Shares of QLT Inc. (USA) (NASDAQ:QLTI) ended Thursday session in red amid volatile trading. The shares closed down -0.06 points or -2.86% at $2.04 with 49,79.00 shares getting traded. Post opening the session at $2.05, the shares hit an intraday low of $2.00 and an intraday high of $2.08 and the price vacillated in this range throughout the day. The company has a market cap of $109.87 million and the numbers of outstanding shares have been calculated to be 52.83 million shares.
QLT Inc. (USA) (QLTI) reported financial results for the second quarter ended June 30, 2016.
2016 SECOND QUARTER FINANCIAL RESULTS
During the second quarter of 2016, research and development (“R&D”) expenditures were $2.9 million compared to $3.4 million for the same period in 2015. The $0.5 million (15%) decrease was primarily due to lower stock based compensation, lower salary and overhead costs related to R&D headcount attrition, the foreign exchange impact of the weak Canadian dollar and downsizing of our lease space. Stock-based compensation expense was significantly lower in the current period relative to the prior period due to the impact of the June 2015 accelerated vesting of all outstanding stock options in connection with the investment in and subsequent distribution of the Aralez Shares (defined below) and execution of the InSite Merger Agreement (defined below). The cost decreases described above were partially offset by an increase in costs related to preparatory activities for our planned Phase III pivotal trial for QLT091001.