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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cellular Biomedicine Group Inc | NASDAQ:CBMG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.74 | 19.74 | 19.80 | 0 | 01:00:00 |
- Achieved first clinical milestones for CD19, CD20, CD30 and EGFR CAR-T cell assets- Expanded Immuno-Oncology platform with key acquisitions- Expanded Stem Cell platform with the launch of new autologous and allogeneic clinical trials- Reported positive clinical data from Phase IIb trial of ReJoin® haMPC therapy- Commenced revenue-generating technology consulting services to hospitals in several provinces in China- Solid 2015 year-end cash position of $14.8 million
“2015 proved to be a transformative year for Cellular Biomedicine Group with the Company’s entrance into the dynamic field of immuno-oncology. We now operate under dual technology platforms: Immuno-oncology (I/O) and Stem Cells. We expect to advance several of our CAR-T candidates including CBM.CD19 and CBM.CD20 into multiple indications of hematological cancer. Eventually, our effort to sponsor multi-center clinical trials in the near future should lead to servicing the large cancer market in China. We also reported encouraging Phase IIb data from our most advanced stem cell program for Knee Osteoarthritis (KOA), and we will explore the possibility of entrance into the U.S. market,” commented Tony (Bizou) Liu, CBMG’s Chief Executive Officer. “The expansion of our GMP facilities into Beijing allows us to prepare for anticipated manufacturing demands from our immuno-oncology and stem cell platforms for clinical trials and future commercialization opportunities. We strengthened our operating and management capabilities with the addition of key talents, which will better position the Company to monetize our growing cell therapy pipeline. We look forward to an exciting 2016 as we leverage these strengths to execute on our clinical milestones, build an innovative pipeline and move our clinical assets into later stage clinical development.”
2015 and Recent Clinical Developments
Immuno-Oncology Platform
Stem Cell Therapies Platform
2015 and Recent Corporate Highlights
Full Year 2015 Financial Results
Cash Position: The Company had working capital of $13.7 million as of December 31, 2015 compared to $12.0 million as of December 31, 2014. Cash position increased to $14.9 million at December 31, 2015 compared to $14.8 million at December 31, 2014, due to an increase in cash generated from financing activities as a result of a private placement financing in 2015 for aggregate net proceeds of approximately $19.0 million, partially offset by an increase in cash used in operating and investing activities.
Net Cash Used in Operating Activities: Full-year 2015 net cash used in operating activities was $11.8 million compared to $9.7 million in 2014. The change in operating assets and liabilities was primarily due to an increase in accounts receivables, long-term prepaid expenses combined with decreases in tax payables and non-current liabilities, partially offset by an increase in accrued expenses.
Revenue: Full-year 2015 revenue was $2.5 million compared to $0.6 million in 2014. All revenue for the year ended December 31, 2015 was derived from TCR technology services.
G&A Expenses: Full-year 2015 general and administrative expenses were $13.1 million compared $7.9 million in 2014. Increased expenses in 2015 were associated with increased corporate activities related to the management and the development of the Company’s biomedicine business, which were primarily attributed to:
R&D Expenses: Full-year 2015 research and development expenses were $7.6 million compared to $3.1 million in 2014, the increase mainly attributable to the increase of our immunotherapy research and development team, which resulted in an increase in payroll expenses of $1.2 million and an increase in stock-based compensation expenses of $1.8 million.
Net Loss: Full-year 2015 net loss allocable to common stock holders was $19.4 million compared to $15.5 million in 2014. Changes in net loss were primarily attributable to changes in operations of our biomedicine segment.
Primary 2016 Operating Objectives
The Company’s key 2016 operational objectives are to seek early possibilities of conducting multi-center Phase IIb trials with its CAR-T constructs after confirming their safety and tolerability profile, to evaluate feasibility of sponsoring a registration trial-like clinical study to support a New Drug Application (NDA) for an allogeneic haMPC Knee Osteoarthritis therapy (“Allo KOA”) study in the United States, and continue to build a pipeline of advanced technologies to bolster the Company’s CAR-T China market position.
About Cellular Biomedicine GroupCellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative and cancerous diseases. Our developmental stem cell and Immuno-Oncology projects are the result of research and development by scientists and doctors from China and the United States. Our GMP facilities in China, consisting of nine independent cell production lines, are designed, certified and managed according to U.S. standards. To learn more about CBMG, please visit: www.cellbiomedgroup.com
Forward-Looking StatementsStatements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include risks inherent in doing business, trends affecting the global economy, including the devaluation of the RMB by China in August 2015 and other risks detailed from time to time in CBMG’s reports filed with the Securities and Exchange Commission, quarterly reports on form 10-Q, current reports on form 8-K and annual reports on form 10-K. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.
