In amidst of the volatile market conditions, OncoSec Medical Inc (OTCMKTS:ONCS) has decided to announce financial results for the previous six months that ended on January 31, 2015. As per the reports, the ever increasing volatility in the market hit OncoSec badly in the last six months. It ended up 2014 with a net loss figure of $8.7 million as compared to the $4.7 million of the previous year.
Insights On The Matter:
OncoSec is known for developing world-class intratumoral cancer immunotherapies based on human DNA. Reports claim that the last six months have not been that easy for the company as OncoSec couldn’t earn any revenue during this time.
It tried to execute more research activities in the past six months than the last year, which led to $5.4 million increment in research and development expenses as compared to the previous year’s $2.2 million. The major reasons that enhanced the overall R&D expenses were: increased salaries, increased lab supplies and increased service costs.
The primary focus of the company is on elevating its internal research capabilities and conducting research on high-end electroporation devices, combination studies and novel electroporation technologies. Due to this fact, it has increased research expenses over the past six months or so.
When it comes to general and administrative expenses, OncoSec spent close to $3.3 million in the last six months as compared to the $2.4 million for the same period in 2014.
It not only increased headcounts to support various operational tasks, but also paid increased conference fees and various travelling expenses to elevate the overall reach of the company. Collectively, all these steps enhanced the general and administrative expenses of OncoSec in the last six months. The cash and cash equivalent of the company on January 31, 2015 were recorded as $30.7 million as compared to $37.9 million on January 31, 2014.