Cardium Therapeutics Inc (CXM, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cardium Therapeutics Inc has a market cap of $37.26 million; its shares were traded at around $0.4786 with and P/S ratio of 83.73.
General and administrative expenses for the three months ended March 31, 2010 were $960,625 compared to $1,287,724 for the three months ended March 31, 2009. The decrease of $327,099 for the three month period was primarily due to decreases in professional fees and stock option compensation expense.
We derive interest income from the investment of our available cash in various short-term obligations, such as certificates of deposit, commercial paper and money market funds. Interest income for the three months ended March 31, 2010 was $4,832 compared to $4,791 for the same three month period last year. Interest expense for the three months ended March 31, 2010 was $1,431 and $1,578,090 at March 31, 2009. The decrease in interest expenses is as a result of the November 2008 and March 2009 debt financings that we paid off in late 2009.
As of March 31, 2010 we had $11,815,647 in cash and cash equivalents and $1,125,000 in restricted cash. Our working capital was $11,060,962 at March 31, 2010 (excluding $4,365,512 of non cash derivative liabilities for warrants from the calculation).
Net cash used in operating activities was $1,921,072 for the three months ended march 31, 2010 compared to $2,854,195 for the same period last year. The decrease in net cash used in operating activities was due primarily to the reductions in clinical trial costs and professional fees. Also operating activities from our discontinued operation were included in the three months ended March 31, 2009. Since inception, our operations have consumed substantial amounts of cash and we have had only limited revenues. From inception (December 22, 2003) to March 31, 2010, net cash used in operating activities has been $71,915,571.
Our primary source of liquidity has been cash flows from financing activities and in particular proceeds from the sales of our common stock and our debt financing. On March 12, 2010, we completed a registered direct offering of 2,266,998 units, which were sold to institutional and retail investors, at a price of $5.00 per unit. Each unit consisted of 10 shares of common stock and a warrant to purchase 5 shares of common stock. The common stock purchase warrants are exercisable at an exercise price of $0.64 per share, at any time after six months from the date of closing and have a term of exercise equal to five years from the initial exercise date. In the aggregate 22,669,980 shares of common stock and warrants to purchase an additional 11,334,990 shares were issued in the offering. The offering resulted in gross proceeds to the Company of $11.3 million, and net proceeds of approximately $10.4 million after deducting offering fees and expenses. For the three months ended March 31, 2010, net cash provided by financing activities was $10,383,962 from our March 12, 2010 sale of equity securities. Net cash provided by financing activities was $3,178,268 for the three months ended March 31, 2009 and $88,001,861 for the period December 22, 2003 (inception) to March 31, 2010, and was primarily derived from proceeds we received from the sale of our common stock, net of issuance costs
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Cardium Therapeutics Inc has a market cap of $37.26 million; its shares were traded at around $0.4786 with and P/S ratio of 83.73.
Highlight of Business Operations:
Research and development expenses for the three months ended March 31, 2010 were $519,961 compared to $1,244,160 for the same three month period last year. The decrease of $724,199 was primarily due to (i) a reduction in expenses related to our Excellarate product candidate following the completion of its Phase 2b clinical trial which ended in late 2009, (ii) reductions in Generx (AWARE) Phase 3 clinical trial costs, and (iii) reductions in stock option compensation expense.General and administrative expenses for the three months ended March 31, 2010 were $960,625 compared to $1,287,724 for the three months ended March 31, 2009. The decrease of $327,099 for the three month period was primarily due to decreases in professional fees and stock option compensation expense.
We derive interest income from the investment of our available cash in various short-term obligations, such as certificates of deposit, commercial paper and money market funds. Interest income for the three months ended March 31, 2010 was $4,832 compared to $4,791 for the same three month period last year. Interest expense for the three months ended March 31, 2010 was $1,431 and $1,578,090 at March 31, 2009. The decrease in interest expenses is as a result of the November 2008 and March 2009 debt financings that we paid off in late 2009.
As of March 31, 2010 we had $11,815,647 in cash and cash equivalents and $1,125,000 in restricted cash. Our working capital was $11,060,962 at March 31, 2010 (excluding $4,365,512 of non cash derivative liabilities for warrants from the calculation).
Net cash used in operating activities was $1,921,072 for the three months ended march 31, 2010 compared to $2,854,195 for the same period last year. The decrease in net cash used in operating activities was due primarily to the reductions in clinical trial costs and professional fees. Also operating activities from our discontinued operation were included in the three months ended March 31, 2009. Since inception, our operations have consumed substantial amounts of cash and we have had only limited revenues. From inception (December 22, 2003) to March 31, 2010, net cash used in operating activities has been $71,915,571.
Our primary source of liquidity has been cash flows from financing activities and in particular proceeds from the sales of our common stock and our debt financing. On March 12, 2010, we completed a registered direct offering of 2,266,998 units, which were sold to institutional and retail investors, at a price of $5.00 per unit. Each unit consisted of 10 shares of common stock and a warrant to purchase 5 shares of common stock. The common stock purchase warrants are exercisable at an exercise price of $0.64 per share, at any time after six months from the date of closing and have a term of exercise equal to five years from the initial exercise date. In the aggregate 22,669,980 shares of common stock and warrants to purchase an additional 11,334,990 shares were issued in the offering. The offering resulted in gross proceeds to the Company of $11.3 million, and net proceeds of approximately $10.4 million after deducting offering fees and expenses. For the three months ended March 31, 2010, net cash provided by financing activities was $10,383,962 from our March 12, 2010 sale of equity securities. Net cash provided by financing activities was $3,178,268 for the three months ended March 31, 2009 and $88,001,861 for the period December 22, 2003 (inception) to March 31, 2010, and was primarily derived from proceeds we received from the sale of our common stock, net of issuance costs
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