CAMBRIDGE, Mass.–(BUSINESS WIRE)–InVivo Therapeutics Holdings Corp. (NVIV) today reported financial results for the quarter ended March 31, 2015.
Mark Perrin, the CEO and Chairman of InVivo, said, “We continued to make great progress in the first quarter. We reported very encouraging results from the first patient in the ongoing pilot study of our investigational Neuro-Spinal Scaffold. We were able to quickly enroll the second patient and later reopened the study for concurrent enrollment of the final three patients. We also significantly improved our cash position through a registered direct offering in January and the proceeds from warrant exercises that together brought in about $13.6 million during the quarter. We project our cash position will last us into the fourth quarter of 2016.”
Financial Results
For the quarter ended March 31, 2015, the Company reported a net loss of approximately $15,830,000 or $.64 per diluted share, compared to a net loss of $5,103,000 or $.28 per diluted share, for the quarter ended March 31, 2014. First quarter 2015 results were adversely impacted by a loss in the derivative warrant liability of $10,286,000. Excluding the impact of the derivative warrant liability, the earnings loss per diluted share for the quarters ended March 31, 2015 and 2014 were $.22 and $.28, respectively.
The Company ended the quarter with $24,516,000 of cash and cash equivalents. During the first quarter, the Company received $2.6 million from warrant exercises, representing approximately 26% of the warrants issued in the Company’s May 2014 public offering.
Adjusted net loss and adjusted net loss per share are non-GAAP financial measures that exclude the items noted. A reconciliation of these measures to the comparable GAAP measure is included with the tables contained in this release. The Company believes a presentation of these non-GAAP measures provides useful information to investors to better understand, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, the Company’s operations.
