Scimitar Equity Blog

CUR reported a net loss of $3.9M or ($0.09) per share. 

CUR had no revenue in Q3/10. Operating expenses were $3.9M with a non-operating expense ($6.6K) contributing to overall net loss. R&D expense were $2.11M due to increased research spending related to initiating  clinical trials and the costs of completing preclinical trial studies for new indications. G&A clocked in at $1.769M increased because of rising legal costs and an increase in non-cash stock based compensation expense.

• CUR was awarded 3 QTDP grants, totaling $733,438 payable in Q4/10; 
• Cash, cash equivalents and short-term marketable securities at 9/30/10 totaled approximately $11.6M; 
• CUR has also begun the process of forming a wholly owned subsidiary in the People’s Republic of China (PRC) anticipating the formation will be complete during Q4/10.This subsidiary will primarily conduct research with regard to stem cells.

Q3/10 compared with a net loss of $5.1 million, or $0.15 per share for Q3/09. The change from 2009 to 2010 was primarily due to increased research spending related to the clinical trials which began in1/10, and to the costs of completing preclinical trial studies for new indications, offset by non-cash gains related to our warrant accounting. Net loss attributable to common stockholders for the 1^st 9 months of 2010 was $15,648,540, or $0.37 per share, compared with $7.4M, or $0.22 per share, for the comparable period in 2009. The increase was primarily attributable to increases in R&D and legal fees, and non cash stock-based compensation expense, and non-cash expenses related to warrant accounting. For the 9 months ended 9/30/10, cash used in operating activities totaled $7.2M, an increase of $3.6M or 100% compared to the same period in the prior year primarily attributable to  increased research spending related to the beginning the clinical trials, the costs of completing preclinical trial studies for new indications and increased legal fees.