Opexa Therapeutics Inc. (OPXA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Opexa Therapeutics Inc. has a market cap of $27.2 million; its shares were traded at around $1.53 .
General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2010 were $595,424, compared with $411,675 for the three months ended June 30, 2009. The increase in expense is due to an increase in professional service fees and partially offset by a decrease in stock compensation expense.
Net loss. We had a net loss for the three months ended June 30, 2010 of approximately $1.82 million, or $0.12 per share (basic and diluted), compared with a net loss of approximately $0.9 million, or $0.07 per share (basic and diluted), for the three months ended June 30, 2009. The increase in net loss is primarily due to increases in research and development expenses, general and administrative expenses, and interest expense.
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2010 were $1,079,849, compared with $807,990 for the six months ended June 30, 2009. The increase in expense is due to an increase in professional service fees, and was partially offset by a decrease in stock compensation expense.
Net loss. We had a net loss for the six months ended June 30, 2010 of approximately $3.24 million, or $0.21 per share (basic and diluted), compared with a net loss of approximately $2.5 million or $0.20 per share (basic and diluted), for the six months ended June 30, 2009. The increase in net loss is primarily due to increases in research and development expenses, general and administrative expenses, and interest expense.
On June, 23, 2010, Opexa issued an aggregate of 2,660,181 shares of common stock to the holders of its 10% Convertible Promissory Notes, consisting of (i) 2,504,000 shares pursuant to the conversion of all currently outstanding Notes with an aggregate outstanding principal balance of $1,252,000 and (ii) 156,181 shares in payment of one-half of the accrued and unpaid interest on said Notes of $78,115. Previously on May 6, 2010, Opexa issued 100,000 shares of common stock to a holder of a Note pursuant to the conversion of such Note with a principal balance of $50,000. The number of shares issued for the conversion and payment of accrued interest was calculated based on the conversion price set forth in the Notes of $0.50. The common stock was issued in reliance on the exemptions from registration contained in Sections 3(a)(9) and 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. The Notes were originally issued by Opexa in a private placement in April and May, 2009.
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Opexa Therapeutics Inc. has a market cap of $27.2 million; its shares were traded at around $1.53 .
Highlight of Business Operations:
In August 2009, we entered into an exclusive agreement with Novartis for the further development of our novel stem cell technology. This technology, which has generated preliminary data showing the potential to generate monocyte derived islet cells from peripheral blood mononuclear cells, was in early preclinical development at Opexa. Pursuant to this agreement, Novartis acquired our stem cell technology and Novartis will have full responsibility for funding and carrying out all research, development and commercial activities. Novartis has to date paid us $3.5 million ($3 million as an upfront payment and $0.5 million upon the completion of the first of two technology transfer milestones). We remain eligible to receive an additional $0.5 million technology transfer fee upon the completion of a second technology transfer milestone. As part of ongoing technology transfer activities, Novartis has requested that we perform supplemental activities as part of the second technology transfer milestone, and we have agreed to do so. Although the timing of completion of the second technology transfer milestone is dependent upon the pace and outcome of these activities, we currently expect that the related milestone fee will be paid in 2010. We are also eligible to receive certain clinical and commercial milestone payments as well as royalty payments from the sale of any products resulting from the use of the technology and we retain an option on certain manufacturing rights. Notwithstanding the forgoing, there can be no assurance that we will receive any future payments in respect of the stem cell technology.General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2010 were $595,424, compared with $411,675 for the three months ended June 30, 2009. The increase in expense is due to an increase in professional service fees and partially offset by a decrease in stock compensation expense.
Net loss. We had a net loss for the three months ended June 30, 2010 of approximately $1.82 million, or $0.12 per share (basic and diluted), compared with a net loss of approximately $0.9 million, or $0.07 per share (basic and diluted), for the three months ended June 30, 2009. The increase in net loss is primarily due to increases in research and development expenses, general and administrative expenses, and interest expense.
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2010 were $1,079,849, compared with $807,990 for the six months ended June 30, 2009. The increase in expense is due to an increase in professional service fees, and was partially offset by a decrease in stock compensation expense.
Net loss. We had a net loss for the six months ended June 30, 2010 of approximately $3.24 million, or $0.21 per share (basic and diluted), compared with a net loss of approximately $2.5 million or $0.20 per share (basic and diluted), for the six months ended June 30, 2009. The increase in net loss is primarily due to increases in research and development expenses, general and administrative expenses, and interest expense.
On June, 23, 2010, Opexa issued an aggregate of 2,660,181 shares of common stock to the holders of its 10% Convertible Promissory Notes, consisting of (i) 2,504,000 shares pursuant to the conversion of all currently outstanding Notes with an aggregate outstanding principal balance of $1,252,000 and (ii) 156,181 shares in payment of one-half of the accrued and unpaid interest on said Notes of $78,115. Previously on May 6, 2010, Opexa issued 100,000 shares of common stock to a holder of a Note pursuant to the conversion of such Note with a principal balance of $50,000. The number of shares issued for the conversion and payment of accrued interest was calculated based on the conversion price set forth in the Notes of $0.50. The common stock was issued in reliance on the exemptions from registration contained in Sections 3(a)(9) and 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. The Notes were originally issued by Opexa in a private placement in April and May, 2009.
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