On 31 May 2019, PolarityTE, Inc. (NASDAQ:PTE) above/below +2.79% and ended at $6.27. The stock’s market capitalization arrived at $154.564M and total traded volume was 284,571 shares. During last trade, its maximum trading price was registered $6.31 and it’s the minimum trading price was noted $6.03.
PolarityTE, Inc. (PTE) recently stated financial results for the first calendar quarter of 2019. PolarityTE will host a conference call and webcast recently, May 10, 2019 at 8:00am ET. Please see details below.
- 81 patients treated in FIRST QUARTER; 47% quarter over quarter raise
- 42 paid cases in FIRST QUARTER; 17% quarter over quarter raise
- 39 trial evaluation products in FIRST QUARTER; 105% quarter over quarter raise
- 100 “active” users; 67% quarter over quarter raise
- 433 “in-process” sites; 31% quarter over quarter raise
- 14 abstracts accepted for presentation in FIRST QUARTER
- Publication of the first peer-reviewed journal article for SkinTE in the International Wound Journal
- 5 clinical trials or pilot evaluation trials either presently enrolling or having completed enrollment
- Close out of initial inspection of Salt Lake City, UTmanufacturing facility by FDA with Voluntary Action Indicated (“VAI”) classification
Financial Results for the First Calendar Quarter of 2019
Total revenue for the three months ended March 31, 2019 was $1.5M, of which $0.3M was from sales of SkinTE and $1.2M was associated with PolarityTE’s contract research operations.
Research and development expenses for the three months ended March 31, 2019 were $5.4M versus $5.6M for the three months ended March 31, 2018. Research and development expenses for the three months ended March 31, 2019 included $1.1M of stock-based compensation which is a non-cash charge, versus $1.7M for the three months ended March 31, 2018.
General and administrative expenses for the three months ended March 31, 2019 were $17.2M versus $7.6M for the three months ended March 31, 2018. The raise in general and administrative expenses was primarily Because of raised headcount, salaries, and related costs, including $9.0M of stock-based compensation, which is a non-cash charge for the three months ended March 31, 2019. The Company believes this investment in talented human capital and infrastructure is sufficient to support raised manufacturing and sales for the near future.
During the three months ended March 31, 2019, the Company continued to build out and train its sales force in anticipation of the commercial launch of SkinTE. Consequently, selling and marketing expenses for the three months ended March 31, 2019 were $4.0M, of which $0.2M was non-cash charges for stock-based compensation related to recent new hires.
Net loss for the three months ended March 31, 2019 was $25.6M contrast with a net loss of $11.8M for the three months ended March 31, 2018. This raised loss was driven by raised head count, manufacturing and commercial infrastructure and stock-based compensation. The Company has grown from under 30 employees to over 160 employees during this period.
Return on investment ratio was -25.40%. The stock price switched up -17.46% 20-Days Simple Moving Average, dropped -30.49% from 50-Days Simple Moving Average and fell -57.68% from 200 Days Simple Moving Average.