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Honolulu-based biotech company Cardax Inc. significantly narrowed its loss in the second quarter as it cut back on its stock-based compensation, administrative expenses and research and development.
The company, which has no revenue, reported in a regulatory filing Tuesday that it lost $584,265 in the April-June period compared with a $2 million loss in the year-earlier quarter. Cardax, which increased its total deficit since its 2006 inception to $51.6 million, is developing products that would provide many of the anti-inflammatory benefits of steroids.
Cardax said its operating expenses dropped by 69 percent to $632,067 from $2 million.
The company raised $1.125 million during the first six months of this year by selling stock but said in the filing that the $585,676 in cash it had on hand at the end of last quarter only would be sufficient to continue operations on a limited budget through Oct. 15.
Cardax said it intends to raise additional capital that would fund its operations through at least June 30 and is negotiating the terms of additional financing with investors and considering a private placement of common stock and warrants to purchase stock, as well as issuing debt or convertible debt securities.
Cardax, which is thinly traded, closed Thursday at 15 cents, up 4.5 cents from its last trade on Tuesday. There were 3,000 shares that exchanged hands Thursday. Cardax became a publicly traded company in February 2014.
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