On 25 January 2019, Race Oncology Ltd (ASX: RAC), a pharmaceutical company, has announced its Consolidated Quarterly statement of cash flows. As at 31 December 2018, the Company’s cash balance was AUD 2,079,000, representing a decrease from the cash balance of AUD 2,845,000 from the previous quarter.
December Quarter Update: The company’s interest received for the Q2 stood at AUD 5,000, and till a year to date (6 months) it amounted to AUD 11,000. The company’s Administration and corporate costs for Q2 stood at AUD 125,000, and till a year to date, it amounted to AUD 260,000. The company’s reported research and development, business development and marketing, manufacturing and distribution, staff and board remuneration for the Q2 stood at AUD 220,000, A$ 169,000, A$ 162,000, A$ 91,000 respectively, whereas the same was reported as A$ 496,000, A$ 465,000, A$ 193,000, A$ 183,000 respectively for year to date.
The company’s transaction costs related to issues of shares, convertible notes or options for the year to date stood at AUD 33,000.
For the next quarter, the company is anticipating posting research and development, product manufacturing and operating costs, business development and marketing, staff and board remuneration, administration and corporate costs amounting to A$ 274,000, A$ 374,000, A$ 129,000, A$ 86,000, A$ 128,000 respectively.
On 22 January 2019, Professor Borje Andersson has signed a consulting agreement with the company. Professor Anderson is from M.D. Anderson Cancer Research Center.
Prof. Borje will receive compensation in the form of 420,000 RAC share options. The options will expire on 21 January 2024. The options vest monthly (35,000 options per month) over the 12-months of the agreement.
On 2 January 2018, the company had disclosed to the market that one of its directors, Mr. William James Garner who had a direct and indirect interest in the Company, disposed of 50,000 ordinary shares via Off-market transfer by Update Pharma (Director related entity) to non-related shareholders of director related entity. Citicorp Nominees Pty Ltd and Update Pharma Inc were the registered holders for the benefit of Mr. Garner. Hence after the disposal of shares, the number of securities held by the registered holder were 7,983,879 ordinary shares, 225,000 ordinary shares, 5,434,631 ordinary shares, and 5,000,000 performance shares.
FY18 Financial Performance: In FY18, The Company’s total comprehensive loss was $6,305,801, (over the prior year’s loss of $ 4,171,555). The diluted loss per share amounted to 9.4 cents per share in FY18.
On Balance Sheet front, Net Assets was $7,930,697 in FY18 (over the prior year which was $5,637,289).
As at 30 June 2018, the RAC had maintained the cash and cash equivalent of $3,709,998 (over the prior year which was $1,696,834).
Stock performance: The shares of Race Oncology Ltd closed the day’s session at A$0.085 (25 January 2019), down by 5.556%. The company has 82.24 million outstanding shares with the market capitalization of circa $7.4 million. The stock has delivered the negative return of 54.05% over the past six months. During the last one month, RAC delivered the positive return of 19.72%.
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