On May 15, 2020 Cleveland BioLabs, Inc. (NASDAQ:CBLI) reported financial results and development progress for the first quarter ended March 31, 2020 (Press release, Cleveland BioLabs, MAY 15, 2020, View Source [SID1234558122]).
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Cleveland BioLabs reported a net loss of $(0.6) million, excluding minority interests, for the first quarter of 2020, or $(0.05) per share, compared to a net loss, excluding minority interests, of $(0.9) million, or $(0.08) per share, for the same period in 2019 The decrease in net loss was primarily due to reduced Research and Development expenses and a decrease in General and Administrative costs, partially offset by a increase in the non-cash adjustment to our warrant liabilities.
As of March 31, 2020, the Company had $1.4 million in cash, cash equivalents and short-term investments, which, based on the Company’s current operational plan, is expected to fund operations into August 2020.
Further Financial Results
Revenue for the first quarter of 2020 decreased to $0.16 million compared to $0.20 million for the first quarter of 2019. The net decrease was primarily attributable to decreased revenue from our service contract with Incuron, partially offset by increased revenue from our Peer Reviewed Medical Research Program ("PRMRP") and Joint Warfighter Medical Research Program ("JWMRP") contracts from the Department of Defense ("DoD") for the continued development of the entolimod as a medical radiation countermeasure.
Research and development costs for the first quarter of 2020 decreased to $0.2 million compared to $0.5 million for the first quarter of 2019. The reduction in research and development costs is due to a $0.17 million decrease in spending for biodefense applications of entolimod, and a $0.11 million decrease in expenses related to curaxins.
General and administrative costs for the first quarter of 2020 decreased to $0.38 million compared to $0.47 million for the first quarter of 2019. This decrease was primarily attributable to a $0.13 million decrease in CBLI’s personnel and professional fees and a $.03 million decrease in facilities costs, partially offset by a $0.10 million increase CBLI’s property taxes compared to the quarter ended March 31, 2019, when we received a property tax refund.