InVivo Therapeutics holds $41.63B in cash, cash equivalents at Q2 end: 9 key points

Megan Wood -   Print  |

Cambridge, Mass.-based InVivo Therapeutics reported its financial results for the second quarter of 2016, ending June 30.

Here are nine key points:

 

1. InVivo experienced a net loss of about $5.18 million, or $0.16 per diluted share. This compares to a net loss of $10.44 billion, or $0.39 per diluted share for the same period in 2015.

 

2. At the end of the quarter, the company had $41.63 million in cash and cash equivalents.

 

3. A gain in the derivative warrant liability of $595,000 positively affected the company's second quarter results. However, a loss in the deferred warrant liability of $4.65 million negatively impacted the second quarter 2016 results.

 

4. The company's adjusted net loss per diluted share totaled $0.18, compared to $0.21 in the second quarter of 2015.

 

5. For the first half of 2016, InVivo experienced a net loss of about $11.81 million, compared to $26.27 million in the same period of 2015.

 

6. In the second quarter, InVivo added Christina Morrison to its board of directors.

 

7. The company strengthened its INSPIRE study with the addition of Charlottesville-based University of Virginia and Philadelphia-based University of Pennsylvania as study sites.

 

9. CEO and Chairman Mark Perrin said he believes the company ended the quarter in a strong financial state and their funds will last them through the end of 2017.

 

"The second quarter was one marked by continued advancements and outreach. In the INSPIRE study, a fourth patient converted from a complete to an incomplete spinal cord injury, putting us one step closer to achieving the objective performance criterion," said Mr. Perrin.

 

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