StemCells Inc. (STEM, Financial) filed Quarterly Report for the period ended 2009-09-30.
Stemcells Inc. is engaged in research aimed at the development of therapies that would use stem and progenitor cells derived from fetal or adult sources to treat and possibly cure human diseases and injuries such as Parkinson's disease hepatitis diabetes and spinal cord injuries. Stemcells Inc. has a market cap of $122.3 million; its shares were traded at around $1.13 with and P/S ratio of 527.2. Stemcells Inc. had an annual average earning growth of 5.6% over the past 5 years.
Nine-month period ended September 30, 2009 versus nine-month period ended September 30, 2008. Licensing and grant revenue for the nine-month period ended September 30, 2009 were approximately $241,000, or 404%, higher as compared to the same period in 2008. This increase was primarily attributable to approximately $136,000 in grant and licensing revenue recognized and consolidated as part of our acquisition of the SCS operations, Revenue of approximately $89,000 from an existing grant which we were awarded in October 2008 from the National Institute of Diabetes and Digestive and Kidney Diseases to research and develop a potential cell-based therapeutic for liver disease, and an increase of approximately $16,000 in licensing revenue from existing licensing agreements. For the nine months ended September 30, 2009, we recognized and consolidated approximately $275,000 and $201,000 as revenue from product sales and cost of product sales, respectively, in connection with of our acquisition of the SCS operations, compared to none in the same period of 2008.
R&D expenses totaled approximately $4,989,000 in the third quarter of 2009 compared with $4,172,000 in the third quarter of 2008, and $14,279,000 for the nine-month period ended September 30, 2009 compared with $13,087,000 for the nine-month period ended September 30, 2008.
Third quarter ended September 30, 2009 versus third quarter ended September 30, 2008. R&D expense totaled approximately $4,989,000 in the third quarter of 2009, as compared to $4,172,000 for the same period in 2008. The increase of approximately $817,000, or 20%, from 2008 to 2009 was primarily attributable to (i) increased R&D operations of approximately $471,000 from our acquisition of the SCS operations; R&D activity associated with the SCS operations is primarily focused on developing cell technologies for non-therapeutic applications, such as use in cell-based assays for drug discovery, (ii) an increase in personnel expenses of approximately $237,000 resulting from an increased head count at our California site to support expanded operations in our cell processing and product development programs; at our California site, we had 50 full time employees in research and development and laboratory support services at September 30, 2009, as compared to 43 at September 30, 2008, and (iii) an increase in consultant expenses of approximately $142,000. These increased expenses were partially offset by a decrease of approximately $33,000 in other expenses primarily attributable to supplies.
Nine-month period ended September 30, 2009 versus nine-month period ended September 30, 2008. R&D expense totaled approximately $14,279,000 in the nine-month period ended September 30, 2009, as compared to $13,087,000 for the same period in 2008. The increase of approximately $1,192,000, or 9%, from 2008 to 2009 was primarily attributable to (i) increased R&D operations of approximately $1,118,000 from our acquisition of the SCS operations; R&D activity associated with the SCS operations is primarily focused on developing cell technologies for non-therapeutic applications, such as use in cell-based assays for drug discovery, (ii) an increase in personnel expenses of approximately $461,000 resulting from an increased head count in our California site to support expanded operations in our cell processing and product development programs; at our California site, we had 50 full time employees in research and development and laboratory support services at September 30, 2009, as compared to 43 at September 30, 2008, and (iii) an increase in consultant expenses of approximately $197,000. These increased expenses were partially offset by a decrease of approximately $584,000 in the other expenses primarily attributable to external services and supplies related to manufacturing and testing of our cells and for our six-patient Phase I clinical trial for NCL, which was completed in January 2009.
SG&A expenses totaled approximately $2,112,000 in the third quarter of 2009 compared with $1,632,000 in the third quarter of 2008, and $6,853,000 for the nine-month period ended September 30, 2009 compared with $6,232,000 for the nine-month period ended September 30, 2008.
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Stemcells Inc. is engaged in research aimed at the development of therapies that would use stem and progenitor cells derived from fetal or adult sources to treat and possibly cure human diseases and injuries such as Parkinson's disease hepatitis diabetes and spinal cord injuries. Stemcells Inc. has a market cap of $122.3 million; its shares were traded at around $1.13 with and P/S ratio of 527.2. Stemcells Inc. had an annual average earning growth of 5.6% over the past 5 years.
