Athersys Q2 Loss Is Slight Improvement Over Previous Year

| About: Athersys, Inc. (ATHX)
A net loss of $3.22M or $0.14 per share
For Q2/11, Athersys (NASDAQ:ATHX) reported a net loss of $3.2M, or $0.14 per basic and diluted common share, compared with a net loss of $3.07M, or $0.16 per share for Q2/10.
Revenue was $2.4M (grant revenue was $295K) primarily related to increased contract revenues from collaborations. Revenues increased to $2.4M for Q2/11 from $1.9M in Q2/10. For Q2/11, R&D expense was $4.44M.
The increase of $1M related primarily to an increase in clinical and preclinical development costs and, to a lesser extent, increases in personnel costs, other R&D costs, sponsored research costs and patent legal fees. These increases were partially offset by a decrease in stock-based compensation expense for the period. G&A logged in at $1.39M from $1.5M in Q2/10 and depreciation was $67K.
Total costs were $5.9M with the loss from operations logging in at $3.46M. Interest income was $33K and other income (expense) was $212K. Net loss for Q2/11 increased to $3.2M from a net loss of $3.1M for Q2/10 due to the increase in research and development, partially offset by the increases in revenues and other income in the 2011 period. Weighted average of outstanding basic and diluted shares was 23.5M shares.
For the 6 months ended 6/30/11: ATHX reported a net loss of $7.5M, or $0.32 compared with a net loss of $5.6M, or $0.30 for the same period in 2010. Revenue was $5.42M, R&D logged in at $9MM while G&A was $2.6M and depreciation was $127K. Total expenses were $11.7M and the net loss from operations was $6.34M, interest income was $66K while other income (expense) net was $874K for a net loss of $7.15M or $0.32 per share based on 22.69M shares. For the 6 months ended 6/30/11, ATHX used $6.1M in cash.
  • As of 6/30/11, ATHX held $20.9M in cash, cash equivalents, and short-term investments.
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