A net loss of $4.3M or $0.09
Net loss attributable to BioTime (BTX) for Q2/11 was $4.3M or $0.09 per share, compared to a net loss of $2.3M or $0.06 per share for Q2/10.
For Q2/11, total revenue (including royalties from product sales ($177.2K) and sale of research products ($94.7K), revenue recognition of deferred license fees ($41.3K) and grant income ($442.2K) was $756K, up 11% from $680K for Q2/10. The increase in revenue year-over-year in Q2/11 is primarily attributable to a significant increase in research product sales and an increase in grant income.
The increase in Q2/11 revenue was offset, by a decrease in royalties from the sale of Hextend®, BTX’s blood plasma expander product, and license fees related to Hextend and other plasma expander products under development. R&D expense logged in at $3.285M while G&A expense was $2.45M. Total expense for Q2/11 was $5.7M, compared to an expense of $3.0M for Q2/10. In Q2/11, R&D and G&A expenses increased year-over-year primarily due to the acquisition of ES Cell International Pte. Ltd. and a majority interest in Cell Cure Neurosciences Ltd. during 2010 and increased investment in R&D related to stem cell therapeutic products by other BTX subsidiaries. BTX’s subsidiaries have been funded in part by equity investments from the minority shareholders of those subsidiaries.
Total income/expense net was $19M. Net loss for no-controlling interests was $722K and foreign currency loss was $928K. During Q2/11, BTX received, respectively, total cash of $138K exercise of stock options and stock purchase warrants. BTX also received $214K from the issuance of shares of common stock by its subsidiary ReCyte Therapeutics, Inc. Thus the comprehensive net loss was $5.2M. Weighted average of basic and diluted shares used in computing was 48.835M. Net cash used in operating activities was $6.4M for Q2/11 compared to $3M for Q2/10 reflecting the growth of BTX and the R&D programs of its subsidiaries.
Guidance: BTX expects to put considerable effort into marketing (products) to the research and scientific community as they lay the groundwork for becoming a leading provider of products designed to transition from research to clinic use.
- Cash and cash equivalents totaled $27.4M as of 6/30/11.