InVivo Therapeutics Holdings Corp. (NASDAQ:NVIV) the stock changed +2.37% to recent value of $0.7165. The company has 9.31M of outstanding shares and 6.672M shares were floated in the market. NVIV price switched up -25.45% 20-Days Simple Moving Average dropped -41.66% from 50-Days Simple Moving Average and fell -55.97% from 200 Days Simple Moving Average.
InVivo Therapeutics Holdings Corp. (NVIV) recently stated financial results for the year ended December 31, 2018.
Richard Toselli, M.D., President and Chief Executive Officer of InVivo, commented, “InVivo achieved many critical and exciting milestones over the past year. Early in 2018 we received FDA authorization of our supplemental Investigational Device Exemption (IDE) to initiate a second pivotal study of the company’s Neuro-Spinal Scaffold™ in patients with acute spinal cord injury (SCI), the INSPIRE 2.0 Study. In addition, we successfully raised net proceeds of $16.5M in 2018, which put us in a position to focus on the initiation of the INSPIRE 2.0 Study, while implementing important cost saving measures, which resulted in an $11.8M or a 48 percent decrease in our operating expenses year over year. Finally, we continue work towards enrollment in the INSPIRE 2.0 Study, and with five clinical sites recently activated and now open for enrollment, we expect to start enrollment in Q2 of this year.” Dr. Toselli concluded, “In addition to continued progress on the INSPIRE 2.0 Study and our fundraising activities, we are encouraged by the prospect of building a more diversified pipeline with technologies that align with our core competencies and fundamental interests.”
Operating expenses for the years ended December 31, 2018 and 2017 were $12,767,000 and $24,593,000 respectively, representing a 48% decrease in operating expenses. For the year ended December 31, 2018, the Company stated a net loss of about $23,423,000, or $4.69 per share, contrast to a net loss of about $26,745,000, or $20.29 per share, for the year ended December 31, 2017. Included in results for the years ended December 31, 2018 and 2017 were non-cash losses of $12,165,000 and $2,267,000, respectively. The loss of $12,165,000 for the year ended December 31, 2018 can be attributed to the issuance of the liability classified warrants in 2018 and the subsequent change in fair value through the date of warrant exercises or reclassification to equity. The loss of $2,267,000 for the year ended December 31, 2017 can be attributed to the impact of the August 2017 warrant exchange and the decrease in the fair value of derivative warrant liability primarily Because of the decrease in the fair value of the underlying ordinary stock. Not Including the impact of the derivative warrant liability, adjusted net loss for the year ended December 31, 2018, was $11,258,000, or $2.25 per share, contrast to an adjusted net loss of $24,478,000, or $18.57 per share, for the year ended December 31, 2017. The Company ended the year with $16,660,000 of cash and cash equivalents as of December 31, 2018.
A look on the firm performance, its monthly performance is -40.98% and a quarterly performance of -52.94%. The stock price is going above to its 52 week low with 10.43% and lagging behind from its 52 week high with -89.33%. NVIV is recorded at 0.10 and the relative strength index of the stock stands 25.90
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