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Earnings: Athersys (ATHX) Q1/11 Results

Q1/11 net loss was $3.93M or $0.18 per share 

Q1/11 revenues increased to $2.99M which included $2.5M and grant s of $489K from $1.7M in Q1/10 primarily reflecting the impact of development collaborations with Pfizer and RTI Biologics. R&D expenses increased to $4.6M, from $2.8M in Q1/10. This increase of approximately $1.8M is related primarily to increases in clinical and preclinical development costs, personnel costs, sponsored research and patent legal fees. These increases were partially offset by a decrease in stock-based compensation expense for Q1/11. G&A expenses in Q1/11 decreased to $1.2M from $1.4M in Q1/10 due principally to a decrease in stock-based compensation. Total costs and expenses were $5.86M generating a loss from operations of $2.87M. Interest income was $33K. Other expense includes a milestone payment to former lenders of $0.8M triggered by a 2/11 registered direct offering. Of this milestone payment, 75% was settled in shares of common stock. Also included in other expense is the increase in fair value of a warrant liability in the amount of $0.3M related also to the 2/11 registered direct offering. Net loss for Q1/11 increased to $3.9M from a net loss of $2.6M for Q1/10 primarily due to these fluctuations. Weighted average used to compute outstanding, basis and diluted shares were 21.87M

  • At 3/31/11, ATHX had $25.3M in cash, cash equivalents and available-for-sale securities.