ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) announced financial results for the first quarter 2015.
“During the first quarter, we strengthened our Company’s financial standing, advanced ICT-107 toward our goal of initiating the phase 3 registration trial in newly diagnosed glioblastoma, continued to enroll patients in our ICT-121 phase 1 trial in recurrent glioblastoma, and moved forward with our novel Stem-to-T-cell program,” said Andrew Gengos, ImmunoCellular’s Chief Executive Officer. “We believe that we are on track to initiate the ICT-107 phase 3 trial in the late third quarter or fourth quarter of this year, following completion of the special protocol assessment process with the FDAand finalization of agreements with cancer cooperative groups and our contract research organization, which will manage the trial. Our ICT-121 phase 1 program is actively enrolling patients, and we are making good progress in starting our Stem-cell immunotherapy program which has potential advantages compared to engineered T-cell approaches to targeting and killing tumors. We believe that there is significant value inImmunoCellular, given the breadth of our platforms and our preclinical and clinical assets, led by ICT-107. We are committed to advancing our programs with the goal of unlocking that value, and building a leading cancer immunotherapy company.”
For the quarter ended March 31, 2015, the Company reported a net loss of $1.4 million, or $0.02 per basic and diluted share, compared to a net loss of $3.2 million, or $0.05 per basic and diluted share for the quarter ended March 31, 2014. During the quarter ended March 31, 2015, the Company incurred $2.0 million in research and development expenses compared to $1.7 million in the same quarter of 2014. The increase reflects costs related to the ramp up of the phase 3 trial of ICT-107, patient enrollment in ICT-121 and ramp-up of expenses related to the Company’s Stem-to-T-cell program. These expenses were partially offset by reductions in the ICT-107 phase 2 trial, which continued to wind down, and suspension of the Company’s ICT-140 ovarian cancer program. Additionally, for the quarter ended March 31, 2015, the Company recognized a credit of $1.8 millionrelated to the change in fair value of its warrant derivatives compared to a charge of approximately $400,000 during the same period in 2014.
The Company reported that cash used in operations during the first quarter of 2015 was $3.0 million compared to $2.6 million during the first quarter of 2014. The increase in cash used in operations primarily reflects additional research and development expenses. Other expenses were consistent between periods. The Company expects that research and development expenses will continue to increase in future periods as it prepares for the phase 3 trial of ICT-107 and as it expands its Stem-to-T-cell program.
During the quarter ended March 31, 2015, the Company raised $14.5 million from the issuance of 26,650,000 shares of common stock and warrants to purchase 18,655,000 shares. The warrants have a term of five years and an exercise price of $0.66. As of March 31, 2015, the Company had$34.8 million in cash. (Original Source)
Shares of ImmunoCellular Therapeutics closed today at $0.4601, down $0.0047 or 1.01%. IMUC has a 1-year high of $1.45 and a 1-year low of $0.43. The stock’s 50-day moving average is $0.49 and its 200-day moving average is $0.63.
On the ratings front, ImmunoCellular has been the subject of a number of recent research reports. In a report issued on March 13, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on IMUC, with a price target of $3, which implies an upside of 539.8% from current levels. Separately, on March 10, Maxim Group’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $3.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Jason Kolbert have a total average return of 5.5% and 0.5% respectively. Pantginis has a success rate of 48.3% and is ranked #551 out of 3596 analysts, while Kolbert has a success rate of 40.4% and is ranked #2049.
ImmunoCellular Therapeutics Ltdis a clinical-stage biotechnology company that develops immune-based therapies for the treatment of cancers, such as brain, ovarian and other solid tumors.