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Athersys (ATHX) Q4/10 Results

Net loss of $2.05M or $0.11 per share

Q4/10 revenues were $3.3M primarily as a result of collaborations with Pfizer (NYSE:PFE) and RTI Biologics and the receipt of 3 QTDP grants of $733K. R&D expenses increased to $4.2M due principally to increases in clinical and preclinical development costs, sponsored research and patent legal costs, partially offset by decreases in stock compensation and other expenses. G&A expenses were $1.1M due principally to a decrease in stock-based compensation expense. Interest income was $35K. Total costs and expenses were $5.4M with a loss from operations logging in at $2.08M. The net loss was calculated on weighted average shares, basic and diluted of 18.93M.

  • As of 12/31/10, cash, cash equivalents and available-for-sale securities totaled $15.2M;
  • Post FY10 completed a registered direct offering in 2/11, generating net proceeds of $11.8M through the issuance of common stock and warrants to purchase 0.3 of a share of common stock at an exercise price of $3.55 per share.

For FY10, revenues increased to $8.9M from $2.2M in the same period in FY09. R&D expenses increased to $14.8M in 2010 from $11.9M in 2009, resulting from increases in clinical and preclinical development costs, sponsored research, compensation and supply costs, partially offset by a decrease in stock-based compensation. G&A expenses decreased slightly in 2010 to $5.4M from $5.6 M in 2009. The decrease was principally a result of a decrease in stock-based compensation expense that was partially offset by increases in other administrative costs. Net loss decreased to $11.4M in 2010 from $15.4M in 2009, primarily due to the increase in revenues, offset in part by the increase in R&D expenses.