An Eye on Earnings Report: CTI BioPharma Corp. (NASDAQ: CTIC)

Richard Bower

I am Richard Bower and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind Tribune Updates with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Healthcare” category.

Address: 1208 Jewell Road Eagan, MN 55121, USA
Phone: (+1) 612-598-3663
Email: Richardbower@tribuneupdates.com
Richard Bower

SEATTLE, November 13, 2019 – Shares of CTI BioPharma Corp. (NASDAQ: CTIC) showed the bullish trend with a higher momentum of 0.15% to $0.75. The company traded total volume of 107.298K shares as contrast to its average volume of 104.08K shares. The company has a market value of $43.85M and about 58.31M shares outstanding.

For the three and six months ended June 30, 2019, CTI BioPharma Corp. (CTIC) reported license and contract revenues of $0.40M and $1.10M, respectively, compared to $0.60M and $11.50M for the respective periods in 2018. The decrease in license and contract revenues for the three months ended June 30, 2019 compared to the comparable period in 2018 is primarily due to a decrease in development services revenue from our partners Les Laboratoires Servier and Institut de Recherches Internationales Servier. The decrease in license and contract revenues for the six months ended June 30, 2019 compared to the same period in 2018 is primarily due to the recognition of $10.00M in milestone revenue in 2018 from Teva Pharmaceutical Industries Ltd. related to the achievement of a milestone for FDA approval of TRISENOX® (arsenic trioxide) for first-line treatment of acute promyelocytic leukemia. There were no such revenues for the comparable period in 2019.

Operating loss was $11.00M and $21.50M for the three and six months ended June 30, 2019, respectively, compared to operating loss of $14.00M and $18.30M for the respective periods in 2018. Operating loss during the three-month period ended June 30, 2019 as compared to the comparable period in 2018 resulted primarily from a decrease in research and development expenses. Operating loss for the six months ended June 30, 2019 as compared to the same period in 2018 resulted primarily from the decrease in license and contract revenues as mentioned above, as well as a decrease in research and development expenses.

Net loss attributable to common stockholders for the three months ended June 30, 2019 was $11.00M, or $(0.19) for basic and diluted loss per share, compared to net loss attributable to common stockholders of $11.30M, or $(0.20) for basic and diluted loss per share, for the same period in 2018. Net loss attributable to common stockholders for the six months ended June 30, 2019 was $21.80M, or $(0.38) for basic and diluted loss per share, compared to net loss attributable to common stockholders of $15.40M, or $(0.29) for basic and diluted loss per share, for the same period in 2018.

As of June 30, 2019, cash, cash equivalents and short-term investments totaled $53.70M, compared to $67.00M as of December 31, 2018.

The Company offered gross profit margin of 99.50%. ROE was recorded as -68.20% while beta factor was 1.62. The stock, as of recent close, has shown the weekly downbeat performance of -6.35% which was maintained at 2.51% in this year.

Richard Bower

Richard Bower

I am Richard Bower and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Tribune Updates with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Healthcare” category. Address: 1208 Jewell Road Eagan, MN 55121, USA Phone: (+1) 612-598-3663 Email: Richardbower@tribuneupdates.com

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