ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) announced financial results for the first quarter of 2016.
Andrew Gengos, ImmunoCellular Chief Executive Officer, commented: “We continue to make progress in all aspects of implementing our ICT-107 registration trial in patients with newly diagnosed glioblastoma. Over half of the targeted clinical sites in the US have been activated and are screening patients. We anticipate that all sites in the US can be activated by the middle of 2016. In Europe, the process of gaining regulatory approval for the trial and bringing clinical trial sites online is going very well. Clinical trial applications have been approved by the regulatory authorities in the Netherlands and the UK, and we are involved in interactions with the six other country authorities where the trial will be conducted. We also have received regulatory approval to start the trial in Canada. We expect to manufacture clinical supplies for the first qualifying patients in Canada and Europe in the third quarter. As the competitive landscape in newly diagnosed glioblastoma evolves, we continue to think that our phase 3 registration program, with the strong foundational support of placebo-controlled phase 2 data, is the best designed program underway in this indication. We are pleased with the progress we made in the first quarter, and believe that 2016 will be a year of accomplishment and value creation for our company.”
For the quarter ended March 31, 2016, ImmunoCellular incurred a net loss of $5.6 million, or $0.06 per basic and diluted share, compared to a net loss of $1.4 million, or $0.02 per basic and diluted share, for the quarter ended March 31, 2015.
During the first quarter 2016, the Company incurred $4.7 million of research and development expenses compared to $2.1 million in the prior year quarter while general and administrative expenses remained relatively constant between periods. The $2.6 million increase in research and development expenses primarily reflects the additional expenses associated with the phase 3 trial of ICT-107. During the first quarter of 2016, the Company recorded a credit to other income of $500,000 related to reflect a write-down of the Company’s warrant liability, compared to a credit to other income of $1.8 million during the same period in 2015.
The Company also reported that cash used in operations in the first quarter of 2016 was $5.4 million compared to $3.0 million in the prior year quarter. The increase primarily reflects that additional research and development expenditures in the current year. As of March 31, 2016, the Company had $17.5 million in cash. (Original Source)
Shares of ImmunoCellular are down $0.01 or 4.17% to $0.23 in after-hours trading. IMUC has a 1-year high of $0.64 and a 1-year low of $0.20. The stock’s 50-day moving average is $0.28 and its 200-day moving average is $0.32.
On the ratings front, ImmunoCellular has been the subject of a number of recent research reports. In a report issued on May 9, Maxim Group analyst Jason McCarthy reiterated a Buy rating on IMUC, with a price target of $3, which represents a potential upside of 1045.9% from where the stock is currently trading. Separately, on March 31, Roth Capital’s Joseph Pantginis assigned a Buy rating to the stock and has a price target of $2.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Joseph Pantginis have a total average return of -9.7% and -3.2% respectively. McCarthy has a success rate of 29.7% and is ranked #3690 out of 3845 analysts, while Pantginis has a success rate of 34.9% and is ranked #3653.
ImmunoCellular Therapeutics Ltd. is a Los Angeles-based clinical-stage company that develops immune-based therapies for the treatment of brain and other cancers. ImmunoCellular’s pipeline includes: ICT-121, a dendritic cell immunotherapy targeting the CD133 antigen on stem cells in recurrent glioblastoma; ICT-140, a dendritic cell immunotherapy targeting antigens on ovarian cancer stem cells; and the Stem-to-T-cell research program which engineers the patient’s hematopoietic stem cells to generate antigen-specific cancer-killing T-cells.