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Kalytera Reports First Quarter 2019 Financial Results
Kalytera Reports First Quarter 2019 Financial Results.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nSAN FRANCISCO and TEL AVIV, Israel, May 31, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today reported financial results for the first quarter of 2019. (All dollars U.S. unless otherwise noted.)\n “Since the beginning of the year, we have made important progress in our lead product development program,\" stated Robert Farrell, Kalytera’s President and CEO. “In that program, we are evaluating cannabidiol (“CBD”) for the prevention of acute graft versus host disease (“GVHD”). The first, “low dose”, cohort of patients has completed our ongoing Phase 2 clinical study with excellent results, and we are now enrolling the second, “medium dose”, cohort. We have also made good progress in our program to develop the first cannabinoid-derived pain treatment targeting activation of alpha3 glycine pain receptors, and we will provide additional updates on both of these programs shortly.\"  First Quarter 2019 Financial ResultsIn the first quarter (“Q1”) of 2019, the Company recorded a net loss of approximately $6.4 million ($0.021 per Common Share), compared with a net loss of approximately $1.9 million ($0.01 per Common Share) in Q1 2018. Operating ExpensesResearch and development expenses increased to approximately $2.8 million in Q1 2019 from approximately $1.3 million in Q1 2018, due primarily to an increase in costs relating to the Company’s ongoing Phase 2 clinical trial in the prevention of acute GVHD. General and administrative expenses remained consistent between Q1 2019 and Q1 2018, with a slight decrease from $798,000 in Q1 2018, to $768,000 in Q1 2019. Changes in Fair-ValueIn addition to the increase in R&D expenses from Q1 2018 to Q1 2019, there were changes in the fair-value of certain assets and liabilities of the Company that were charged to income, contributing to the increase in net loss from Q1 2018 to Q1 2019. These changes in fair-value included: (1) an increase in the fair-value of the Company’s intellectual property; (2) an increase in the fair-value of certain convertible debt and equity instruments; and (3) an increase in the fair value of the contingent consideration that the Company is obligated to pay to the former shareholders of Talent B...