InVivo Therapeutics reported $10.4 million net loss in the second quarter of 2015.
However, CEO Mark Perrin is focused on the strides forward the company made in the first half of the year.
"InVivo made significant advancement across all fronts during the second quarter," he said. "The three patients in our ongoing clinical trial continued to make meaningful motor and sensory improvements. We added two new clinical sites, one of which is a federally designated Spinal Cord Injury Model Systems center. We expanded our communications efforts by exhibiting at two major neurological conferences and were highlighted in InVivo co-founder Dr. Robert Laner's closing keynote address at the International Society for Stem Cell Research Annual Meeting."
The company also added Jim Guest, MD, to the scientific advisory board and appointed Ann Merrifield as the board's lead director.
Here are five things to know about the company's financial report:
1. InVivo reported a $10.4 million net loss for the quarter, up from $3.6 million for the same period last year. A derivative warrant liability of around $4.6 million, reflecting changes in the fair market value of the derivative warrant liability, impacted the quarter's results.
2. Cash and cash equivalents at the quarter's end were $25 million. The company received $4 million from the exercise of warrants issued in the company's May 2014 public offering during the second quarter of 2015.
3. For the first half of 2015, InVivo reported a $26.2 million net loss, or $1.02 per diluted share. This is up significantly from $8.7 million for the first half of last year.
4. The company received $6.9 million from warrant exercises in the first six months of 2015, representing around 69 percent of the warrants issued during the May 2014 public offering.
5. In June, one month after its public listing on NASDAQ, the company was added to Russell Global, Russell 3000, Russell 2000 and Russell Microcap Indexes. Then in July, the company posted positive results from two patients one month and six months after treatment.
"It was a great quarter and we reiterate our previous cash forecast: we anticipate our cash position will last us into the fourth quarter of 2016," said Mr. Perrin.