OncoSec Medical Inc (OTCMKTS:ONCS) recorded a net loss of $8.7 million in the first half of the fiscal ended January 31, 2015. The loss widened from the net loss of $4.7 million recorded in the comparable period. It is important to mention that for this period, OncoSec reported zero revenue.
OncoSec stated that the research and development expenses in the mentioned period jumped to $5.4 million from $2.2 million recorded during the same period, a year ago. The jump in R&D expenses can be attributed to higher costs incurred due to outside service, purchase of additional laboratory supplies and payment of salaries. The company had no other option but to increase lab supplies to support development activities of next-gen electroporation models and other electroporation technologies.
The other expenses
OncoSec recorded G&A expenses of $3.3 million in the first two quarters of fiscal compared to $2.4 million in the comparable period, a year ago. It also made higher payment as it hired more employees to carry out the operations. The higher conference fees also added to G&A expenses. The increased expenses were partially decreased due to savings made in professional service frees. The company reported cash/cash equivalents of $30.7 million, down from $37.9 million in comparable period, a year ago. However, the cash position is decent enough to boost the business activities for next one year.
OncoSec Medical Inc (OTCMKTS:ONCS) is a well-known firm in the industry of biopharmaceuticals. It has been working on advancement activities of cancer immunotherapy. The company possesses core technology that had capability to develop the efficiency of the local delivery and make the most of immune-targeting bodies. It performed a number of different clinical trials to test effectiveness and safety of ImmunoPulse.
In last trading session, the stock price of OncoSec declined 2.84% to close at $0.326.