Highlight of Business Operations:
In November 2009, we raised gross proceeds of $12,500,000 through the sale to certain institutional investors of 10,000,000 shares of common stock and warrants to purchase 4,000,000 shares of common stock. The common stock and warrants were sold in units, with each unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.4 of a share of common stock at an exercise price of $1.50 per share, and the purchase price was $1.25 per unit. The warrants will generally be exercisable for a period of five years beginning six months after the date of issuance. The shares and warrants were offered as a registered direct offering under our effective shelf registration statement previously filed with the SEC. We received total proceeds, net of offering expenses and placement agency fees, of approximately $11,900,000. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.Nine-month period ended September 30, 2009 versus nine-month period ended September 30, 2008. Licensing and grant revenue for the nine-month period ended September 30, 2009 were approximately $241,000, or 404%, higher as compared to the same period in 2008. This increase was primarily attributable to approximately $136,000 in grant and licensing revenue recognized and consolidated as part of our acquisition of the SCS operations, Revenue of approximately $89,000 from an existing grant which we were awarded in October 2008 from the National Institute of Diabetes and Digestive and Kidney Diseases to research and develop a potential cell-based therapeutic for liver disease, and an increase of approximately $16,000 in licensing revenue from existing licensing agreements. For the nine months ended September 30, 2009, we recognized and consolidated approximately $275,000 and $201,000 as revenue from product sales and cost of product sales, respectively, in connection with of our acquisition of the SCS operations, compared to none in the same period of 2008.
R&D expenses totaled approximately $4,989,000 in the third quarter of 2009 compared with $4,172,000 in the third quarter of 2008, and $14,279,000 for the nine-month period ended September 30, 2009 compared with $13,087,000 for the nine-month period ended September 30, 2008.
Third quarter ended September 30, 2009 versus third quarter ended September 30, 2008. R&D expense totaled approximately $4,989,000 in the third quarter of 2009, as compared to $4,172,000 for the same period in 2008. The increase of approximately $817,000, or 20%, from 2008 to 2009 was primarily attributable to (i) increased R&D operations of approximately $471,000 from our acquisition of the SCS operations; R&D activity associated with the SCS operations is primarily focused on developing cell technologies for non-therapeutic applications, such as use in cell-based assays for drug discovery, (ii) an increase in personnel expenses of approximately $237,000 resulting from an increased head count at our California site to support expanded operations in our cell processing and product development programs; at our California site, we had 50 full time employees in research and development and laboratory support services at September 30, 2009, as compared to 43 at September 30, 2008, and (iii) an increase in consultant expenses of approximately $142,000. These increased expenses were partially offset by a decrease of approximately $33,000 in other expenses primarily attributable to supplies.
Nine-month period ended September 30, 2009 versus nine-month period ended September 30, 2008. R&D expense totaled approximately $14,279,000 in the nine-month period ended September 30, 2009, as compared to $13,087,000 for the same period in 2008. The increase of approximately $1,192,000, or 9%, from 2008 to 2009 was primarily attributable to (i) increased R&D operations of approximately $1,118,000 from our acquisition of the SCS operations; R&D activity associated with the SCS operations is primarily focused on developing cell technologies for non-therapeutic applications, such as use in cell-based assays for drug discovery, (ii) an increase in personnel expenses of approximately $461,000 resulting from an increased head count in our California site to support expanded operations in our cell processing and product development programs; at our California site, we had 50 full time employees in research and development and laboratory support services at September 30, 2009, as compared to 43 at September 30, 2008, and (iii) an increase in consultant expenses of approximately $197,000. These increased expenses were partially offset by a decrease of approximately $584,000 in the other expenses primarily attributable to external services and supplies related to manufacturing and testing of our cells and for our six-patient Phase I clinical trial for NCL, which was completed in January 2009.
SG&A expenses totaled approximately $2,112,000 in the third quarter of 2009 compared with $1,632,000 in the third quarter of 2008, and $6,853,000 for the nine-month period ended September 30, 2009 compared with $6,232,000 for the nine-month period ended September 30, 2008.
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