For Q3/10, TNGN reported an adjusted net loss of $6.7M or $0.54 per basic and diluted common share.
- The loss per basic and diluted common share was significantly affected by the IPO in 4/10.
Q3/10 operating expenses were $6.3M with compensation and related expenses of $0.4M offset by an increase of $0.3M in external preclinical study expenses associated with the Neo-Kidney Augment program. R&D expenses were $3.54M and G&A clocked in at $1.5M with interest income of $19,5K and interest expense of $475.7K. In 10/10, TNGN was awarded Qualifying Therapeutic Discovery Project Grants totaling $1M. TNGN expects to be able to fund its operations into 4/11.
- TNGN ended Q3 with $19M in cash, cash equivalents and short-term investments.
- TNGN’s Neo-Urinary Conduit was recently implanted in the 1st patient as part of the ongoing initial clinical trial evaluating the lead product candidate in bladder cancer patients requiring a urinary diversion following bladder removal.