Neuralstem (AMEX: CUR) FY10 Results
Revenue (grant) was $733K versus no revenues in FY09. FY10 R&D expenses were $9.16M versus $2.3M in FY09. G&A expenses were $6.62M versus FY09’s $5M. . The increase of $1.6M from 2009 to 2010 was primarily attributable to rising legal costs and an increase in non-cash stock based compensation expense. The largest factor influencing the expense in 2010 was a net increase in the fair value of warrants accounted for as derivatives due to share price increase, offset by somewhat higher cash balances and low short term interest rates affecting interest income. FY10 total operating loss was $15.18M. The increase of $3.8M from 2009 to 2010 was primarily attributable to the costs in 2010 of beginning clinical trials for ALS; completing the application to the FDA to begin clinical trials on small molecule compound NS-189 for depression and stem cells for chronic spinal cord injury and the development of proof of principle for new applications for stem cells. Non-operating expense for 2010 was $3.2M, compared with non-operating income of $102K in 2009. Interest income was $59K and interest expense was $2.6K. Warrant issuance and modification expense logged in at $1.9M with a loss in fair value adjustment to warrant obligations amounted to $1.35M. Net cash used in operating activities increased to $9.98M in 2010 from $5.14M in FY09. The loss was based on weighted average of basic and diluted shares of 43.46M.
- As of 12/31/10, cash and cash equivalents were $9.2M