CELLULAR BIOMEDICINE GROUP, INC. | |||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||
For the Year EndedDecember 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net sales and revenue | $ | 2,505,423 | $ | 564,377 | $ | 204,914 | |||||
Operating expenses: | |||||||||||
Cost of sales | 1,880,331 | 242,215 | 296,212 | ||||||||
General and administrative | 13,068,255 | 7,875,413 | 9,162,172 | ||||||||
Selling and marketing | 709,151 | 314,894 | 58,275 | ||||||||
Research and development | 7,573,228 | 3,146,499 | 2,041,872 | ||||||||
Impairment of investments | 123,428 | 1,427,840 | - | ||||||||
Total operating expenses | 23,354,393 | 13,006,861 | 11,558,531 | ||||||||
Operating loss | (20,848,970 | ) | (12,442,484 | ) | (11,353,617 | ) | |||||
Other income (expense): | |||||||||||
Interest income | 42,220 | 15,043 | 1,294 | ||||||||
Other income (expense) | 630,428 | 71,982 | (6,196 | ) | |||||||
Total other income (expense) | 672,648 | 87,025 | (4,902 | ) | |||||||
Loss from continuing operations before taxes | (20,176,322 | ) | (12,355,459 | ) | (11,358,519 | ) | |||||
Income taxes (expense) credit | 728,601 | - | - | ||||||||
Loss from continuing operations | (19,447,721 | ) | (12,355,459 | ) | (11,358,519 | ) | |||||
Loss on discontinued operations, net of taxes | - | (3,119,152 | ) | (2,438,514 | ) | ||||||
Net loss | $ | (19,447,721 | ) | $ | (15,474,611 | ) | $ | (13,797,033 | ) | ||
Other comprehensive income (loss): | |||||||||||
Cumulative translation adjustment | (307,950 | ) | 15,254 | 78,650 | |||||||
Unrecognized gain (loss) on investments | (1,376,540 | ) | 1,611,045 | (198,200 | ) | ||||||
Total other comprehensive income (loss): | (1,684,490 | ) | 1,626,299 | (119,550 | ) | ||||||
Comprehensive loss | $ | (21,132,211 | ) | $ | (13,848,312 | ) | $ | (13,916,583 | ) | ||
Loss per share for continuing operations: | |||||||||||
Basic | $ | (1.70 | ) | $ | (1.43 | ) | $ | (1.96 | ) | ||
Diluted | $ | (1.70 | ) | $ | (1.43 | ) | $ | (1.96 | ) | ||
Loss per share for discontinued operations: | |||||||||||
Basic | $ | - | $ | (0.36 | ) | $ | (0.42 | ) | |||
Diluted | $ | - | $ | (0.36 | ) | $ | (0.42 | ) | |||
Net loss per share : | |||||||||||
Basic | $ | (1.70 | ) | $ | (1.79 | ) | $ | (2.38 | ) | ||
Diluted | $ | (1.70 | ) | $ | (1.79 | ) | $ | (2.38 | ) | ||
Weighted average common shares outstanding: | |||||||||||
Basic | 11,472,306 | 8,627,094 | 5,792,888 | ||||||||
Diluted | 11,472,306 | 8,627,094 | 5,792,888 |
CELLULAR BIOMEDICINE GROUP, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, | December 31, | |||||||
2015 | 2014 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 14,884,597 | $ | 14,770,584 | ||||
Accounts receivable | 630,332 | 141,029 | ||||||
Other receivables | 271,344 | 135,957 | ||||||
Inventory | 390,886 | 372,249 | ||||||
Prepaid expenses | 367,050 | 565,299 | ||||||
Taxes recoverable | 150,082 | - | ||||||
Other current assets | - | 110,347 | ||||||
Total current assets | 16,694,291 | 16,095,465 | ||||||
Investments | 5,379,407 | 6,886,033 | ||||||
Property, plant and equipment, net | 2,768,900 | 1,280,410 | ||||||
Goodwill | 7,678,789 | 7,678,789 | ||||||
Intangibles, net | 15,949,100 | 11,156,676 | ||||||
Long-term prepaid expenses and other assets | 989,935 | 587,729 | ||||||
Total assets | $ | 49,460,422 | $ | 43,685,102 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities: | ||||||||
Accounts payable | $ | 260,886 | $ | 426,917 | ||||
Accrued expenses | 845,087 | 2,074,384 | ||||||
Taxes payable | - | 814,288 | ||||||
Advances payable to related party | - | 36,254 | ||||||
Other current liabilities | 1,913,284 | 724,479 | ||||||
Total current liabilities | 3,019,257 | 4,076,322 | ||||||
Other non-current liabilities | 76,229 | 452,689 | ||||||
Total liabilities | 3,095,486 | 4,529,011 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, par value $.001, 50,000,000 shares | ||||||||
authorized; none issued and outstanding as of | ||||||||
December 31, 2015 and 2014, respectively | - | - | ||||||
Common stock, par value $.001, 300,000,000 shares authorized; | ||||||||
11,711,645 and 10,990,335 issued and outstanding | ||||||||
as of December 31, 2015 and 2014, respectively | 11,711 | 10,990 | ||||||
Additional paid in capital | 103,807,651 | 75,467,316 | ||||||
Accumulated deficit | (57,338,311 | ) | (37,890,590 | ) | ||||
