For the six months ended January 2015, OncoSec Medical Inc (OTCMKTS:ONCS) posted a net loss of $8.7 million. It widened from the net loss of $4.7 million posted in the same period last year. The company reported no revenues during this period. The company expanded its research on electroporation tools and technologies during this period.
OncoSec didn’t make any progress on the front of revenue in the first two quarter of fiscal that ended January 2015. The revenue was unchanged at zero compared to the same period, a year ago. However, the research and development expenses surged to $5.4 million from $2.2 million from the six months ended January 2014.
It is a growing stage company and therefore it is working to expand its internal search capabilities. For the purpose, it requires additional lab supplies leading to increased costs. Also, the higher outside service costs along with increased salary related expenses added to research and development expenses.
The other expenses
OncoSec reported General and administrative expenses of $3.3 million, up from $2.4 million recorded during the same period, a year ago. Again, the increase in salary related expenses added to General and administrative expenses. The increase travel fees and conference fees are the other factors behind the increased expenses. The only segment where the company reported a decline in expenses was professional service fees.
The cash and cash equivalents reduced to $30.7million compared to $37.9 million reported at July 31, 2014. The company believes that the funds are sufficient enough to operate its business for the next one year. However, the investors should not forget that the company reported zero revenue in the report. On Tuesday’s trading session, the stock price of OncoSec declined more than 4% to close the trading session at $0.292. The decline came at a share volume of 3.44 million compared to average volume of 1.22 million.