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SEC Filings


10-Q
FIBROCELL SCIENCE, INC. filed this Form 10-Q on 08/09/2018
Entire Document
 

(2)
Costs for our FCX-013 program decreased approximately $0.3 million, or 81.3%, for the three months ended June 30, 2018 compared to the same period in 2017. This decrease was related primarily to decreased costs from our clinical partner Precigen of approximately $0.2 million, as substantially all of the costs of the pre-clinical phase of the project were completed at the end of 2017.

Costs for our FCX-013 program decreased approximately $0.7 million, or 68.1%, for the six months ended June 30, 2018 compared to the same period in 2017. This decrease was related primarily to decreased costs from our clinical partner Precigen of approximately $0.6 million, as substantially all of the costs of the pre-clinical phase of the project were completed at the end of 2017.

Through June 30, 2018, we incurred approximately $14.2 million in direct research and development costs related to this program, life-to-date, which include non-cash expenses of $6.4 million in stock issuance costs with the 2012 ECC with Precigen. Other costs include product and assay development and pre-clinical work, including execution of our proof-of concept and pre-clinical dose-ranging studies. Going forward, research and development investments for this program are expected to support ongoing product and assay development, pre-clinical study execution, key opinion leader development, National Institutes of Health Recombinant DNA Advisory Committee meeting preparation expenses, and the design and execution of clinical trials.

(3)
Other costs were not significant for the three and six months ended June 30, 2018 and 2017.

(4)
Regulatory costs were not significant for the three and six months ended June 30, 2018 and 2017.

(5)
Compensation and related expense was comparable for the three months ended June 30, 2018 and June 30, 2017.

Compensation and related expense increased approximately $0.1 million, or 4.5%, for the six months ended June 30, 2018 as compared to the same period in 2017, due primarily to increased costs for personnel related to the movement of clinical trial material production from a third-party manufacturer to in-house manufacturing.

(6)
Other indirect costs increased approximately $0.1 million, or 9.6%, for the three months ended June 30, 2018, as compared to the same period in 2017. This increase was the result primarily of increased expenses for lab supplies and consulting for clinical trial manufacturing, all related to the movement of clinical trial material production from a third-party manufacturer to in-house manufacturing.

Other indirect costs increased approximately $0.2 million, or 14.4%, for the six months ended June 30, 2018, as compared to the same period in 2017. This increase was the result primarily of increased expenses for lab supplies and consulting for clinical trial manufacturing, all related to the movement of clinical trial material production from a third-party manufacturer to in-house manufacturing.

Selling, General and Administrative Expense
Selling, general and administrative expense was comprised of the following:
 
For the Three Months Ended June 30,
 
For the Six Months
Ended June 30,
 
($ in thousands)
2018

 
2017

% Change
 
2018
 
2017
 
% Change
 
Compensation and related expense
$
427

 
$
449

(4.9
)%
 
$
875

 
$
777

 
12.6
 %
(1)
Severance expense

 

 %
 

 
137

 
 %
(2)
Professional fees
366

 
475

(22.9
)%
 
809

 
962

 
(15.9
)%
(3)
Facilities and related expense and other
763

 
746

2.3
 %
 
1,511

 
1,275

 
18.5
 %
(4)
Total selling, general and administrative expense
$
1,556

 
$
1,670

(6.8
)%
 
$
3,195

 
$
3,151

 
1.4
 %
 

(1)
Compensation and related expense were comparable for the three months ended June 30, 2018 and 2017.


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