LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Advaxis, Inc. (NASDAQ: ADXS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ADXS, following the Company's disclosure of its financial results on September 11, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Princeton, New Jersey-based Company posted revenues during the reported quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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In Q3 FY17, Advaxis' total revenues were $3.05 million, while it did not record any revenue for the three months ended July 31, 2016. The Company's Q3 FY17 recognized revenues were primarily related to the collaboration agreement with Amgen related to amortization of the upfront fees received.
The late-stage biotechnology Company reported net loss of $32.63 million, or $0.80 loss per diluted share, during Q3 FY17 compared to net loss of $16.49 million, or $0.48 loss per diluted share, in Q3 FY16. The increase in the net loss during the reported quarter was largely due to increased research and development (R&D) expenses.
During the reported period, Advaxis spent $18.06 million on R&D costs compared to $6.42 million incurred in Q3 FY16. The increase in R&D cost during the reported quarter was largely due to the increase in clinical trial expense and technical operation support, primarily related to HPV-franchise.
The Company's general and administrative (G&A) expense increased to $18.06 million during Q3 FY17 from $6.42 million in Q3 FY16, the difference in G&A expense during the two-comparable periods is primarily attributed to stock and cash compensation expense for past employees, of which approximately $9.5 million was a non-cash expense. The Company posted loss from operations of $32.81 million in Q3 FY17 compared to loss from operations of $16.57 million in Q3 FY16.
Cash Flow & Balance Sheet
During the year ended July 31, 2017, the Company's net cash used in operating activities was $58.53 million compared to net cash used by operating activities of $31.14 million in the year-ago same period. The Company's cash balance declined to $15.01 million as on July 31, 2017, from $112.75 million at the close of books on October 31, 2016. Furthermore, the Company has an accumulated deficit of $277.88 million as on July 31, 2017, compared to the accumulated deficit of $207.71 million as on October 31, 2016.
Change of Guard
On July 06, 2017, the company announced Anthony (Tony) Lombardo as the interim Chief Executive Officer (CEO) of the company, after the then CEO Daniel J. O'Connor announced his resignation from the Company and its Board of Directors.
At the close of trading session on Monday, October 02, 2017, Advaxis' stock price jumped 7.18% to end the day at $4.48. A total volume of 828.71 thousand shares were exchanged during the session, which was above the 3-month average volume of 680.59 thousand shares. At Monday's closing price, the stock's net capitalization stands at $187.44 million.
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