CLEVELAND, July 29, 2019 – Shares of Athersys Inc. (NASDAQ: ATHX) showed the bullish trend with a higher momentum of 4.90% to $1.50. The company traded total volume of 499.716K shares as contrast to its average volume of 718.73K shares. The company has a market value of $214.20M and about 142.80M shares outstanding.
Athersys, Inc. (ATHX) reported net loss of $13.00M for the first quarter in 2019 contrast to a net loss of $10.20M in 2018. The difference of $2.80M reflects the above variances, as well as a decrease of $0.20M in other income.
Revenues increased to $1.40M for the three months ended March 31, 2019 contrast to $1.10M for the three months ended March 31, 2018. Our revenues are generally derived from license fees, manufacturing-related activities for Healios, other royalty and related contract revenue from our collaborations, and grant revenue. Revenues from our collaboration with Healios increased quarter-over-quarter related to our manufacturing services. Royalty revenues from RTI Surgical, Inc. have concluded with its discontinuation of distribution of the licensed product.
Research and development expenses increased to $11.40M for the three months ended March 31, 2019 from $8.90M for the comparable period in 2018. The $2.50M increase is mainly associated with increased clinical trial and manufacturing process development costs of $1.90M, increased personnel costs of $0.40M, and increased stock compensation costs of $0.10M. Included in our clinical costs are costs associated with providing manufacturing services to Healios, which are invoiced to Healios in accordance with the collaboration agreements.
General and administrative expenses increased to $3.10M for the three months ended March 31, 2019 from $2.70M in the comparable period in 2018. The $0.40M increase was due mainly to increased legal and professional fees, consulting services, and stock compensation costs contrast to the same period last year.
In the three months ended March 31, 2019, net cash used in operating activities was $5.50M contrast to $5.70M in the three months ended March 31, 2018. At March 31, 2019, we had $51.00M in cash and cash equivalents, contrast to $51.10M at December 31, 2018.
ROE was recorded as -58.10% while beta factor was 0.24. The stock, as of recent close, has shown the weekly upbeat performance of 5.63% which was maintained at 4.17% in this year.
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