A net loss for Q2/11 was $9.957M, or $0.26 per share compared to Q2/10 of $3.76M or $0.13 for Q2/10.
Revenues were $0 while R&D expenses logged in at $5.3M versus $3.61M in Q2/10. The increase in R&D expenses for both periods was primarily attributable to the preparation for the P3 clinical program for ixmyelocel-T, as well as an increase in non-cash stock-based compensation expense. G&A expenses for Q2/11 were $2.2M versus $1.5M in Q2/10. The increase in G&A expenses for both periods was primarily due to an increase in regulatory, legal and employee-related expenses, including non-cash stock-based compensation expense. Other income (expense) for Q2/11 was $2.46M compared to $1.34M in Q2/10. These fluctuations were due to non-cash changes in the fair value of outstanding warrants, driven by an increase in the fair market value of ASTM’s common stock during these periods. Total expenses and loss from operations were $7.5M up from $5.14M in Q2/10. The net loss was based on 38.62M basic and diluted shares.
For the 6 months ending 6/30/11: Revenue was $9k. R&D expenses were $9.7M. G&A expenses were $4.1M. The increase was also driven by the previously announced restatement of ASTM’s historical financial results in Q1/11. Total costs and expenses were $13.77M. Other income (expense) was $1.2M. These fluctuations were due to non-cash changes in the fair value of the outstanding warrants, driven by an increase in the fair market value of the common stock during the periods. Net loss for six months ended 6/30/11 was $15M, or $0.39 per share based on 38.61M shares.
Guidance: ASTM announced they will be spending $7M per quarter (Q/3 & Q/4/11)
- As of 6/30/11, ASTM had $18.5M in cash and cash equivalents.