|New Threads Only:|
|New Threads & Replies:|
Forum List » Business News and Headlines|
SEC Filings, Earing Reports, Press Releases
EntreMed Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 12, 2010 12:31PM
EntreMed Inc. (ENMD) filed Quarterly Report for the period ended 2010-09-30.
Highlight of Business Operations:
At September 30, 2010, our consolidated stockholders equity was approximately $4,261,000 and the market value of our listed securities was approximately $43.4 million. The NASDAQ Listing Rules require that we either maintain a $35 million MVLS or stockholders equity of at least $2.5 million. There can be no assurance that we will continue to meet these standards for continued listing in the future.
Reflected in our R&D expenses totaling $1,292,000 for the three-month period ended September 30, 2010 are direct project costs of $1,045,000 for ENMD-2076, $24,000 for Panzem® oncology, $22,000 for ENMD-1198 and $13,000 for MKC-1. The 2009 research and development expenses for the comparable period included $1,798,000 for ENMD-2076, $34,000 for ENMD-1198 and $75,000 for MKC-1. Research and development expenses totaling $3,147,000 for the nine-month period ended September 30, 2010 include direct project costs of $2,570,000 related to ENMD-2076, $74,000 related to Panzem® oncology, $56,000 related to ENMD-1198 and $247,000 for MKC-1. The 2009 research and development expenses for the comparable period included $3,704,000 for ENMD-2076, $118,000 for Panzem®, $413,000 for MKC-1, and $128,000 for ENMD-1198. The decrease in research and development costs in the three and nine-month periods ended September 30, 2010, as compared to same periods in 2009, reflects our continued focus on the clinical development of ENMD-2076 as we ceased clinical and manufacturing activities in our discontinued programs.
At September 30, 2010, accumulated direct project expenses for Panzem® oncology were $54,319,000; direct ENMD-1198 project expenses totaled $13,199,000; and, since acquired, accumulated direct project expenses for ENMD-2076 totaled $16,728,000 and for MKC-1, accumulated project expenses totaled $10,158,000. Our research and development expenses also include non-cash stock-based compensation totaling $10,000 and $29,000, respectively, for the three and nine months ended September 30, 2010 and $14,000 and $95,000 for the respective corresponding 2009 periods. The decrease in stock-based compensation expense is related to fewer stock options granted in the nine months ending September 30, 2010. The balance of our research and development expenditures includes facility costs and other departmental overhead, and expenditures related to the non-clinical support of our programs.
General and administrative expenses decreased to $692,000 in the three-month period ended September 30, 2010 from $912,000 in the corresponding 2009 period. For the nine-month period, general and administrative expenses decreased in 2010 to $2,514,000 from $3,082,000 for the corresponding 2009 period. This decrease was primarily a result of fewer fees paid to directors with the resignation of one director from our Board, and also a decrease in the cost of professional services, including accounting and legal fees.
Interest Expense. Interest expense, which relates to a financing transaction with General Electric Capital Corporation (GECC) in September 2007, decreased to approximately $107,000 (including $9,545 of non-cash interest) in the three-month period ended September 30, 2010 from approximately $345,000 (including $30,842 of non-cash interest) in the corresponding 2009 period. For the nine-month period, interest expense decreased in 2010 to approximately $496,000 (including $45,095 of non-cash interest) from approximately $1,198,000 (including $107,357 of non-cash interest) for the corresponding 2009 period.
At September 30, 2010, we had cash and short-term investments of $8,432,703 with working capital of $4,135,388, compared to cash and short-term investments of $6,366,253 with a working capital deficit of ($1,395,158) at December 31, 2009.
Stocks Discussed: ENMD,