Q2/10 Results, BioTime (Amex: BTIM)
Net loss for Q2/10 was $2.3 M or $0.06 per share on weighted average outstanding of 37.6 M common shares.
For Q2/10, total revenue was $680,278. For Q2/10, BTIM recognized $215,293 in royalty revenue from the sale of Hextend, license fees of $58,216, grant income of $395,095 and other revenues of $11,674. The decrease in royalties is primarily attributable to a decrease in sales to the US Armed Forces by Hospira. R&D expenses were $1.43 M and G&A expenses were $1.56 M with a loss from quarterly operations of $2.13 M.
For the six months ended 6/30/10, total revenue (including royalty income, revenue recognition of deferred license fees, and grant income) was $1,447,406, up 99%. These increases in revenue are primarily attributable to receipt of a $395,096 quarterly installment of $4.7 M research grant from the California Institute of Regenerative Medicine in Q1 and Q2/10. Net loss for the 6 months ended 6/30/10 was approximately $3.5 M. Increases in net loss in FY10 reflect increases in R&D as BTIM expands its stem cell research program and increases in operating expenses.
During the six months ended 6/30/10, BTIM received $9,041,403 in net cash from financing activities, including $150,422 received in connection with the exercises of 90,702 options and $8,890,981 received in connection with the exercises of 4,838,942 warrants. Cash and cash equivalents totaled $18.1 M as of 6/30/10
Q2/10 and FY10 Highlights:
- Increasing revenue from the sale of stem cell research products,
- Ramping up first programs for the development of stem cell therapeutic products through subsidiaries OncoCyte Corporation and OrthoCyte Corporation,
- Pursuing development and marketing opportunities through ES Cell International Pte Ltd, a Singapore stem cell company that acquired during Q2/10,
- BTIM is now offering 36 novel stem cell lines through its subsidiary Embryome Sciences and plans to introduce 62 additional cell lines and associated media, matrices and conditioned media for a total of 299 research products marketed during the 2nd half of the year,
- Expanding work with induced pluripotent stem cell or “iPS” technology.
