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Neuralstem Inc. Reports Operating Results (10-Q)

November 15, 2010 | About:
10qk

10qk

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Neuralstem Inc. (CUR) filed Quarterly Report for the period ended 2010-09-30.

Neuralstem Inc. has a market cap of $100.3 million; its shares were traded at around $2.18 with and P/S ratio of 327.77. CUR is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

On August 22, 2010, we filed our second IND with the FDA. The IND is being filed in connection with our proposed Phase I clinical trials for Chronic Spinal Cord injury. As of the date of this report, the FDA has not approved our IND. We anticipate the study will be a multi-site study in the U.S. In the event the study is approved by the FDA, we estimate that the Phase I trial will require 12 to 18 patients at an estimated cost of $130,000 per patient. We expect trial spending to gradually decrease to $100,000 per month after a number of patients have been treated.

For the third quarter of 2010, we reported a net loss of $3,930,239, or $0.09 per share, compared to a net loss of 5,096,983, or $0.15 per share, for the three month period ended September 30, 2010 and 2009, respectively. The decrease in net loss from year to year was due to decreases in non cash charges for changes in the value of our warrant liability of $2,591,480 offset by operating expense increases of $1,401, 063. This increase in operating expense was comprised of non-cash stock-based compensation expense and from increases in R&D and legal fee expense.

Research and development expenses totaled $2,112,299 and $1,308,565 for the three months ended September 30, 2010 and 2009, respectively. The increase of $803,734 or 61% for the three months ended September 30, 2010 compared to the same period in 2009 was primarily attributable to costs associated with the continuing ALS clinical trials initiated in January of 2010, preclinical research on our small molecule program and preparation for the spinal cord injury trial.

General and administrative expenses totaled $1,769,013 and $1,191,480 for the three months ended September 30, 2010 and 2009, respectively. The increase of $577,533 or 48% for the three months ended September 30, 2010 compared to the same period in 2009, was primarily attributable to increased legal expenses and increased non-cash stock based compensation expenses.

Depreciation and amortization expenses totaled $42,333 and $22,537 for the three months ended September 30, 2010 and 2009, respectively. The increase of $19,796 or 88% for the three months ended September 30, 2010 compared to the same period in 2009 was primarily attributable to fixed asset and patent filing fee additions over the quarter.

Nonoperating expense totaled $6,594 for the three months ended September 30, 2010 and an expense of $2,574,401 for the three months ended September 30, 2009. The decrease in nonoperating expense was due to the Company s warrant accounting.

Read the The complete Report

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