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ImmunoCellular Therapeutics Announces Third Quarter 2013 Financial Results

Stocks in this article: IMUC

ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular”) (NYSE MKT: IMUC) today announced financial results for the quarter ended September 30, 2013.

For the three months ended September 30, 2013, the Company incurred a net loss of $3.8 million, or $0.07 per basic and diluted share, compared to a net loss of $600,000, or $0.02 per basic and diluted share during the quarter ended September 30, 2012. The net loss in the current quarter reflects a charge of $1.4 million related to the Company’s revaluation of its warrant derivatives. During the quarter ended September 30, 2012, the Company recorded a gain of $2.8 million related to the revaluation of its warrant derivatives. For the nine months ended September 30, 2013, the Company incurred a net loss of $8.9 million, or $0.17 per basic and diluted share, compared to a net loss of $15.0 million or $0.38 per basic and diluted share. The net loss for the nine months ended September 30, 2013, reflects a charge of $2 million related to the Company’s revaluation of its warrant derivatives. During the quarter ended September 30, 2012, the Company recorded a charge of $5 million related to the revaluation of its warrant derivatives.

The Company reported that its cash used in operations during the nine months ended September 30, 2013 was $6.1 million compared to $9.2 million during the same period in 2012. The decrease primarily reflects a reduction in research and development costs during 2013. During the third quarter of 2012, the Company completed its patient enrollment of its phase II trial of ICT-107. As a significant amount of patient treatment costs are incurred near the time of patient enrollment, there were significantly less patient treatment costs during the nine months ended September 30, 2013 compared to 2012. The Company continues to incur costs related to its preclinical trial of ICT-140.

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