0001193125-26-219479
SEC filingRevenue grew 14.8% to $1.7M on collaboration strength, but operating losses widened and cash burn accelerated as the company invested in its pipeline.
Operating expenses increased, leading to an operating loss of $7.6 million, compared to $6.5 million in the prior year quarter, a 16.7% increase. The increase in operating loss reflects higher research and development expenses as we continue to advance our pipeline, including the OPC1, ReSonance, and preclinical programs, as well as increased general and administrative costs.
Net loss was $4.8 million, or $0.03 per diluted share, compared to a net loss of $4.1 million, or $0.02 per diluted share, in the first quarter of 2025. The 16.3% increase in net loss is consistent with the higher operating loss.
We expect that our operating expenses will continue to increase for the foreseeable future as we continue the development of, and seek regulatory approval for, our product candidates. The company has not paid and does not anticipate paying dividends on its common stock.
Our manufacturing process is designed to confer consistent, cost-effective, and scalable cell-based production. Operating expenses generally consist of cost of royalties, research and development expenses, and general and administrative expenses. These expenses include costs incurred for company-sponsored, collaborative and contracted research and development activities.
Key catalysts include the ongoing Phase 2a GAlette study for OpRegen (dry-AMD), the DOSED study for OPC1, and preclinical progress on ReSonance and COR1. The Israeli regional conflict remains a risk, as all manufacturing is conducted at the Jerusalem facility, though operations have not been materially disrupted to date.