A Q3/11 net loss of $3.7M or $0.08 per share
Net loss attributable to BTX for Q3/11 was $3.7M or $0.08 per share, compared to a net loss of $4.7M or $0.11 per share for Q3/10.
Revenue (including royalties from product sales and other revenue, revenue recognition of deferred license fees and grant income) for Q3/11 was $1.1M, up 40% from $815K for Q3/10. R&D expenses were $3.445M; G&A was $1.929M for total expenses of $5.375M and a loss from operations of $4.232M. Total expense for Q3/11 was $5.4M, compared to a total expense of $3.3M for Q3/10. Net cash used in operating activities was $3.6M for the Q3/11 compared to $2M for Q3/10, again reflecting the expansion of operations and the increased cost of R&D programs in BTX subsidiaries. Weighted average of common shares (outstanding basic and diluted) attributable was 49.330M.
On 8/23/11, BTX subsidiary, OncoCyte Corporation, received a $10M equity investment. This investment included a $3M cash investment from an outside investor for the issuance of shares of common stock and a $7M investment from BTX, which included $1M in cash and 1,286,174 in BTX common shares (with $6M in market value). The issuance of the common shares from BioTime to OncoCyte is accounted for as Treasury Stock on a consolidated basi
- Cash and cash equivalents totaled $26.2M as of 9/30/11
For the 9 months ended 9/30/11: Total revenues were $2.723M while R&D logged in at $9.57M and G&A was $6.377M for total expenses of $15.949M and a net loss from operations of $13.226M. The net loss was approximately $11.2M or $0.23 per share, compared to net loss of $8.2M or $0.22 per share for the same period of 2010. Revenue increased 20% to $2.7M, compared to $2.3M in the same period of 2010. The increase in revenue year-over-year is primarily attributable to a significant increase in grant income and research product sales. The increase in revenue was slightly offset by a decrease in royalties from the sale of Hextend®, BTX’s blood plasma expander product, and license fees related to Hextend®. Total expense for was $15.9M, compared to $8.4M for the same period of 2010. Both research and development and general and administrative expenses increased year-over-year primarily due to the acquisition of ES Cell International Pte, Cell Targeting, Glycosan BioSystems, and a majority interest in Cell Cure Neurosciences Ltd. and due to increased research and development programs in other BTX subsidiaries. Expenses from BTX subsidiaries have been funded in part by equity investments from the minority shareholders of those subsidiaries. On a year to date basis, net cash used in operating activities was $10M, compared to $5M for the same period in 2010. Weighted average of common shares (outstanding basic and diluted) attributable was 48.827M.