On August 14, 2019 Cleveland BioLabs, Inc. (NASDAQ:CBLI) reported financial results and development progress for the second quarter ended June 30, 2019 (Press release, Cleveland BioLabs, AUG 14, 2019, View Source [SID1234538834]).
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Cleveland BioLabs reported a net loss of $(0.6) million, excluding minority interests, for the second quarter of 2019, or $(0.05) per share, compared to a net loss, excluding minority interests, of $(0.9) million, or $(0.08) per share, for the same period in 2018. The decrease in net loss was primarily due to reduced research and development expenses related to the oncology applications of the entolimod family of compounds, a decrease in General and Administrative costs, and a decrease in the non-cash adjustment to our warrant liabilities, partially offset by reduced revenues.
As of June 30, 2019, the Company had $2.6 million in cash, cash equivalents and short-term investments, which, based on the Company’s current operational plan, is expected to fund operations into June 2020.
Yakov Kogan, Ph.D., MBA, Chief Executive Officer, stated, "The pursuit of regulatory approval and commercialization for entolimod as a medical radiation countermeasure remains our main priority and focus."
Further Financial Results
Revenue for the second quarter of 2019 decreased to $0.28 million compared to $0.39 million for the second quarter of 2018. The net decrease was primarily attributable to decreased revenue from our Joint Warfighter Medical Research Program ("JWMRP") contract from the Department of Defense ("DoD") for the continued development of the entolimod as a medical radiation countermeasure and by decreased revenue from our service contract with Incuron.
Research and development costs for the second quarter of 2019 decreased to $0.60 million compared to $0.91 million for the second quarter of 2018. The reduction in research and development costs is due to a $0.36 million decrease in expenses related to the oncology applications of the entolimod family of compounds, partially offset by a $0.05 million increase in spending for biodefense applications of entolimod.
General and administrative costs for the second quarter of 2019 decreased to $0.45 million compared to $0.55 million for the second quarter of 2018. This decrease was primarily attributable to a $0.03 million decrease in CBLI’s legal and professional fees, a $0.03 million decrease in travel expense, and a $0.03 million decrease in personnel and subcontractor expenses relating to outsourced assistance.