DARA Biosciences Inc. (DARA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Dara Biosciences Inc. has a market cap of $19.1 million; its shares were traded at around $0.3901 .
Research and development expenses decreased $530,989 from $890,558 for the three months ended March 31, 2009 to $359,569 for the corresponding 2010 period, primarily as a result of the DB959 $500,000 Milestone payment to Bayer in 2009, as well as other cost reduction measures implemented in 2009.
Other (expense) income, net reflects non-operating activities associated with investments and dispositions on investments made in collaborations with other companies. Other (expense) income, net decreased $618,887 from an income of $620,712 for the three months ended March 31, 2009 to an income of $1,825 for the corresponding 2010 period. The decrease is primarily due to the gain on investments of $551,410 from the distribution of SurgiVision stock, as well as the gain on the Companys sale of its marketable securities of $81,314 in 2009.
During the three months ended March 31, 2010, cash used in our operating activities was $1,119,834. Cash used in operating activities was primarily due to the operating loss offset in part by non-cash stock-based compensation of $228,482 and depreciation and amortization of $35,760. Prepaid expenses increased by $121,744 for the three months ended March 31, 2010, primarily representing prepaid director and officer insurance coverage. Accounts payable decreased by $25,129 and accrued liabilities decreased by $95,016.
We generated $1,759,545 of net cash from the private placement of common stock and warrants, $100,000 from the exercise of options by the Companys President and CEO. We established $103,927 in other financing offset by payments of $19,506 on capital lease and other financing agreements during the three months ended March 31, 2010.
Our common stock is currently traded on the NASDAQ Capital Market. The NASDAQ Capital Market imposes, among other requirements, listing maintenance standards including minimum bid and public float requirements. In particular, NASDAQ rules require us to maintain a minimum bid price of $1.00 per share of our common stock. Since November 2008, our common stock has traded below the $1.00 per share level. The closing price on March 5, 2010, was $0.54 per share, pre-split. On September 15, 2009, we received a letter from NASDAQ stating that the minimum bid price of our common stock was below $1.00 per share for 30 consecutive business days and that we were therefore not in compliance with Marketplace Rule 5550(a)(2) (the Minimum Bid Price Rule). The notification letter stated that we had until March 15, 2010, to regain compliance with the Minimum Bid Price Rule. In accordance with Marketplace Rule 5810(c)(3)(a), to regain compliance the closing bid price of our common stock must meet or exceed $1.00 per share for at least 10 consecutive business days.
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Dara Biosciences Inc. has a market cap of $19.1 million; its shares were traded at around $0.3901 .
Highlight of Business Operations:
Share-based compensation is accounted for using the fair value based method prescribed by Financial Accounting Standards Board Accounting Standards Codification 718, Compensation-Stock Compensation. For stock and stock-based awards issued to employees, a compensation charge is recorded against earnings based on the fair value of the award. For transactions with non-employees in which services are performed in exchange for the Companys common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance. Our Companys share-based compensation transactions for employees and non-employee directors resulted in compensation expense of $205,985 and $131,247 for the three months ended March 31, 2010 and 2009, respectively. The Company recognized stock-based compensation expense for awards to consultants for services totaling $22,497 and $14,653 for the three months ended March 31, 2010 and 2009, respectively.Research and development expenses decreased $530,989 from $890,558 for the three months ended March 31, 2009 to $359,569 for the corresponding 2010 period, primarily as a result of the DB959 $500,000 Milestone payment to Bayer in 2009, as well as other cost reduction measures implemented in 2009.
Other (expense) income, net reflects non-operating activities associated with investments and dispositions on investments made in collaborations with other companies. Other (expense) income, net decreased $618,887 from an income of $620,712 for the three months ended March 31, 2009 to an income of $1,825 for the corresponding 2010 period. The decrease is primarily due to the gain on investments of $551,410 from the distribution of SurgiVision stock, as well as the gain on the Companys sale of its marketable securities of $81,314 in 2009.
During the three months ended March 31, 2010, cash used in our operating activities was $1,119,834. Cash used in operating activities was primarily due to the operating loss offset in part by non-cash stock-based compensation of $228,482 and depreciation and amortization of $35,760. Prepaid expenses increased by $121,744 for the three months ended March 31, 2010, primarily representing prepaid director and officer insurance coverage. Accounts payable decreased by $25,129 and accrued liabilities decreased by $95,016.
We generated $1,759,545 of net cash from the private placement of common stock and warrants, $100,000 from the exercise of options by the Companys President and CEO. We established $103,927 in other financing offset by payments of $19,506 on capital lease and other financing agreements during the three months ended March 31, 2010.
Our common stock is currently traded on the NASDAQ Capital Market. The NASDAQ Capital Market imposes, among other requirements, listing maintenance standards including minimum bid and public float requirements. In particular, NASDAQ rules require us to maintain a minimum bid price of $1.00 per share of our common stock. Since November 2008, our common stock has traded below the $1.00 per share level. The closing price on March 5, 2010, was $0.54 per share, pre-split. On September 15, 2009, we received a letter from NASDAQ stating that the minimum bid price of our common stock was below $1.00 per share for 30 consecutive business days and that we were therefore not in compliance with Marketplace Rule 5550(a)(2) (the Minimum Bid Price Rule). The notification letter stated that we had until March 15, 2010, to regain compliance with the Minimum Bid Price Rule. In accordance with Marketplace Rule 5810(c)(3)(a), to regain compliance the closing bid price of our common stock must meet or exceed $1.00 per share for at least 10 consecutive business days.
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