Stem Cells Inc. (STEMD) reported a net loss of $4M or $(0.29) per share, compared with a net loss of $4.6M or $(0.38) per share, for Q2/10. Loss from operations in Q2/11 was $7.09M, which was relatively flat when compared with the $7.051M loss from operations inQ2/10.
Q2/11 total revenue was $234K compared with $244K in Q2/10. Revenue from product sales was $185K, which was a 153% increase compared with Q2/10. This growth was driven by both increased unit volumes and new products in the SC Proven media and reagents business. Revenue from licensing agreements and grants was $49K, which was a 71% decrease compared with the previous year primarily due to the completion and termination of several projects funded by grants.
Total operating expenses in Q2/11 were $7.272M, compared with $7.271M in Q2/10. Operating expenses include $260K for severance and other expenses related to the reduction-in-force effected in May. In Q2/11 SG&A expenses of $2.103M were 8% lower compared with Q2/10. R&D expenses of $5.054M were 4% higher in Q2/11compared with Q2/10 as STEMD continued to prioritize its product development efforts.
Other income was $3.055M compared with $2.441M in Q2/10. This increase was primarily due to a decrease in the estimated fair value of warrant liability. For the 6 month period ended 6/30/11, net cash used in operating activities was $13.131M, which was 4% lower than the same period in 2010.
- Cash, cash equivalents and marketable securities at 6/30/11 totaled $15.657M compared with $19.899M at 12/31/10.
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