Stellar Biotechnologies revenues fall in third quarter
Revenues for Port Hueneme-based immunotherapy developer Stellar Biotechnologies fell to $20,000 for its fiscal third quarter, about a ninth what it was for the same quarter the prior year.
The slump in sales was a product of lower volume orders for the three months ended June 30, the company said in an earnings release Aug. 9, and it expects the timing and volume of future sales to continue to fluctuate as studies progress toward later stages.
Expenses also fell slightly to $1.31 million, about 4.5 percent lower than in the third quarter of 2016, despite an uptick in research and development for the company. Net losses came to $1.22 million, or 12 cents per share, up from $1.19 million and 14 cents in the previous third quarter.
“In the third quarter, we continued the trend of prudently managing our working capital,” Chief Financial Officer Kathi Niffenegger said in a news release. “We reduced corporate expenses and redirected resources to continue the ramp up of our development activities. In addition to the operational benefits of increased throughput capacity, we believe these optimizations will favorably impact our financial metrics at the higher production volumes needed for commercial drug launches.”
The company had cash and cash equivalents of $7.65 million at the end of the quarter, with around $425,000 in liabilities. Shares for Stellar ended the day down 2.4 percent at $1.24.
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