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FOR IMMEDIATE RELEASE
Cleveland BioLabs reported a net loss of $(0.6) million, excluding minority interests, for the first quarter of 2020, 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 2019 The decrease in net loss was primarily due to reduced Research and Development expenses and a decrease in General and Administrative costs, partially offset by a increase in the non-cash adjustment to our warrant liabilities.
As of March 31, 2020, the Company had $1.4 million in cash, cash equivalents and short-term investments, which, based on the Company’s current operational plan, is expected to fund operations into August 2020.
Further Financial Results
Revenue for the first quarter of 2020 decreased to $0.16 million compared to $0.20 million for the first quarter of 2019. The net decrease was primarily attributable to decreased revenue from our service contract with Incuron, partially offset by increased revenue from our Peer Reviewed Medical Research Program (“PRMRP”) and Joint Warfighter Medical Research Program (“JWMRP”) contracts from the Department of Defense (“DoD”) for the continued development of the entolimod as a medical radiation countermeasure.
Research and development costs for the first quarter of 2020 decreased to $0.2 million compared to $0.5 million for the first quarter of 2019. The reduction in research and development costs is due to a $0.17 million decrease in spending for biodefense applications of entolimod, and a $0.11 million decrease in expenses related to curaxins.
General and administrative costs for the first quarter of 2020 decreased to $0.38 million compared to $0.47 million for the first quarter of 2019. This decrease was primarily attributable to a $0.13 million decrease in CBLI's personnel and professional fees and a $.03 million decrease in facilities costs, partially offset by a $0.10 million increase CBLI's property taxes compared to the quarter ended March 31, 2019, when we received a property tax refund.
About Cleveland BioLabs
Cleveland BioLabs, Inc. is an innovative biopharmaceutical company developing novel approaches to activate the immune system and address serious medical needs. The company’s proprietary platform of Toll-like immune receptor activators has applications in radiation mitigation and oncology. The company’s most advanced product candidate is entolimod, which is being developed as a medical radiation countermeasure for the prevention of death from acute radiation syndrome and other indications in radiation oncology. The company conducts business in the United States and in the Russian Federation through a wholly-owned subsidiary, BioLab 612, LLC, and a joint venture with Joint Stock Company RUSNANO, Panacela Labs, Inc. The company maintains strategic relationships with the Cleveland Clinic and Roswell Park Cancer Institute. To learn more about Cleveland BioLabs, Inc., please visit the company’s website at http://www.cbiolabs.com.
The following information was filed by Cleveland Biolabs Inc (CBLI) on Friday, May 15, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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