Amarantus BioScience Holdings announced financial results for the year ended December 31, 2014. Research and development costs increased to $13,762,000 from $2,089,000 for the twelve months ended December 31, 2013.
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During the year ended December 31, 2014, research and development costs consisted primarily of start-up clinical expenses, and $7,200,000 of in-process research and development associated with intellectual property, litigation and technology relating to the potential Lonza transaction.
$3,000,000 of the $7,200,000 was a non-cash expense paid for with shares of the company's common stock. The increase in research and development expense in 2014, as compared to 2013, was primarily due to in-process research and development cost, and to a lesser extent, LymPro clinical study costs, increases in consulting and stock based compensation.
G&A expenses for the twelve months ended December 31, 2014 increased $3,970,000 to $7,592,000 from $3,622,000 for the twelve months ended December 31, 2013 primarily due to increased key hires the company made to advance its programs, patent related legal costs, development program-related outside services and stock based compensation.
Other income (expense) for the twelve months ended December 31, 2014 decreased $3,498,000, to $5,923,000 from $9,421,000 for the twelve months ended December 31, 2013.
As of December 31, 2014, the company had total current assets of $412,000 consisting of $214,000 in cash and cash equivalents and $198,000 in prepaid expenses and other current assets.
Also, from the second closing of the Series E Convertible Preferred Stock (Series E) offering the company had $1,450,000 of outstanding Series E stock subscriptions as of December 31, 2014.
Additionally, the company continues to have access to over $14 million in additional funding available from an equity financing facility with Lincoln Park Capital.
The company is preparing to list its common shares on a national stock exchange in 2015. ■