On May 15, 2019 Cleveland BioLabs, Inc. (NASDAQ:CBLI) reported financial results and development progress for the first quarter ended March 31, 2019 (Press release, Cleveland BioLabs, MAY 15, 2019, View Source [SID1234536339]).
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Cleveland BioLabs reported a net loss of $(0.9) million, excluding minority interests, for the first quarter of 2019, or $(0.08) per share, compared to a net loss, excluding minority interests, of $(1.2) million, or $(0.11) per share, for the same period in 2018. The decrease in net loss was primarily due to reduced research and development activity due to previously disclosed vendor delays in in the analytical analyses required to complete the biocomparability study and a decrease in General and Administrative costs partially offset by an increase in the non-cash adjustment to our warrant liabilities. The biocomparability study was completed during the first quarter.
As of March 31, 2019, the Company had $3.3 million in cash, cash equivalents and short-term investments, which, based on the Company’s current operational plan, is expected to fund operations into December 2019.
Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "The development, pursuit of regulatory approval and commercialization for entolimod as a medical radiation countermeasure remains our top priority.
Further Financial Results
Revenue for the first quarter of 2019 decreased to $0.20 million compared to $0.23 million for the first quarter of 2018. The net decrease was primarily attributable to decreased revenue from our Joint Warfighter Medical Research Program ("JWMRP") contract from the Department of Defense ("DoD") for the continued development of the entolimod as a medical radiation countermeasure partially offset by increased revenue from our service contract with Incuron.
Research and development costs for the first quarter of 2019 decreased to $0.5 million compared to $1.3 million for the first quarter of 2018. The reduction in research and development costs is due to a $0.57 million reduction in spending for biodefense applications of entolimod, $0.26 million decrease in expenses related to the oncology applications of the entolimod family of compounds, and a $0.04 million reduction in spending on Panacela’s product candidates partially offset by a $0.05 million increase in expenses related to the Curaxins.
General and administrative costs for the first quarter of 2019 decreased to $0.47 million compared to $0.73 million for the first quarter of 2018. This decrease was primarily attributable to $0.15 million decrease in property tax expense, $0.06 million decrease in expense relating to a one-time settlement for the previously completed research contracts with the Russian Ministry of Trade, and $0.05 million decrease in legal and professional fees.