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Peregrine Pharmaceuticals Inc. (PPHM) filed Quarterly Report for the period ended 2011-07-31.
Peregrine Pharmaceuticals Inc. has a market cap of $90.2 million; its shares were traded at around $1.27 with and P/S ratio of 6.7.
This is the annual revenues and earnings per share of PPHM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PPHM.
Highlight of Business Operations:
At July 31, 2011, we had $16,540,000 in cash and cash equivalents. We have expended substantial funds on the research, development and clinical trials of our product candidates, and funding the operations of Avid. As a result, we have historically experienced negative cash flows from operations since our inception and we expect the negative cash flows from operations to continue for the foreseeable future. Our net losses incurred during the past three fiscal years ended April 30, 2011, 2010 and 2009 amounted to $34,151,000, $14,494,000, and $16,524,000, respectively. Unless and until we are able to generate sufficient revenues from Avid s contract manufacturing services and/or from the sale and/or licensing of our products under development, we expect such losses to continue for the foreseeable future.
With respect to financing our operations through the issuance of equity, during the three months ended July 31, 2011, we raised $3,713,000 in gross proceeds. Subsequent to July 31, 2011 and through September 8, 2011, we raised an additional $2,214,000 in gross proceeds under an At Market Issuance Agreement. In addition, on September 2, 2011, we entered into subscription agreements with three institutional investors to raise an additional $6,940,000 in gross proceeds under a registered direct offering, which transaction closed on September 8, 2011. As of September 8, 2011, additional shares of our common stock for aggregate gross proceeds of up to $58,845,000 remained available under two effective shelf registration statements.
The increase in selling, general and administrative (“SG&A”) expenses of $431,000 (or 17%) during the three months ended July 31, 2011 compared to the same period in the prior year was primarily due to increases in payroll and related expenses and share-based compensation expense (non-cash). The increase in payroll and related expenses of $247,000 was primarily the result of increased employee headcount, compensation, and other employee-related expenses to support our later-stage clinical development activities. The increase in share-based compensation expense of $173,000 was primarily related to the amortization of the fair value of options granted to employees and board members under a broad based option grant during May 2011.
The decrease in interest and other expense of $147,000 during the three months ended July 31, 2011 compared to the same period in the prior year was primarily due to a lower outstanding principal balance associated with the $5,000,000 term loan we secured in December 2008.
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