On 15 January 2019, Prescient Therapeutics Limited (ASX: PTX) announced that the company had received Tax Incentive rebate on research and development for the financial year 2017-2018, amounting to $939,423. The R&D Tax Incentive is an Australian Government program under which companies can avail cash refunds for 43.5% of the total eligible expenditure on research and development. This amount was accounted for in the Company’s 2018 Annual Financial Report as a receivable and it will be reflected in the reporting of March 2019. Following the release, the share price of the company increased by 4.167% on January 15, 2019.
In the recent announcement as of 19 December 2018, the company disclosed to ASX that the Chairman and Director of the company, Mr. Steven Lee Yatomi-Clarke who had a direct and indirect interest in the Company acquired 2,000,000 shares under unlisted options exercisable at $0.1021 per option which will have an expiry of 18 December 2022.
Let us have a look at the company financials and performance over the past year. The consolidated entity has accounted for an estimated research and development incentive rebate for the year 2018, amounting to $939,771. The financial year FY18 saw a $153,217 reduction of operating expenses to $3,638,657 compared to $3,791,874 as of June 2017. This was mainly driven by a decrease in research and development costs, as PTX-200 activity was reduced, and a clinical hold was in place for PTX-200 during the start of the financial year. The revenue of the company stood at $125,126 in FY18 as compared to $166,220 in FY17, a decrease of ~ 25% Y-O-Y. The total assets of the company stood at $9.90 million in FY18 as compared to $12.229 million in FY17, a decrease of 18.3% approximately on a Y-O-Y basis. The cash outflow from operating activities decreased to $2.14 million in FY18 from $3.27 million in FY17, a percentage decline of 34.5% approximately. However, the net cash outflow from investing activities stood at $1,522 in FY18 as compared to $21,689 in FY17.
Now, let us quickly look at the performance of Prescient Therapeutics Limited’s stock and the return it has posted over the last few months. Currently, the stock is trading at $0.075 with the market capitalization of circa $15.26 Mn. The stock opened at 0.074 cents with a day’s high of 0.075 cents. The company has generated a YTD return of 7.46% with returns of -25.77% and 1.41% over the last six months, and three months period respectively. It has a 52-week high price of $0.180 and a 52-week low of $0.054, with an average volume of 354,298.
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