British Columbia, Canada
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000-54598
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N/A
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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Stellar Biotechnologies, Inc. | |
Date: August 10, 2015 | By: /s/ Kathi Niffenegger |
Name: Kathi Niffenegger
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Title: Chief Financial Officer
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Exhibit No. | Description |
99.1 | Press Release of Stellar Biotechnologies, Inc. dated August 10, 2015 |
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Revenues for the third quarter and nine months ended June 30, 2015 increased 117% and 127%, respectively, over the comparable periods in 2014 driven primarily by an increase in product sales period-over-period.
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Net income for the third quarter of fiscal 2015 was $463,986, or $0.01 per basic and diluted share compared to a net income of $3.4 million, or $0.04 per basic and diluted share, for the quarter ending June 30, 2014. Net loss for the nine months ended June 30, 2015 was $1.3 million, or ($0.02) per basic and diluted share, as compared to a net loss of $3.6 million, or ($0.05) per basic and diluted share in 2014. Net income (loss) was positively impacted by noncash gains in the fair value of warrant liability, increased revenue and decreased research and development expenses.
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Entered into collaboration with Ostiones Guerrero SA de CV to secure an exclusive, strategic site in Baja California, Mexico for the potential development of a supplementary aquaculture locale and for the expansion of Stellar KLH™ production to meet the rising demand for the protein, subject to a three-year site suitability study.
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Expanded supply agreement with Neovacs S.A to meet requirements for Keyhole Limpet Hemocyanin (KLH) as a key component of Neovacs proprietary Kinoid immunotherapy drug for the treatment of Lupus.
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Presented “Measuring the Properties of Different Forms of Keyhole Limpet Hemocyanin (KLH) Reveals Important Differences” at 2015 Annual Meeting of the American Association of Immunologists (AAI).
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Consolidated Balance Sheets
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(Expressed in US Dollars )
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June 30,
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September 30,
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August 31,
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2015
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2014
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2014
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Assets:
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Cash and cash equivalents
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$ | 10,161,458 | $ | 13,769,953 | $ | 13,427,404 | ||||||
Other current assets
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563,733 | 653,522 | 643,266 | |||||||||
Noncurrent assets
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487,827 | 404,240 | 403,292 | |||||||||
Total Assets
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$ | 11,213,018 | $ | 14,827,715 | $ | 14,473,962 | ||||||
Liabilities and Shareholders' Equity:
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Accounts payable, accrued liabilities and deferred revenue
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$ | 544,533 | $ | 671,714 | $ | 541,626 | ||||||
Warrant liability, including current portion
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1,235,905 | 3,691,266 | 6,231,703 | |||||||||
Shareholders' equity
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9,432,580 | 10,464,735 | 7,700,633 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 11,213,018 | $ | 14,827,715 | $ | 14,473,962 |
Consolidated Statements of Operations
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(Expressed in US Dollars )
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Three Months Ended
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Nine Months Ended
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June 30,
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June 30,
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June 30,
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June 30,
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2015
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2014
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2015
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2014
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Revenues:
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Contract services revenue
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$ | 45,000 | $ | 60,000 | $ | 150,000 | $ | 147,000 | ||||||||
Product sales
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112,748 | 12,538 | 408,036 | 70,994 | ||||||||||||
Grant revenue
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- | - | - | 27,740 | ||||||||||||
Total Revenues
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157,748 | 72,538 | 558,036 | 245,734 | ||||||||||||
Expenses:
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Costs of revenues
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285,438 | 188,982 | 772,535 | 549,299 | ||||||||||||
Research and development
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129,710 | 543,233 | 830,115 | 1,824,554 | ||||||||||||
General and administration
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618,185 | 612,468 | 2,346,019 | 2,280,268 | ||||||||||||
Total Expenses
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1,033,333 | 1,344,683 | 3,948,669 | 4,654,121 | ||||||||||||
Other Income (Loss):
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Foreign exchange gain (loss)
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77,468 | 146,302 | (391,190 | ) | (52,527 | ) | ||||||||||
Gain (loss) in fair value of warrant liability
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1,254,029 | 4,528,450 | 2,455,361 | 833,862 | ||||||||||||
Other income
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17,074 | 14,719 | 48,607 | 45,534 | ||||||||||||
Income tax expense
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9,000 | 9,000 | 27,800 | 21,200 | ||||||||||||
Net Income (Loss)
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$ | 463,986 | $ | 3,408,326 | $ | (1,305,655 | ) | $ | (3,602,718 | ) | ||||||
Income (loss) per common share - basic and diluted
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$ | 0.01 | $ | 0.04 | $ | (0.02 | ) | $ | (0.05 | ) | ||||||
Weighted average number of common shares outstanding - basic
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79,546,650 | 76,237,455 | 79,517,791 | 76,299,105 | ||||||||||||
Weighted average number of common shares outstanding - diluted
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85,020,352 | 86,898,996 | 79,517,791 | 76,299,105 |
Consolidated Statements of Cash Flows
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(Expressed in US Dollars )
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Nine Months Ended
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June 30,
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June 30,
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2015
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2014
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Cash Flows Used In Operating Activities:
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Net loss
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$ | (1,305,655 | ) | $ | (3,602,718 | ) | ||
Items not affecting cash:
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Depreciation and amortization
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119,410 | 120,507 | ||||||
Share-based payments
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244,781 | 770,777 | ||||||
Foreign exchange (gain) loss
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391,190 | 52,527 | ||||||
(Gain) loss in fair value of warrant liability
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(2,455,361 | ) | (833,862 | ) | ||||
Changes in working capital items
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(491,658 | ) | (167,535 | ) | ||||
Net cash used in operating activities
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(3,497,293 | ) | (3,660,304 | ) | ||||
Net cash provided by (used in) investing activities
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216,286 | (278,401 | ) | |||||
Net cash provided by financing activities
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28,719 | 2,963,162 | ||||||
Effect of exchange rate changes on cash and cash equivalents
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(356,207 | ) | (60,321 | ) | ||||
Net change in cash and cash equivalents
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(3,608,495 | ) | (1,035,864 | ) | ||||
Cash and cash equivalents - beginning of period
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13,769,953 | 15,478,038 | ||||||
Cash and cash equivalents - end of period
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$ | 10,161,458 | $ | 14,442,174 |