Opexa Therapeutics Inc. (OPXA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Opexa Therapeutics Inc. has a market cap of $34.2 million; its shares were traded at around $2.2 .
Research and Development Expenses. Research and development expenses were $783,534 for the three months ended March 31, 2010, compared with $737,778 for the three months ended March 31, 2009. The increase in expenses was primarily related to a slight increase in personnel and the initiation of key experiments, and was partially offset by a decrease in stock compensation expense.
General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2010 were $484,425 compared with $396,315 for the three months ended March 31, 2009. The increase in expense is due to an increase in professional service fees and partially offset by a decrease in stock compensation expense.
Interest Expense. Interest expense was $105,075 for the three months ended March 31, 2010, compared to $5,627 for the three months ended March 31, 2009. The increase in interest expense was primarily related to the amortized interest on the convertible notes and the amortization of the financing fees over the life of the note with the balance related to interest on the equipment line loan payable. Interest expense for the three months ended March 31, 2009 related solely to the loan payable on the equipment line.
Interest Income. Interest income was $185 for the three months ended March 31, 2010 compared to $1,109 for the three months ended March 31, 2009. The decrease was due to the reduction in interest rates.
Net loss. We had a net loss for the three months ended March 31, 2010 of approximately $1.42 million, or $0.09 per share (basic and diluted), compared with a net loss of approximately $1.6 million or $0.13 per share (basic and diluted) for the three months ended March 31, 2009. The decrease in net loss is primarily due to the absence of any loss from derivative instruments and partially offset by increases in research and development expenses, general and administrative expenses, and interest expense.
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Opexa Therapeutics Inc. has a market cap of $34.2 million; its shares were traded at around $2.2 .
Highlight of Business Operations:
In August 2009, we entered into an exclusive agreement with Novartis for the further development of our novel stem cell technology. This technology, which has generated preliminary data showing the potential to generate monocyte derived islet cells from peripheral blood mononuclear cells, was in early preclinical development at Opexa. Pursuant to this agreement, Novartis acquired our stem cell technology and Novartis will have full responsibility for funding and carrying out all research, development and commercial activities. Novartis has to date paid us $3.5 million ($3 million as an upfront payment and $0.5 million upon the completion of the first of two technology transfer milestones). We remain eligible to receive an additional $0.5 million technology transfer fee upon the completion of a second technology transfer milestone. As part of ongoing technology transfer activities, Novartis has requested that we perform supplemental activities as part of the second technology transfer milestone, and we are willing to do so assuming agreement between the parties regarding the scope of such activities. Although the timing of completion of the second technology transfer milestone is dependent upon resolution between the parties as to a mutually acceptable scope and thereafter as to the pace and outcome of these activities, we currently expect that the related milestone fee will be paid in 2010. We are also eligible to receive certain clinical and commercial milestone payments as well as royalty payments from the sale of any products resulting from the use of the technology and we retain an option on certain manufacturing rights. Notwithstanding the forgoing, there can be no assurance that we will receive any future payments in respect of the stem cell technology.Research and Development Expenses. Research and development expenses were $783,534 for the three months ended March 31, 2010, compared with $737,778 for the three months ended March 31, 2009. The increase in expenses was primarily related to a slight increase in personnel and the initiation of key experiments, and was partially offset by a decrease in stock compensation expense.
General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2010 were $484,425 compared with $396,315 for the three months ended March 31, 2009. The increase in expense is due to an increase in professional service fees and partially offset by a decrease in stock compensation expense.
Interest Expense. Interest expense was $105,075 for the three months ended March 31, 2010, compared to $5,627 for the three months ended March 31, 2009. The increase in interest expense was primarily related to the amortized interest on the convertible notes and the amortization of the financing fees over the life of the note with the balance related to interest on the equipment line loan payable. Interest expense for the three months ended March 31, 2009 related solely to the loan payable on the equipment line.
Interest Income. Interest income was $185 for the three months ended March 31, 2010 compared to $1,109 for the three months ended March 31, 2009. The decrease was due to the reduction in interest rates.
Net loss. We had a net loss for the three months ended March 31, 2010 of approximately $1.42 million, or $0.09 per share (basic and diluted), compared with a net loss of approximately $1.6 million or $0.13 per share (basic and diluted) for the three months ended March 31, 2009. The decrease in net loss is primarily due to the absence of any loss from derivative instruments and partially offset by increases in research and development expenses, general and administrative expenses, and interest expense.
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