Q2/11 revenues were $253K based on QPD tax credit. R&D expenses were $4.4M with the increase in R&D expenses primarily attributable to Phase III preparation for the CLI indication. G&A expenses logged in at $1.6M primarily due to expenses associated with non-cash stock based compensation and consulting. Total costs and expenses amounted to $6.02M. Loss from operations was $5.77M. The increase in net loss was primarily due to increased expense related to fair value of warrants ($7.6M) due to the non-cash increase in fair value of outstanding warrants, including those issued in the 12/10 financing, driven by the increased fair market value of our common stock during these periods. Loss per share comparisons were also impacted by the issuance of 10M shares of common stock in 12/10 and 6.5M shares of common stock issued in 1/10. Net loss for the 6 months ended 12/31/10 was $19.3M, or $0.66 per share. The loss is based on 30.1M weighted average of common shares. There are 58.3M shares outstanding. The burn rate is projected at $6-7M per quarter.
- ASTM’s cash and equivalents position was $31.2M.