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Stemcells, Inc. Reports Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Company to Host Call to Provide Interim Results from the First Cohort in its Phase II Pathway

Study in Cervical Spinal Cord Injury

NEWARK, CA, November 2, 2015

(GLOBE NEWSWIRE) StemCells, Inc. (NASDAQ: STEM), a world leader in the research and development of cell-based therapeutics for the treatment of disorders of the central nervous system, today reported its financial and operating results for the three months ended September 30, 2015.

We continue to advance our HuCNS-SC

human neural stem cells platform through Phase II clinical programs in both spinal cord injury and a ge-related macular degeneration, reported StemCells CEO Martin McGlynn. Later this month, we look forward to providing an update on the progress of the Phase II Pathway study, as well as a summary of interim data from Cohort I of the study. Cohort I is an open-label six-patient cohort designed to assess the safety and clinical effect of three ascending doses of cells into the cervical region of the spinal cord.

Financial Results for the Quarter Ended September 30, 2015

Total revenue from continuing operations during the third quarter of 2015 was $37,000, compared to $82,000 in the same period of 2014. Revenue from continuing operations is primarily from royalties received under various licensing agreements.

For the third quarter of 2015, cash used in operations totaled $7,266,000, compared to $6,683,000 in the third quarter of 2014.

Total operating expenses in the third quarter of 2015 were $10,025,000, compared to $6,462,000 in the third quarter of 2014. The increased operating expenses were primarily attributable to: (i) an increase in employee related costs to support our Phase II clinical trials, including an increase in non-cash stock-based compensation, (ii) increases in expenses related to our clinical studies which includes costs incurred to initiate the follow-on Phase II randomized, controlled proof-of-concept study in dry AMD, and (iii) an increase in other expenses related to manufacturing, quality control and process development activities to support our preclinical and clinical programs.

Other income, net in the third quarter of 2015 was $345,000, compared to other income, net of $3,760,000 in the third quarter of 2014. The change in the third quarter of 2015 when compared to the similar quarter in 2014 was primarily attributable to non-cash charges associated with a change in the estimated fair value of our warrant liability.

For the third quarter of 2015, the Company reported a net loss of $9,643,000 or $(0.09) per share. In comparison, for the third quarter of 2014, the Company reported a GAAP net loss of $2,757,000 or $(0.04) per share.

Excluding certain non-cash charges associated with stock based compensation, depreciation and amortization and changes in the fair value of our warrant liability, for the third quarter of 2015, the Company reported a non-GAAP net loss of $8,349,000 or $(0.08) per share. In comparison, for the third quarter of 2014, the Company reported a non-GAAP net loss of $6,003,000 or $(0.09) per share. The approximately $2,346,000 increase was primarily associated with increased levels of clinical activity and process development. Management believes that these non-GAAP financial measures provide important insight into our operational results.

From June to August 2015, in connection...


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