Boston, MA 08/12/2014 (wallstreetpr) – Athersys, Inc. (NASDAQ:ATHX) released the financial results of the second-quarter on August 11, 2014. It reported the net income of $0.7 million in the second-quarter as compared to the net loss of $5.9 million in 2Q2013. The net income came higher due to an increase in non-cash income. It was affected by the change in the value of the warrant liabilities. Athersys closed the second-quarter with the cash and cash equivalents of $38.8 million as compared to $31.9 million at end of December 31, 2013. The cash utilized in operating activities came at $6.1 million which was lower than the cash utilization of $6.4 million in 2Q2013.
The other financial figures
Athersys, Inc. (NASDAQ:ATHX) reported the net revenues at $0.4 million comparable to $0.6 million in 2Q2013. There was a decrease in the grant and contract revenues. Contract revenues are related more to the royalty, license and milestone payments from the business collaborations while grant revenues depend upon the grant-related activities.
The expenses in second-quarter
Athersys, Inc. (NASDAQ:ATHX) reported the R&D expenses at $5.8 million comparable to $5.1 million in the prior-year quarter. The higher expenses were a result of increased personnel costs, higher research supplies and the stock-based compensation. It also included the expenses related to sponsored research. However, there was a drop in the clinical and preclinical costs. The G&A expenses rose to $1.8 million as compared to n $1.6 million in the prior-year quarter. Again, the rise was associated with the uptick in the personnel costs and other stock-based compensation.
The key highlights
Chairman and CEO, Gil Van Bokkelen said that MultiStem cell therapy and the related technologies are effective and cost-efficient. Athersys, Inc. (NASDAQ:ATHX) is working on the multiple programs. It is excited with the progress of enrollment in its Phase 2 ischemic stroke study. It confirmed the planned initiation time of its Phase 2 acute myocardial infarction study.
