Neuralstem Reports Year End 2018 Fiscal Results

Date : 03/22/2019 @ 8:30PM
Source : GlobeNewswire Inc.
Stock : Neuralstem, Inc. (MM) (CUR)
Quote : 0.321  0.0 (0.00%) @ 1:00AM

Neuralstem Reports Year End 2018 Fiscal Results

Neuralstem, Inc. (NASDAQ:CUR)
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Neuralstem, Inc. (Nasdaq: CUR), a biopharmaceutical company focused on the development of nervous system therapies based on its neural stem cell and small molecule technologies, today reported its financial results for the year ended December 31, 2018.

Financial Results for the Year Ended December 31, 2018

Cash Position and Liquidity:  At December 31, 2018, cash and investments was approximately $5.8 million as compared to approximately $11.7 million for the same period of 2017.  The $8.9 million decrease is due to cash used in operations of approximately $7.7 million partially offset by the proceeds from our October 2017 registered direct offering of common stock and warrants.

Operating Loss: Operating loss for the year ended December 31, 2018 was $8.3 million compared to a loss of $13.3 million for the same period of 2017.  The decrease in operating loss for the year was primarily due to a $4.0 million decrease in research and development expenses coupled with a $0.9 million decrease in general and administrative expenses.

Net Loss:  Net loss for the year ended December 31, 2018 was $4.9 million, or $0.32 per share (basic), compared to a loss of $15.7 million, or $1.20 per share (basic), for year ended 2017.  The decrease in net loss was primarily due to a $5.0 decrease in operating loss coupled with a $3.3 million non-cash gains related to the change in the fair value of our liability classified stock purchase warrants

R&D Expenses: Research and development expense for the year ended December 31, 2018 was $4.0 million as compared to $8.1 million for the same period of 2017.  The decrease of $4.1 million, or 50% compared to the same period of 2017 was primarily attributable to (i) a $1.6 million decrease in costs related to our completed NS-189 Phase 2 clinical trial, (ii) a $1.0 million decrease in our personnel, facility and other expenses due to our ongoing corporate restructuring and cost reduction efforts (iii) a $1.0 million decrease in non-cash share-based compensation expense and (iv) a $0.5 million increase in reimbursements under our research grants.

G&A Expenses: General and administrative expense for the year ended December 31, 2018 was $4.6 million as compared to $5.5 million for the same period of 2017.  The decrease of $1.1 million, or 20% compared to the same period of 2017 was primarily attributable to a decrease in personnel, facility and related expenses due to our ongoing corporate restructuring and cost reduction efforts.

Liquidity: The Company expects its existing cash, cash equivalents and short-term investments to fund its operations based on our current operating plans, into the third quarter of 2019.

Neuralstem, Inc.
    
Consolidated Balance Sheets
    
 December 31,
  2018   2017 
    
ASSETS   
CURRENT ASSETS   
Cash and cash equivalents$  5,787,110  $  6,674,940 
Short-term investments   -      5,000,000 
Trade and other receivables   294,057     312,802 
Current portion of related party receivable, net of discount   63,938     58,784 
Prepaid expenses   363,288     402,273 
Total current assets   6,508,393     12,448,799 
    
Property and equipment, net   90,311     172,886 
Patents, net   763,543     883,462 
Related party receivable, net of discount and current portion   298,238     365,456 
Other assets   23,965     13,853 
Total assets$  7,684,450  $  13,884,456 
    
LIABILITIES AND STOCKHOLDERS' EQUITY   
CURRENT LIABILITIES   
Accounts payable and accrued expenses $  832,564  $  875,065 
Accrued bonuses   -      418,625 
Other current liabilities   218,602     220,879 
Total current liabilities   1,051,166     1,514,569 
    
Warrant liabilities, at fair value   583,734     3,852,882 
Other long term liabilities   -      1,876 
Total liabilities   1,634,900     5,369,327 
    
STOCKHOLDERS' EQUITY   
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 1,000,000 shares issued and outstanding in both 2018 and 2017   10,000     10,000 
Common stock, $0.01 par value; 300 million shares authorized, 18,205,060 and 15,160,014 shares issued and outstanding in 2018 and 2017, respectively   182,051     151,600 
Additional paid-in capital   219,481,805     217,050,174 
Accumulated other comprehensive income (loss)   (413)    2,631 
Accumulated deficit   (213,623,893)    (208,699,276)
Total stockholders' equity   6,049,550     8,515,129 
Total liabilities and stockholders' equity$  7,684,450  $  13,884,456 
    

  

Neuralstem, Inc.
    
Consolidated Statements of Operations and Comprehensive Loss
    
 Year Ended December 31,
  2018   2017 
    
Revenues$  260,000  $  260,000 
    
Operating expenses:   
Research and development costs   3,960,191     8,096,095 
General and administrative expenses   4,559,265     5,471,010 
Total operating expenses   8,519,456     13,567,105 
Operating loss   (8,259,456)    (13,307,105)
    
Other income (expense):   
Interest income   78,780     70,269 
Interest expense   (7,698)    (159,066)
Gain (loss) from change in fair value of liability classified warrants   3,269,148     (1,470,174)
Fees related to issuance of liability classified warrants and other expenses   (5,391)    (799,907)
Total other income (expense)    3,334,839     (2,358,878)
    
Net loss$  (4,924,617) $  (15,665,983)
    
Net loss per common share - basic and diluted$  (0.32) $  (1.20)
    
Weighted average common shares outstanding - basic and diluted   15,156,925     13,064,422 
    
Comprehensive loss:   
Net loss$  (4,924,617) $  (15,665,983)
Foreign currency translation adjustment   (3,044)    (1,274)
Comprehensive loss $  (4,927,661) $  (15,667,257)
    

 

Cautionary Statement Regarding Forward Looking Information

This news release contains “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Neuralstem’s periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission (SEC), and in other reports filed with the SEC. We do not assume any obligation to update any forward-looking statements.

Contact: investor@neuralstem.com 

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