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Generex Biotechnology Corp. (GNBT) filed Quarterly Report for the period ended 2011-10-31.
Generex Biotechnology Corp. has a market cap of $27.65 million; its shares were traded at around $0 with and P/S ratio of 95.35.
This is the annual revenues and earnings per share of GNBT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of GNBT.
Highlight of Business Operations:
To date, we have received regulatory approval in Ecuador, India (subject to further study), Lebanon and Algeria for the commercial marketing and sale of Generex Oral-lyn™. We have submitted regulatory dossiers for Generex Oral-lyn™ in a number of other countries, including Syria, Bangladesh, Kenya, Yemen, Iran, Sudan, Jordan and Armenia. While we believe these countries will ultimately approve our product for commercial sale, we do not anticipate recognizing revenues in any of these jurisdictions in the next twelve months.We are a development stage company. From inception through the end of the quarter ended October 31, 2011, we have received only limited revenues from operations. In the quarter ended October 31, 2011 and in the fiscal year ended July 31, 2011, we generated $9,931 and $291,628 in revenue, respectively. The revenue in each of the fiscal periods pertained primarily to the sale of our consumer/over-the-counter products. These numbers do not reflect deferred sales to customers during the respective periods with the right of return.
Approximately 27%, or $534,471, of our research and development expenses for the three months ended October 31, 2011 was related to Antigen's immunomedicine products compared to approximately 18%, or $505,696, of our research and development expenses for the three months ended October 31, 2010. Because these products are in initial phases of clinical trials or early, pre-clinical stage of development (with the exception of the Phase II clinical trials of Antigen HER-2/neu positive breast cancer vaccine that are underway), all of the expenses were accounted for as basic research and no distinctions were made as to particular products. Due to the early stage of development, we cannot predict the timing of completion of any products arising from this technology, or when products from this technology might begin producing revenues.
We had net income for the quarter ended October 31, 2011 of $336,354 versus a net loss of $6,877,267 in the corresponding quarter of the prior fiscal year. The $7.2 million improvement in net profit and loss in this fiscal quarter versus the corresponding quarter of the prior fiscal year is primarily due to a $3.1 million gain due to the the change in fair value of the derivative liabilities in the current quarter, as well as a $4.4 million reduction in operating expenses in all major categories, as compared to the corresponding prior year quarter. Our operating loss for the quarter ended October 31, 2011 decreased to $3,469,778 compared to $7,773,820 in the same fiscal quarter of 2011. The decrease in operating loss resulted from a decrease in selling expense (to $75,661 from $404,487), a decrease in research and development expenses (to $1,979,502 from $2,878,000), and a decrease in general and administrative expenses (to $1,421,284 from $4,601,164). Our revenues in the quarter ended October 31, 2011 decreased to $9,931 from $173,943 for the quarter ended October 31, 2010 reflecting lower sales of our over-the-counter products due to a decision not to focus resources on the sale of these products going forward.
For the three months ended October 31, 2011, we used $2,652,987 in cash to fund our operating activities. The use for operating activities included changes to working capital including a decrease of $6,471 in deferred revenue and a decrease related to accounts payable and accrued expenses of $13,908, offset by a decrease of $6,774 in accounts receivable, a decrease in other current assets of $28,949 and a decrease of $216,011 in inventory.
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