Cesca Therapeutics (KOOL) Monday reported a wider net loss for fiscal 2018 when revenues of the biotechnology firm declined sharply. The company’s stock dropped during the extended trading session Monday after closing the regular session lower.
Net loss widened sharply to $39.7 million or $2.16 per share last year from $5.5 million or $0.55 per share in 2017.
Net revenues of the Rancho Cordova, California-based company dropped 24% annually to $9.67 million during the year. An increase in the sales of CAR-TXpress was partially offset by lower sales of BioArchive devices and changes in a royalty payment agreement.
An increase in the sales of CAR-TXpress was partially offset by lower sales of BioArchive devices and changes in a royalty payment agreement
Research and development expenses dropped 11% from the prior year to $3 million, mainly due to a decline in personnel costs pursuant to the reorganization carried out last year.
“Our progress during the fourth quarter and early part of 2019 in our device division has been significant and showcases the momentum we have for ThermoGenesis’ mission to advance a full suite of cellular processing solutions that can address a range of clinical biobanking automation needs and the emerging CAR-T immunotherapy market,” said CEO Chris Xu.
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During the fourth quarter of 2018, ThermoGenesis, Cesca’s device division, received FDA approval for its proprietary AutoXpress Platform for clinical blood banking. In addition, a device master file was submitted to the FDA for the X-LAB automated cell processing device, which is an important component of the CAR-TXpres platform.
Cesca shares closed Monday’s regular trading lower and lost further during the extended session. The stock has lost about 85% over the past twelve months.