San Diego-based Organovo Holdings Inc. reported revenues of $400,000 for the fiscal year ending March 31, 2014 compared with revenues of $1.2 million for the year ended Dec. 31, 2012.
Organovo, which designs and creates functional tissue for research and therapeutic applications, reported a net loss of 25.8 million for FY 2014 compared with $43.5 million net loss for the year ended Dec. 31, 2012.
Operating expenses increased 100 percent to $21 million compared with $10.5 million for the year ended Dec. 31 2012. According to Organovo, of this increase, $5.9 million is related to increased selling, general and administrative expenses, while the other $4.6 million relates to increased investment in research and development. Those increases are attributed to the company’s continued implementation of its business plan, including hiring additional staff, incremental investment associated with commercialization project initiatives, expenses related to operating as a publicly traded corporation, expansion to a larger facility, and increased stock compensation expense.
Research and development expense for FY 2014 increased to $8 million for the year from approximately $3.4 million for the year ended December 31, 2012, an increase of 135 percent. Full-time research and development staffing increased to 32 full-time employees as of March 31, 2014 from 19 full-time employees as of Dec. 31, 2012
Selling, general and administrative expenses for FY 2014 were $13 million from $7.1 million for the year ended Dec. 31, 2012.
As of March 31, 2014 the company reported cash and cash equivalents of $48.2 million.