Q3/10 Results, Biotime (AMEX: BTX)
Total revenue was $815K (including royalty income, revenue recognition of deferred license fees, grant income and sale of research products). R&D expenses were $1.8M and G&A clocked in at $1.5M with a loss from operations of $2.46M. The loss takes into account a non-recurring, non-cash charge of $2.14M of financing expenses related to raising capital through BTX stock purchase warrants.
- Cash and cash equivalents totaled $25.4M;
- $733K in grants from the QTDP;
- $4.7M grant from the California Institute of Regenerative in quarterly installments during the 3 quarters of FY10.
For the 9 months ended 9/30/10, total revenue was $2.26M, up 92% from $1.2M for the same period 1 year ago. These increases in revenue are primarily attributable to receipt of $1.18M. Net loss from operations was $6.1M for the 9 months ended 9/30/10, compared to $2.93M and $5.25M for the 3 and 9 months ended 9/30/09. Increases in net loss from operations during 2010 reflect increases in R&D as BTX continues to expand stem cell research programs and also reflect increases in other operating expenses. Net cash used in operating activities was $4.9M for the 9 months ended 9/30/10 and $3.4M for the 9 months ended 9/30/09. Taking into account a non-recurring, non-cash charge of $2.14M of financing expenses related to raising capital through BTX stock purchase warrants the net loss compared to a net loss of $3.6M or ($0.11) per share for Q3/09 and net loss for the 9 months ended 9/30/10 of $8.2M, compared to a net loss of approximately $6.6M for the 9 months ended 9/30/09.