Earnings: Opexa Therapeutics (OPXA) Q1/11 Results
May 6th, 2011
A Q1/11 net loss of $1.3M or $0.06 per share
OPXA reported no revenues in Q1/11 or in Q1/10. R&D expenses were $685K compared with $783K for Q1/10. The decrease in expenses was primarily related to a decrease in the engagement of consultants, a decrease in the procurement and use of supplies in our laboratory, a reduction of stock compensation expense and the reduction of employee recruitment expenses which were partially offset by an increase in headcount in preparation for increased development activities. G&A expenses were $592K compared with $484K for Q1/10. Interest income was $211K with interest expense logging in at $1.1M. The increase in expenses is due to an increase in stock compensation expense to employees and an increase in business development activities which was partially offset by a decrease in legal expenses. OPXA reported a Q1/11 net loss of $1,307,777, or ($0.06) per share, compared with a net loss for Q1/10 of $1,422,495, or ($0.09) per share. The monthly burn rate for Q1/11 was approximately $425K. At the current burn rate, OPXA should have sufficient capital beyond 2011, and is focused on raising the necessary funds to commence the planned PIII clinical trial either through a potential Tovaxin partnership or additional capital raise. The weighted average shares outstanding were 20.95M.
* Cash, cash equivalents and investments in marketable securities were $11.4M as of 3/31/11 compared to $7M as of 3/31/10.
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