Cellceutix Corp (OTCMKTS:CTIX) Nearing $3 Again
Yesterday Cellceutix Corp (OTCMKTS:CTIX) gained 3.53%, and even though at one point it managed to reach $3.00, it closed at $2.93. By the time of the closing bell, 283.3 thousand shares had changed hands.
The company hasn’t issued new press releases since Oct 13, and their latest filing was an 8-K from Sept 24. Prior to the 8-K, on Sept 15 CTIX turned in their latest report. It was for the fiscal year ended June 30, and it disclosed the following numbers:
- cash: $5 million
- current assets: $5.5 million
- current liabilities: $9.6 million
- no revenue
- yearly net loss: $8.2 million
Keeping in mind that CTIX is still in clinical stage, the numbers are not particularly surprising. However, investors should note that these numbers aren’t likely to experience great changes any time soon, since the 10-K reads that CTIX‘s products “are not likely to be commercially available for several years”. Shareholders may have to get used to working capital deficits, substantial net losses and lack of revenues, and that should not be ignored when looking to put money on the stock.
All of CTIX‘s major drugs are currently undergoing stage 2 clinical trials, and according to the aforementioned PR, next month we will be able to take a look at the “top-line data” from “all trial sites”. The release also disclosed that the FDA has approved the company’s Investigational New Drug Application, and because of that CTIX is set to commence the Phase 2 clinical trials of another one of its major drugs – Brilacidin-OM.
Investors should familiarize themselves thoroughly with the details surrounding CTIX, before deciding whether or not to commit to its stock.
