Shares of Advaxis, Inc. (NASDAQ:ADXS) closed with gain/decline of -0.34% to $2.9400. Recent traded volume was 42,433 shares versus to it an average volume of 589,722 shares. The company holds 8.01M shares outstanding and market cap of 23.537M. The stock’s day range was recorded between a low of $2.9200 and a high $3.0200. The one year high of the company is $29.4000 and the one year low is $2.7150.
Advaxis, Inc. (ADXS) recently reported an update on its clinical pipeline and financial results for the first quarter ended January 31, 2019.
Financial Results for First Quarter Ended January 31, 2019
Research and development expenses for the first quarter of fiscal year 2019 were $6.7M, contrast with $16.8M for the first quarter of fiscal year 2018. The $10.1M decrease was primarily attributable to costs incurred during the last fiscal year related to the Company’s Marketing Authorization Application in Europe and cost controls initiated in the latter part of fiscal year 2018. Additionally, there was a decrease in clinical trial expenses resulting from the partial clinical hold on AIM2CERV and winding down of several older studies.
General and administrative expenses for the first quarter of fiscal year 2019 were $2.7M, contrast with $5.9M for the first quarter of fiscal year 2018. The $3.2M decrease was primarily attributable to professional and consulting fees relating to external strategy and program assessment work performed for the Company during fiscal year 2018 that did not recur in fiscal year 2019, in addition to improved cost controls initiated in the latter part of fiscal year 2018.
As before stated, in December 2018 the Company received notice from Amgen of its intent to terminate its alliance in the ADXS-NEO program. As a result, the Company adjusted its measure of progress for its performance obligations under the alliance contract and, based on the modified service period, stated incremental revenue of $15.6M in the first quarter of fiscal year 2019. Net income for the first quarter of fiscal year 2019 was $12.8M or $0.18 per share, contrast with a net loss for the first quarter of fiscal year 2018 of $20.5M or $0.49 per share. Net cash used during the first quarter ended January 31, 2019 was $12.4M.
The short ratio in the company’s stock is documented at 0.50 and the short float is around of 3.47%. The average true range of the stock is observed at 0.21 and the relative strength index of the stock is recorded at 27.30.