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Kalytera Reports Second Quarter 2017 Financial Results
Kalytera Reports Second Quarter 2017 Financial Results.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n\n SAN FRANCISCO and TEL AVIV, Israel, Aug. 31, 2017 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSXV: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 June 30, 2017. (All dollars U.S. unless otherwise noted.)\n Second Quarter 2017 Result Highlights As of June 30, 2017, the Company had cash and cash equivalents of $1.5 million, compared with $0.7 million as of December 31, 2016. As of August 21, 2017, Kalytera had 129,235,053 common shares outstanding. Research and development expenses were $1 million for the quarter ended June 30, 2017 compared with $0.7 million for the quarter ended June 30, 2016. The increase in research and development expenses from the same period last year was due in part to laboratory and regulatory consulting expenses incurred in preparation for the Company’s planned Phase 2 clinical study to evaluate cannabidiol (“CBD”) in the prevention of GvHD. The Company is reviewing a number of alternatives to further finance this study, including discussions with certain potential sources of debt or equity financing, though there can be no assurance at this time that any such financing will be successfully obtained or available on favourable terms. General and administrative expenses were $0.9 million for the quarter ended June 30, 2017 compared with $0.4 million for the quarter ended June 30, 2016. The increase resulted primarily from a higher level of operations. Net loss for the quarter ended June 30, 2017 was $1.9 million compared with a net loss of $1.1 million for the quarter ended June 30, 2016. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONKalytera Therapeutics, Inc. U.S. dollars in thousands June 30, 2017 December 31,2016  Unaudited AuditedASSETS    CURRENT ASSETS:    Cash and cash equivalents $1,466  $673 Other receivables and prepaid expenses  92   4,141    1,558   4,814      NON-CURRENT ASSETS:    Investment in Talent Biotechs Ltd.  16,258   - Total assets $17,816  $4,8...