Biomaterials company InVivo Therapeutics Holdings Corp. has reported financial results for the quarter ended March 31, 2015.
The mood music at InVivo Therapeutics has been pretty harmonious in recent months, so perhaps its turbulent times may be behind it for the moment (search our pages to uncover the full story). So let’s have a sneaky peek under a few rocks in the company’s most recently reported financial results.
The main issue seems to be whether the company has enough money to get it to either the point where it’s making some rather than just spending it. Either that or it needs enough encouraging news from its ongoing study to suggest further investment will eventuate. To that end, the company’s press release says it reported a net loss of approximately $15,830,000 or $.64 per diluted share for the quarter ended March 31, 2015. compared to a net loss of $5,103,000 or $.28 per diluted share, for the equivalent period a year ago. Take out a loss in the derivative warrant liability of $10,286,000 and the earnings loss per diluted share for the quarters ended March 31, 2015 and 2014 were $.22 and $.28, respectively.
The Company ended the quarter with $24,516,000 of cash and cash equivalents. During the first quarter, the Company received $2.6 million from warrant exercises, representing approximately 26% of the warrants issued in the Company’s May 2014 public offering.
Mark Perrin, the CEO and Chairman of InVivo, said, “We continued to make great progress in the first quarter. We reported very encouraging results from the first patient in the ongoing pilot study of our investigational Neuro-Spinal Scaffold. We were able to quickly enroll the second patient and later reopened the study for concurrent enrollment of the final three patients. We also significantly improved our cash position through a registered direct offering in January and the proceeds from warrant exercises that together brought in about $13.6 million during the quarter. We project our cash position will last us into the fourth quarter of 2016.”
Source: Business Wire