Athersys (ATHX) Q3/11 and 9 Month Results
The net loss for Q3/11 was $2.3M or $0.10 per share as compared with a net loss of $3.7M or $0.19 per share for Q3/10.
Revenues for Q3/11 increased to $2.4M as compared to $2M in Q3/10. Contract revenue increased $0.5M for this period primarily as a result of the impact of the partnership with RTI Biologics to develop a stem cell-based bone allograft product for the orthopedic field. R&D expenses remained level at $4.3M for Q3/11 and 2010. Clinical and preclinical development costs decreased from period to period, primarily as a result of less clinical and manufacturing costs associated with MultiStem clinical trials, while patent legal fees, personnel costs and other research expenses increased. G&A expenses decreased to $1.1M for Q3/11 as compared to $1.3M in Q3/10, due primarily to a decrease in legal and professional fees, personnel costs, and stock-based compensation expense during this period. Other income of $0.8M was recorded from a decrease in the warrant liability related to 2/11 registered direct offering. Weighted average shares outstanding (basic and diluted) were 23.5M.
- At 9/30/11, ATHX had $16.5M in cash, cash equivalents and available-for-sale securities.
For the 9 months of 2011: Total revenue was $7.779M, R&D expenses were $13.36M, G&A expenses were $3.72M, depreciation was $202K for total cost and expenses of $17.28M. Loss from operations was $9.5M and the net loss was $9.49M or $0.41 per share. ATHX used net cash of $10M in operating activities compared to $8M in the same 2010 period. Weighted average shares outstanding (basic and diluted) were 22.96M.