Revenue for the three months ended March 31, 2019 was $5 million, as compared to $0.9 million for the same period in the prior year. The increase of $4.1 million is due to the $5.0 million up front payment related to the Technology Transfer and License Agreement with Genentech, Inc. recognized in the first quarter of 2019, which was not present in the first quarter of 2018.
Research and development expenses for the three months ended March 31, 2019 were $16.1 million, as compared to $8.4 million for the same period in the prior year. The increase was primarily due to an increase in clinical-related activities.
General and administrative expenses for the first quarter of 2019 were $3.9 million, as compared to $3.8 million for the same period in the prior year. The increase in general and administrative expenses in these periods was due primarily to an increase in professional fees, partially offset by a decrease in employee-related expenses.
Cash, cash equivalents and short-term investments totaled $105.3 million as of March 31, 2019, compared to $118.4 million as of December 31, 2018. We believe that our existing cash, cash equivalents and short-term investments are sufficient to fund our operations into 2021, allowing us to complete our Phase 2 studies and initiate key activities to support our Phase 3 program.
About Proteostasis Therapeutics, Inc.
Proteostasis Therapeutics, Inc. is a clinical stage biopharmaceutical company developing small molecule therapeutics to treat cystic fibrosis and other diseases caused by dysfunctional protein processing. Headquartered in Boston, MA, the Proteostasis Therapeutics team focuses on identifying therapies that restore protein function. For more information, visitwww.proteostasis.com.
Safe Harbor
To the extent that statements in this release are not historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “aim,” “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements made in this release include, without limitation, statements regarding the sufficiency of the cash and cash resources to fund the Company’s operating plans, expenses and capital expenditure requirements, the further development of the Company’s programs, the potential of our proprietary combination therapies for the treatment of CF, the potential benefit to patients of our proprietary combination therapies, expected presentations and expected timing of the initiation of, patient enrollment in, data from, and the completion of, our clinical studies and cohorts for our clinical programs. Forward-looking statements made in this release involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, and we, therefore cannot assure you that our plans, intentions, expectations or strategies will be attained or achieved. Such risks and uncertainties include, without limitation, our ability to fund our operations and planned clinical trials, the possibility final or future results from our drug candidate trials (including, without
