Cellceutix Corp (OTCMKTS:CTIX), a leading biopharmaceutical company has reported financial results for the March quarter. As per the reports, research and development expenses for the previous quarter increased to $2.32 million.
The senior management team of the company is delighted to announce the results and feel that the company has enough cash to carry out its experiments in the future as well. Cellceutix accomplished a few key trials during the March quarter and now look forward to continuing the same growth cycle in the coming months as well.
Financial Performance of Cellceutix During March Quarter:
The increased global inflation and uncertain economic conditions affected Cellceutix during the previous quarter. Research is an integral part of its operations. With an objective to get an edge over its rivals and accomplish its trials, Cellceutix invested ample time and money in research related activities.
As per the reports, its R&D expenses for the previous quarter were $2.32 million compared to $1.83 million in the 1Q2014. The primary reason for the increment of $488,000 in R&D expenses was nothing but Cellceutix’s increased focus and expenses on clinical trials and various recruitments in this wing.
When it comes to operating expenses, Cellceutix spent $2.85 million on operating activities in the previous quarter compared to $2.28 million in the first quarter of 2014. It ended up spending a higher amount on operating activities due to extra focus on research and development activities. Apart from the increased R&D cost, it also spent $42,000 on general administrative activities, which eventually contributed to operating expenses.
Cellceutix Corp (OTCMKTS:CTIX) finished the previous quarter with a net loss of 2 cents per share or $2.9 million in total compared to 2 cents per share or $2.33 million in total. Even though, it suffered a loss in the previous quarter, the cash position of Cellceutix remained strong. It ended the March quarter with $10.8 million cash in hand compared to $4.99 million in the first quarter of 2014.