Business
Kalytera Reports Third Quarter 2019 Financial Results
Kalytera Reports Third Quarter 2019 Financial Results.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\n SAN FRANCISCO, Calif. and TEL AVIV, Israel, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") today reported financial results for the third quarter of 2019. (All dollars U.S. unless otherwise noted.)  Third Quarter Financial ResultsIn Q3 2019, the Company had no revenues from product sales, and recorded a net loss of approximately $1.0 million ($0.002 per Common Share), compared with a net profit of approximately $1.8 million ($0.01 per Common Share) in Q3, 2018. The Company’s net loss in Q3 2019 and net profit in Q3 2018 resulted from several factors in each such period, including, primarily, changes in the amounts of certain contingent liabilities and in-process research and development that were charged to income. Second Quarter Operating ExpensesResearch and development expenses in Q3 2019 decreased to approximately $1.0 million, from approximately $1.9 million in Q3 2018. This decrease was due primarily to a decrease in subcontracted R&D costs relating to the Company’s Phase 2 clinical trial in the prevention of acute GVHD, which is nearing completion. General and administrative expenses in Q3 2019 were approximately $1.1 million, compared to approximately $800,000 in Q3 2018. This increase in general and administrative expenses was primarily due to a loss on investments of approximately $180,000 in Q3 2019 that the Company incurred in connection with the Company’s decision to not proceed with the acquisition of a CBD extraction business, as well as an increase in legal and professional fees in the amount of approximately $80,000 in Q3 2019. Changes in Fair-ValueThe primary factors relating to the Company’s net loss in Q3 2019 compared with its net profit in Q3 2018 were several partially offsetting changes in the fair-values of certain contingent liabilities and in-process research and development that were charged to income. These changes in fair-values also resulted in corresponding changes to the Company’s balance sheet. Liquidity and Capital ResourcesAt September 30, 2019, the Company’s current assets, including cash and cash equivalents and other receivables, increased to approximately $861,000 from approximately $747,000 at December 31, 2018. The Company’s current liabilities at Sep...