CytRx Corp. (NASDAQ:CYTR) filed Quarterly Report for the period ended 2011-09-30.
Cytrx Corp. has a market cap of $54.5 million; its shares were traded at around $0.3655 with and P/S ratio of 544.8. Cytrx Corp. had an annual average earning growth of 1.7% over the past 10 years.
Highlight of Business Operations:Revenues from contract research, government grants, and consulting fees are recognized over the respective contract periods as the services are performed, provided there is persuasive evidence or an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured. Once all conditions of the grant are met and no contingencies remain outstanding, the revenue is recognized as grant fee revenue and an earned but unbilled revenue receivable is recorded.
In the nine-month period ended September 30, 2011, we realized net proceeds of approximately $18.9 million from an underwritten public offering. In the nine-month period ended September 30, 2010, we received $147,000 from the exercise of stock options. We continue to evaluate potential future sources of capital, as we do not currently have commitments from any third parties to provide us with additional capital. The results of our technology licensing efforts and the actual proceeds of any fund-raising activities will determine our ongoing ability to operate as a going concern. Our ability to obtain future financings through joint ventures, product licensing arrangements, royalty sales, equity financings, grants or otherwise is subject to market conditions and our ability to identify parties that are willing and able to enter into such arrangements on terms that are satisfactory to us. Depending upon the outcome of our fundraising efforts, the accompanying financial information may not necessarily be indicative of our future operating results or future financial condition.
We recognized licensing revenue of $0 and $150,000 for the three-month and nine-month periods ended September 30, 2011, respectively, as compared to no revenues in the comparative 2010 periods. All future licensing fees under our current licensing agreements are dependent upon successful development milestones being achieved by the licensor. During 2011, we do not anticipate receiving any significant licensing fees.
Read the The complete Report