Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Tengion (TNGN) Q2/11 Results

An adjusted net loss of $6.6M or $ 0.28 per share

For Q2/11, TNGN reported an adjusted net loss of $6.6M, or $0.28 per basic and diluted common share, compared with an adjusted net loss of $6.5M, or $0.58 per basic and diluted common share for Q1/10.

For Q2/11, R&D expense was $3.39M, G&A logged in at $2.038M and depreciation was $971K, other expense was $27K for total operating expenses of $6.43M Interest income was $13K while interest expense was $201K. Change in the fair value of warrant liability was $9.51M. The net loss was $2.898M and adjusted to $6.59M. Shares used in computing basic were (23.486M) and diluted (23.968M) net loss. The adjusted net loss per basic and diluted common share for Q2/11 was significantly affected by the issuance of common stock in connection with the equity financing completed in 3/11. The increased adjusted net loss was primarily due to an increase of $0.6M of G&A expense, which was due to the recognition of 1 time termination benefits incurred in connection with a severance agreement.  The increase was offset in part by decrease in interest expense of $0.4M due to lower average debt facility balances outstanding in 2011.

For the 6 months ended 6/30/11: TNGN reported an adjusted net loss of $13.1M, or $0.67 per basic and diluted common share, compared with an adjusted net loss of $12.9M, or $2.16 per basic and diluted common share, for the same period in 2010.  The increased adjusted net loss was primarily due to an increase of $0.9M of G&A expense, of which $0.7M related to the recognition of a 1 time termination benefits incurred in connection with a severance agreement.  The increase was offset in part by decrease in interest expense of $0.8M due to lower average debt facility balances outstanding in 2011.  The adjusted net loss per basic and diluted common share was significantly affected by the issuance of common stock in connection with equity financings completed in 4/10 and 3/11.

  • As of 6/30/11, TNGN held $25.2M in cash, cash equivalents, and short-term investments.