For the first two quarters ended January 31, 2015, OncoSec Medical Inc (OTCMKTS:ONCS) posted a net loss of $8.7 million against net loss of $4.7 million for the same period last year. The company reported zero revenue for the six months period.
OncoSec reported R&D expenses surged to $5.4 million compared to $2.2 million for the first two quarters ended January 31, 2014. The increase in expenses was largely a result of higher salaries, higher outside services costs, and bigger lab supplies as OncoSec moves forward with its research activities related with next-generation electroporation devices and electroporation technologies.
The G&A expenses
OncoSec said that the G&A expenses surged to $3.3 million compared to $2.4 million in the first six months ended January 31, 2015. The increase in salary related expenses that resulted due to higher headcount and higher conference fees resulted in increased G&A expenses. The company had to get more headcount in order to support the growth in operations. OncoSec made substantial savings in its professional services fees.
The cash balance
At January 31, OncoSec recorded $30.7 million in cash and cash equivalents, lower than $37.9 million that it reported for six months ended July 31, 2014. As per the management, the cash balances are sufficient enough to meet the business needs for at least the next 12 months.
OncoSec Medical Inc (OTCMKTS:ONCS) is one of the known names in the field of biopharmaceuticals. It is working on development of cancer immunotherapy. Its core technology enhances the local delivery and uptake of immune-targeting agents. The various clinical trials of ImmunoPulse have reflected an acceptable safety and efficacy profile and preliminary confirmation of anti-tumor activity in the cure of various types of skin cancers. It also has the potential to begin a systemic immune response that limits the systemic toxicities linked with other treatments.