BioTime (AMEX: BTX) Q4/10 Results
Total revenue (including royalties from product sales and other revenue, revenue recognition of deferred license fees and grant income) was $1.4M. License fees were $88.2K; royalties were $201.6K and grant income logged in at $1.13M. The increase in revenue is primarily attributable to receipt of the QTPD grant and sales of research products. R&D expenses were $3.5M increasing 230% year-over-year in Q4/10 due to increased investment in R&D relating to candidate stem cell therapeutic products. G&A logged in at $1.7M. There was an $899.7K foreign currency gain. There was also a net profit of $753K gain from non-controlling interest attributing a comprehensive net loss of $2.07M. Total expense was $5.17M with the loss from operations at $3.72M based on weighted average basic and diluted common shares of 46.9M.
- Cash and cash equivalents totaled $33.3M as of 12/31/10
For FY10, total revenue (including royalties from product sales and other revenue, revenue recognition of deferred license fees and grant income) was $3.7M, up 91% from $1.9M in 2009. The increase in revenue is primarily attributable to receipt of $1.6M of $4.7M research grant from CIRM, the recognition of the $733K grant awarded to us under the QTDP, and a $106K increase in the sale of research products offset by a slight decrease in royalties from the sale of Hextend®, BTX’s proprietary physiologically balanced blood plasma volume expander used in surgery and trauma care. Total expense for FY10 was $13.5M, compared to $5.4M for FY09. Increased total expense in 2010 over 2009 primarily reflects the greater amount of grant-funded research and development work during 2010 compared to 2009, as well as additional R&D expense incurred by new subsidiaries acquired or launched during 2010. Net loss attributable for FY10 was $11.2M or $0.28 per share, compared to a net loss of $5.1M or $0.18 per share for FY09. Net cash used in operating activities was $7.7M for FY10 compared to $4.3M for FY09.
- BTX was trading down $0.21 (2.65%) to $7.72 at 11:10 am EST on 3/15/11.