Q3/10 Results, Opexa Therapeutics (OPXA)
OPXA reported no Q3/10 revenues. R&D expenses were $625,282 primarily related to an increase in personnel, an increase in professional service fees and the initiation of key experiments which was partially offset by a decrease in stock compensation expense. G&A expenses were $626,697 due to a decrease in bonus compensation expense as well as a decrease in professional service fees, partially offset by an increase in executive and stock compensation costs.
- Cash and cash equivalents were $4.7M as of 9/30/10;
- Was awarded $244K in the QTDP Program to advance the development of its lead product, Tovaxin(R) for MS;
- Monthly burn rate for FY10 through Q3/10 was approximately $380K;
- OPXA believes has sufficient capital to support operations through 2011, but will need to raise additional capital to support operations.
OPXA had a net loss for the 9 months ended 9/30/10 of $4.53M, or ($0.27) per share. For the 9 month period, OPXA reported net income of $2.22M, or $0.18 basic income per share and $0.14 diluted income per share, and a net loss of $0.28M, or ($0.02) per share, relating to the gain on technology sale and initial technology transfer fee milestone recorded in Q3/09. R&D expenses were $2.2M for the 9 months period compared with Q3/09’s $1.65 for the 9 month period ending 9/30/09. G&A expenses for the 9 month period were $1.7M compared with $1,473,639 for 9 months ended 9/30/09. The increase in expenses for the 9 months ended 9/30/09 compared to the 9 months ended 9/30/10 was due to an increase in professional service fees as well as an increase in executive compensation costs but was partially offset by a decrease in stock and bonus compensation expense.