News Australia as an investigations producer. But he lost his job at Sky when – after the Lehrmann defamation trial initially wrapped – News Corp published text messages between a Seven employee and a Thai massage parlour about the use of a Seven credit card. In its defence to Auerbach's lawsuit, Seven agreed that it entered into a confidential deed of settlement and release with Auerbach, but countered that he had breached his 'own obligation not to disparage Seven' in communications with the media. Sign up to get Guardian Australia's weekly media diary as a free newsletter Seven said Auerbach worked with a more senior producer, Steve Jackson, at Spotlight but that they had a falling out, and Auerbach had by March 2024 'come to hate' him and was 'backgrounding journalists against Jackson' about a 2019 incident. In a cross-claim filed in the federal court in late April, the network included contextual imputations – other statements that may cast potentially defamatory material as insignificant – alleging Auerbach had behaved unethically when he took a photograph of a 'partly naked' vulnerable woman sitting next to Jackson in December 2019. At the time, the cross-claim detailed, Jackson was a journalist at the Australian, and conducting an interview with the woman. 'During the course of the interview, photographs were taken of the woman by Auerbach whilst she was (at least) partly naked. In at least one of the photographs the woman appeared with her breasts exposed sitting next to Mr Jackson,' Seven alleged. 'Auerbach observed the woman to be behaving erratically and he knew she was in a vulnerable state and fragile and volatile. Even if the woman consented to the taking of the photographs, the act of taking them in these circumstances was intrusive, exploitative and unethical.' Seven alleged Auerbach 'began to circulate one or more of the photographs' among journalists in March 2024, when Jackson took up a role as chief media adviser to the NSW police commissioner, Karen Webb. The network claimed Auerbach was 'enraged' by the appointment. Auerbach circulated the photographs, Seven said, 'without the woman's consent and in order to harm Mr Jackson's reputation and increase pressure on the Commissioner of Police to rescind the appointment'. The network also alleged in its cross-claim that Auberbach provided text messages to which contained 'confidential information relating to Seven's business, organisation or affairs' and that he disparaged both Seven and its former employee Jackson. In his defence to the cross-claim, Auerbach said he did speak to Daily Telegraph journalists about his relationship to Jackson, but only to defend himself. He said the Daily Telegraph put to him that he and Jackson had a falling out over the Lehrmann Spotlight interview, and that when Jackson was preparing an article for The Australian he had 'engaged in a threesome with the woman' and 'had consumed illicit drugs with the woman'. Auerbach said in his defence that he told the Daily Telegraph the claims about drugs and a threesome were untrue and that he believed Jackson was the source of those claims. Auerbach, who worked at Seven for nearly five years, said in his defence that he was instrumental in securing the network's interview with Lehrmann, including purchasing $1,000 in services from a Thai masseuse for Lehrmann on the Seven's credit card. In his 2025 statement of claim against Seven, Auerbach said he began discussions with Lehrmann in October 2022 on behalf of Seven 'with a view to Mr Lehrmann providing interviews and materials to Seven in exchange for payments'. Auerbach said in the statement he was sent to Tasmania to play golf with Lehrmann and was 'instructed to use the same credit card to purchase golf equipment for Mr Lehrmann and the expensive course fees at championship course Barnbougle'. According to Auerbach he was 'instructed to continue to use the credit card to purchase lavish dinners for Mr Lehrmann and purchase luxury accommodation stays for him over the course of the succeeding months'.
