Quarterly (Q3) results special: ADVM, HSGX, BTX, AGTC, ONVO, XON, BLFS, CLBS, PSTI, SGMO, STML and BSTG

November 9, 2018 8:39am

Post reporting their Q’s; snapshots of LPS (loss-per-share) and net incomes - follow the bouncing share prices …

A breakdown of reporting “figures” and commentary including Thursday’s closing numbers,: Adverum Biotechnologies (ADVM +$0.05), Histogenics (HSGX +$0.01), BioTime (NTSEMKT: BTX -$0.11), Applied Genetic Technologies (AGTC +$0.21), Intrexon (XON -$0.12), BioLife Solutions (BLFS +$0.16), Caladrius Bioscience (CLBS +$0.32), Pluristem (PSTI -$0.01), Sangamo Therapeutics (SGMO -$0.58), Stemline Therapeutics (STML -$0.36), Organovo Holdings (ONVO)  and Biostage (BSTG -$0.10)

Ben Graham used to talk about the stock market being a cross between a voting machine and a weighing machine  

The market is still voting on Friday ...

During “earning’s” season, traders vote by buying and selling shares, and in the short run; the trades are motivated by those meeting “street” expectation  versus LPS (loss-per-share) as compared to net income.

Adverum Biotechnologies (ADVM) reported a loss of $21 M or -0.34 per share. Losses, adjusted for asset impairment costs, were $0.26 per share. The results exceeded “street” expectations for a loss of $0.30 per share, posting revenue of $833 K which also exceeded “street” forecasts of $273 K. ADVM’s shares hit $3.74, a year ago, and they were trading at $3.

Applied Genetic Technologies (AGTC) reported earnings of $1.2 M or $0.07 per share, compared to a net loss of $1.4 m for Q3/17 beating estimate of a loss of $0.50 per share, compared to loss of $0.08 per share a year ago. These figures were adjusted for non-recurring items. This “Q” represents an earnings surprise of 114%. A quarter ago, it was expected to post a loss of $0.23 per share when it actually produced a loss of $0.37, delivering a surprise of -60.87%. AGTC’s shares have added about 88.9% since the beginning of the year. Over the last four quarters, AGTC has surpassed consensus EPS estimates just once. net income was $1.2 M, or $0.05 per diluted share, compared with a net loss attributable to common stockholders of $425 K, or $0.03 diluted per share, for Q3/15. AGTC received a milestone payment of $10 M from Biogen following the successful enrollment of the first patient of the second dose group in the P1/2 clinical trial evaluating the safety and efficacy of an investigational AAV-based gene therapy for the treatment of X-linked retinitis pigmentosa (XLRP). Cash position amounted to $105.4; thus a “runway” until 2020.    

BioLife Solutions (BLFS) net income was $1.2 M, or $0.05 per diluted share, compared with a net loss attributable to common stockholders of $425 K, or $0.03 diluted per share, for Q3/15. Cash provided by operations for Q3 was $809 K, compared with cash provided by operations of $74 K for the prior-year period. Cash balance was $32.4 M compared with $2.8 M at 9/30/17 and $6.7 million at 12/31/17. Net income for the nine months was $2.1 M, or $0.10 per diluted share, compared with a net loss attributable to common stockholders of $2.1 million, or $0.16 per diluted share, for the 9 month period in 2017.

Biostage (BSTG) reported a net loss of $2.1 M, or a diluted $0.37 per share, compared to a net loss of approximately $3.2 M, or a net loss per diluted share of $1.66 for Q3/17. The $1.1 million year-over-year decrease in net loss was attributable primarily to a corresponding $1.1 million decrease in R&D (they had let go all their scientific staff). BSTG’s cash position was $3.5 M and a 2018 "runway"

BioTime (NYSEMKT: BTX) reported earnings of $66.7 M or net income of $0.53 per share. Losses, adjusted for non-recurring gains, were $0.07 cents per share while posting revenue of $982 K in Q3. BTX received $43.2 Million from AgeX Sale Transaction with Juvenescence Ltd.  Announced Thursday entry into a merger agreement to acquire Asterias Therapeutics, Inc. (NYSE American: AST) in an all-stock transaction. Ended the “Q” with cash totaling $21.4 M as of 9/30/18; while BTX held common stock in publicly-traded affiliates is valued at approximately $65.0 M. This amount was the market value of BTX’s 21.7 million shares in Asterias Biotherapeutics (NYSE American: AST) and 14.7 million shares in OncoCyte (NYSE American: OCX). If the acquisition of AST is completed by BioTime, Asterias will cease to exist as a public entity and there will be no market value to the Asterias shares.

