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Aastrom Biosciences (ASTM) Q1/11 Results

May 16, 2011 5:00 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.
Q1/11 net loss of $5M or $0.13 per share

Revenue was $9K minus the cost of goods of $2K. R&D expenses were $4.37M versus $2.84M for the same period a year ago. The increase in R&D expenses was primarily attributable to advanced preparation related to the P3 clinical program for ixmyelocel-T, including increased employee costs, clinical site identification and set-up, as well as regulatory expenses. G&A expenses were $1.89M compared to $1.4M for the same period a year ago. The increase in G&A expenses is primarily due to expenses associated with the previously announced restatement of the historical financial results, as well as consulting and employee-related expenses. ASTM had other income of $1.3M compared to $1.6M for the same period a year ago. The majority of this income for both quarters relates to non-cash changes in the fair value of outstanding warrants. The change in the fair value of the warrants was primarily due to fluctuations in the market value of common stock during these periods. Net loss for the quarter ended 3/31/11, was $5M, or $0.13 per share, compared to a net loss of $2.7M or $0.10 per share, for the same period a year ago. At 3/31/11, ASTM had 38.6M (basic and diluted) shares outstanding.

  • As of 3/31/11, ASTM had $24.6M in cash and cash equivalents.

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