Seeking Alpha

Henry McCusker's  Instablog

Henry McCusker
Send Message
Editor and Publisher ... Henry enters his twelve (12) year at RegMed Investors which aggregates, curates and creates bottom-line content of regenerative medicine and cell therapy news providing a "vetted" selection of relevant and high-impact synthesis. He was VP - Strategic Planning... More
My company:
Scimitar Equity-Regenerative Medicine Investors
My blog:
Scimitar Equity Blog
  • ImmunoCellular Therapeutics (NYSE MKT: IMUC) Q4/12 And FY12 Results 0 comments
    Mar 11, 2013 9:28 AM

    Net income of $484 K, or $0.01 per share

    For Q4/12, IMUC reported net income of $484 K, or $0.01 per basic and diluted share, compared to a net loss of $1.499 M, or $0.05 per share for Q4/11. The income reflects a credit of $2.7 M related to the revaluation of warrant derivatives. The net loss for Q4/11 reflected a credit of $1.4 M related to the revaluation of warrant derivatives.

    For FY12, IMUC incurred a net loss of $14.5 M, or $0.35 per share compared to a net loss of $5.7 M for FY11. The net loss includes a charge of $2.3 M related to the revaluation of the warrant derivatives and $496 K in stock-based compensation. The net loss for 2011 included a credit of $2.9 M related to the revaluation of the warrant derivatives and charge of $1.2 M for stock-based compensation.

    For Q4/12, cash used in operations was $3.2 M compared to $1.8 M in Q4/11. R&D costs jumped to $7.7 M from $4.9 M in FY11 while G&A expenses jumped to $3.6 M from $1.19 M in FY11. Losses before expense in FY12 were $11.8 M compared to $8.6 M in FY11.

    • IMUC ended FY12 with had $26.2 M in cash. During 2012, IMUC completed 2 equity financings which provided $28.6 M, net of expenses, and received $3.2 M from the exercise of warrants.

    FY12 Results: IMUC reported that cash used in operations during 2012 was $12.4 M compared to $6.4 M in 2011. The increase reflects the continued ramp-up of the company's P2 clinical trial of ICT-107 as well as R&D activities for ICT-121 and ICT-140. G&A expenses increased in 2012 in order to develop and support its additional infrastructure.

    The Bottom line: Good cash, better management and based on "earlier" trial data (although a small patient population) - IMUC has "good" prospects for clinical success. Interim analysis of the ongoing ICT-107 P2 clinical trial and of the interim analysis by the data monitoring committee is anticipated in Q2/13 and the first top-line results are is expected to be available by the end of this year. IMUC completed enrollment for the P2 trial of ICT-107 in patients with newly diagnosed glioblastoma, and that trial continues to progress well. 2 INDs, for ICT-121 and ICT-140 are currently active, with plans underway to begin clinical trials for both programs. IMUC brought a 2nd manufacturing site on-line for ICT-107, advancing its ability to meet the needs of further clinical testing. The controversy is over their claim that they could possible treat 75% of patients with "glio". The actual treated patients in the trial would indicate that only about 50% would make the cut. The problem is IMUC has never given an adequate explanation of why they still think it could be 75%.

    This RegMed sector is erratic in reference to trial recruitment - I like others are still perplexed by the "screened" versus "enrolled" question … concerning the "push" potential of forcing a "statistical" outcome. IMUC was closed at $2.80 up $0.08 or +2.94% to $2.80 in a 50 day moving average of $2.41 and a 200 day of $2.32 and a short <2/15> ratio of 8.1% of a 46.96 share float. Consensus is a … "Strong BUY" and MLV boosted its outlook from $3.50 to $5.00 with a BUY ranking. IMUC is now trading above moving averages - 10, 20, 50, 100, 200 …very bullish indicators … but, I am - skeptical - earnings conference call had "holes". Traders are always selling into strength and IMUC has had a good run since 1/2/13 - the question is - can it last … in this market? IMUC will have to raise cash … $26 M in the till but, with a $3 M quarterly burn - it won't be immediate but, it is on the horizon to ramp up trials and compound manufacturing costs. Clinical data will be the pricing mover - although I DON'T see dramatic jumps - only incremental moves based on sector aggregates. A "SELL" but, on my just … wait and see list.

    Also see PropThink review by Dr. Dee Kotak, MD which also reviews IMUC.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Henry McCusker's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • ImmunoCellular (OTC BB: IMUC) files to Sell $13.8M of Units via Cowen
    Nov 30, 2011
  • Mid-Day Movers: BioTime (AMEX: BTX), Cytori (CYTX), Geron (GERN), Neuralstem (AMEX: CUR), ReNeuron (RENE.LON), ThermoGenesis (KOOL)
    Oct 26, 2011
More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.