Caladrius Biosciences (CLBS) net loss from continuing operations was $3.5 M, or $0.36 per share, compared with $3.5 M, or $0.38 per share, for Q3/17. R&D and G&A expenses decreased. The “Q’s” expenses were principally comprised of costs in its ischemic repair programs for CLBS12 and CLBS14-CMD, as well as initial planning for CLBS14-RfA program. Conversely, the prior year Q expenses were primarily focused on our T-Rex study for CLBS03, which completed enrollment in 12/17 and is now in the follow-up phase of the study. CLBS had cash, cash equivalents and marketable securities of $46.1 M, compared with $60.1 M as of 12/31/17 with a runway until 2020.

Histogenics Corp. (HSGX) reported loss from operations was $0.25 per diluted share, compared to -$0.23 per share in Q3/17.  The increase in loss from operations was due to higher operating expenses in Q3 relative to Q3/17. HSGX had net income of $10.7 M or $0.36 per share, after reporting a loss in the same period a year earlier. Even after a failed trial and a dilutive financing; the results fell short of “street” expectations for a loss of $0.19 cents per share. HSGX's shares closed at $0.54 having traded a year ago at $2.12. HSGX had $5.2 M in cash, ecently raided $15.4 M in a financing with a runway = 2019 and HSGX and FDA continue discussions on NeoCart® P3 Data and potential BLA submission after a failed trial as well as the potential need for any additional supplemental clinical data, including longer-term data from the ongoing P3 trial or additional studies, and possible alternative regulatory pathways for acceptance of the BLA?

Intrexon (XON) reported a net loss of $57.3 M or $(0.44) per basic share, including non-cash charges of $38.7 M while revenues of $32.4 million decrease -30% from Q3/17. Adjusted EBITDA of $(28.9) million, or $(0.22) per basic share; the net change in deferred revenue related to upfront and milestone payments, which represents the cash and stock received from collaborators less the amount of revenue recognized during the period, was a decrease of $17.3 M compared to a decrease of $8.6 M in Q3/17. Cash, totaled $246.6 M, the value of preferred shares totaled $158.4 M. Revenues of $117.4 M experienced a decrease of 24% from the nine months ended 9/30/17.XON completed offering of $200 M aggregate principal amount of 3.50% convertible senior notes due in 2023.

Pluristem Therapeutics (PSTI) reported a loss of $8.8 M in its Q1 or a loss of $0.08 per share posting revenue of $4 K. PSTI's shares closed at $1.18, a year ago; they were trading at $1.51. PSTI ended the Q with a $30 M cash position, while using $8.5 M per quarter - a short “runway”.

Organovo Holdings (ONVO) reported a loss of $5.8 M in its Q2 or a loss of $0.05 per share posting revenue of $943,000 in the period. In the final minutes of trading on Thursday, ONVO’s shares hit $1.16, a year ago; they were trading at $1.47.

Sangamo Therapeutics (SGMO) reported a loss of $ M or -$0.13 per share in line with a Consensus Estimate compared to loss of $0.15 per share a year ago. These figures were adjusted for non-recurring items.Q2 posted a loss of $0.15 per share when it actually produced a loss of $0.17, delivering a surprise of -13.33%. SGMO’s shares have lost about 12.8% since the beginning of the year.

Stemline Therapeutics Inc. (STML) reported a loss of $21 M or -$073 per share. The results fell short of “street” expectation for a loss of $0.67 per share. STML shares have declined 6.5% since the beginning of the year; Thursday, shares did hit $14.58, climbing 12% in the last 12 months.