Accumulated other comprehensive income (loss) | (116,115 | ) | 1,568,375 | |||||
Total stockholders' equity | 46,364,936 | 39,156,091 | ||||||
Total liabilities and stockholders' equity | $ | 49,460,422 | $ | 43,685,102 |
CELLULAR BIOMEDICINE GROUP, INC. | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
For the Year Ended | |||||||||
December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net loss | $ | (19,447,721 | ) | $ | (15,474,611 | ) | $ | (13,797,033 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
Depreciation and amortization | 2,094,644 | 1,190,505 | 841,235 | ||||||
Loss on disposal of assets | 1,444 | 257,672 | - | ||||||
Stock based compensation expense | 7,592,438 | 2,528,885 | 4,381,077 | ||||||
Other than temporary impairment on investments | 123,428 | 1,427,840 | - | ||||||
Realized losses from sale of investments | 5,178 | 5,913 | 138,909 | ||||||
Value of stock received for services | - | (1,610,000 | ) | (3,500,000 | ) | ||||
Impairment of goodwill | - | 3,299,566 | 4,258,967 | ||||||
Inventory provision | 123,848 | - | - | ||||||
Decrease in fair value of accrued expenses for the acquisition of intangible assets | (345,882 | ) | - | - | |||||
Third party services received in exchange for disposition of investment stock | - | - | 83,334 | ||||||
Deferred tax | - | - | (76,544 | ) | |||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | (497,937 | ) | 20,645 | 10,102 | |||||
Other receivables | (143,711 | ) | (25,638 | ) | 50,160 | ||||
Inventory | (142,486 | ) | (78,310 | ) | (81,878 | ) | |||
Prepaid expenses | 181,679 | (494,057 | ) | (38,793 | ) | ||||
Taxes recoverable | (150,082 | ) | - | - | |||||
Other current assets | 110,347 | 24,314 | (84,661 | ) | |||||
Investments | - | 7,150 | - | ||||||
Long-term prepaid expenses and other assets | (384,432 | ) | (504,678 | ) | 134,229 | ||||
Accounts payable | (166,032 | ) | 165,517 | 40,862 | |||||
Accrued expenses | 396,557 | 409,109 | (739,839 | ) | |||||
Advance payable to related party | (30,216 | ) | - | - | |||||
Other current liabilities | 113,919 | (694,131 | ) | 186,464 | |||||
Taxes payable | (814,288 | ) | (176,583 | ) | (10,121 | ) | |||
Other non-current liabilities | (371,793 | ) | - | (251,834 | ) | ||||
Net cash used in operating activities | (11,751,098 | ) | (9,720,892 | ) | (8,455,364 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Acquisition of business, net of cash acquired | (1,568,627 | ) | (1,485,548 | ) | - | ||||
Proceed from sale of investments, net of transaction costs | 1,480 | - | - | ||||||
Purchases of intangible assets | (4,260,420 | ) | (8,989 | ) | (5,828 | ) | |||
Purchases of property, plant and equipment | (1,874,538 | ) | (311,625 | ) | (147,211 | ) | |||
Net cash used in investing activities | (7,702,105 | ) | (1,806,162 | ) | (153,039 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net proceeds from the issuance of common stock | 18,964,849 | 19,121,956 | 11,561,386 | ||||||
Proceeds from exercise of stock options | 682,303 | 19,383 | - | ||||||
Advance from affiliates | - | - | 36,614 | ||||||
Repayment of advance from affiliate | - | (31,745 | ) | (1,250 | ) | ||||
Net cash provided by financing activities | 19,647,152 | 19,109,594 | 11,596,750 | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (79,936 | ) | 12,829 | 41,972 | |||||
INCREASE IN CASH AND CASH EQUIVALENTS | 114,013 | 7,595,369 | 3,030,319 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,770,584 | 7,175,215 | 4,144,896 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 14,884,597 | $ | 14,770,584 | $ | 7,175,215 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid for income taxes | $ | 108,075 | $ | 460,924 | $ | - | |||
Non-cash investing activities | |||||||||
Acquisition of intangible assets through issuance of the Company's stock | $ | 1,481,462 | $ | 1,442,850 | $ | - | |||
Acquisition of business through issuance of the Company's stock | $ | - | $ | 14,496,256 | $ | - | |||
Issuance of company stock for accrued liabilities and advances | $ | - | $ | - | $ | 149,475 | |||
Contacts: Sarah Kelly Director of Corporate Communications, CBMG+1 408-973-7884 sarah.kelly@cellbiomedgroup.com
Vivian ChenManaging Director Investor Relations, Grayling+1 347 481-3711vivian.chen@grayling.com
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