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Kalytera Reports First Quarter 2017 Financial Results
Kalytera Reports First Quarter 2017 Financial Results.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nVANCOUVER, British Columbia, May 31, 2017 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX-V:KALY) (OTCQB:KALTF), a clinical-stage pharmaceutical company developing cannabinoid therapeutics for Graft versus Host Disease (“GvHD”), today reported financial results for the quarter ended March 31, 2017. (All dollars U.S. unless otherwise noted.)\nFirst Quarter 2017 Result HighlightsWorking capital totaled $1.8 million, including cash and cash equivalents of $3.1 million, as of March 31, 2017, compared with $2.9 million and $673,000, respectively, as of December 31, 2016.The Company’s March 31, 2017 cash balance was $3.1 million (unaudited) and reflects its February 2017 equity private placement of CDN$15 million, of which USD$10 million was invested in its acquisition of Talent Biotechs in that same month.As of May 29, 2017, Kalytera had 129,235,073 common shares outstanding.Research and development expenses were $404,000 for the quarter ended March 31, 2017 compared with $157,000 for the same period in 2016.General and administrative expenses were $1.2 million for the quarter ended March 31, 2017 compared with $392,000 for the same period in 2016. The increase resulted primarily from a higher level of operations.Net loss for the quarter ended March 31, 2017 was $1.6 million compared with a net loss of $549,000 for the same period in 2016.Recent DevelopmentKalytera’s Board of Directors has appointed Gary Leong as a member of the Audit Committee to serve until the conclusion of the next annual meeting of shareholders.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION     Kalytera Therapeutics, Inc.   U.S. dollars in thousandsMarch 31, December 31,  2017  2016 Unaudited AuditedASSETS   Current assets:   Cash and cash equivalents$ 3,136 $ 673Other receivables and prepaid expenses  379   4,141Non-current assets:   Investment in Talent Biotechs Ltd. 16,258   - Total assets$ 19,773 $ 4,814    LIABILITIES AND EQUITY  Total current liabilities  1,705   1,897Total equity  18,068   2,917Total liabilities and equity$ 19,7...