Tengion (TNGN) Q3/11 and 9 Month Results
A Q3/11 adjusted net loss of $5.1M or $0.21 per share
For Q3/11, TNGN reported an adjusted net loss of $5.1M, or $0.21 per basic and diluted common share, compared with an adjusted net loss of $6.7M, or $0.54 per basic and diluted common share, for Q3/10.
R&D expenses were $2.837M while G&A were $1.383M; depreciation was $718K, and other expenses was $26K for a total operating expenses of $4.964M. The decreased adjusted net loss for the 2011 period was primarily due to a decrease in R&D expense of $0.7M primarily due to a decrease in compensation related expenses due to lower headcount and a decrease in depreciation expense of $0.5M due a change in the estimated useful life of leasehold improvements associated with laboratory space in Winston-Salem, North Carolina. The adjusted net loss per basic and diluted common share for Q3/11was significantly affected by the issuance of common stock in connection with the equity financing completed in 3/11. Weighted average common stock outstanding (basic and diluted) were 23.848M.
- As of 9/30/11, TNGN held $20.3M in cash, cash equivalents, and short-term investments.
For the 9 months ended 9/30/11: TNGN reported an adjusted net loss of $18.2M, or $0.87 per basic and diluted common share, compared with an adjusted net loss of $19.7M, or $2.42 per basic and diluted common share, for the same period in 2010. The decreased adjusted net loss for the 2011 period was primarily due to a decrease in interest expense of $1M due to lower average debt facility balances outstanding in 2011 and a decrease in depreciation expense of $0.5M due a change in the estimated useful life of our leasehold improvements associated with laboratory space inWinston-Salem,North Carolina . In 5/11, TNGN exercised a 5 year renewal option under its lease for the laboratory space. The amended lease extends the lease term to 10/16. The adjusted net loss per basic and diluted common share was significantly affected by the issuance of common stock in connection with equity financings completed in 4/10 and 3/11.
