BioCryst Pharmaceuticals Inc. (BCRX) filed Quarterly Report for the period ended 2009-09-30.
BioCryst Pharmaceuticals Inc. is a leader in the use of crystallography and structure-based drug design for the development of novel therapeutics to treat cancer cardiovascular diseases autoimmune diseases and viral infections. The company is advancing multiple internal programs toward potential commercialization including Fodosine in oncology BCX-4208 in transplantation and autoimmune diseases and peramivir in seasonal and life threatening influenza. BioCryst has a worldwide partnership with Roche for the development and commercialization BCX-4208 and is collaborating with Mundipharma for the development and commercialization of Fodosine in markets across Europe Asia Australia and certain neighboring countries. Biocryst Pharmaceuticals Inc. has a market cap of $438.3 million; its shares were traded at around $11.391 with and P/S ratio of 7.7. Biocryst Pharmaceuticals Inc. had an annual average earning growth of 8.4% over the past 5 years.
Highlight of Business Operations:
For the three months ended September 30, 2009, collaborative and other research and development revenues were $10.5 million compared to $8.9 million for the three months ended September 30, 2008. This increase was the result of higher revenues from our contract with HHS for the development of peramivir and from our collaboration with Shionogi. The increase in revenues was offset by a reduction in revenue from our collaboration with Mundipharma, as well as lower amortization of deferred revenue from our collaboration arrangements. Included in revenue from HHS for the three months ended September 30, 2009 was approximately $2.0 million, which represents the difference between the provisional indirect rates billed to HHS during 2008 and the actual indirect rates as determined in the Company’s annual incurred cost submission. This additional revenue will be subject to an audit performed by the government and any adjustments that could have a material impact would be recorded in future period(s).
The net loss for the third quarter of 2009 was $10.6 million, or $0.28 per share, compared to a net loss of $9.0 million, or $0.24 per share for the third quarter of 2008.
Collaborative and other R&D revenues decreased to $19.7 million for the nine months ended September 30, 2009 as compared to $22.3 million for the nine months ended September 30, 2008. This change was driven by a reduction in revenue from our collaboration with Mundipharma and lower amortization of deferred revenue from our collaboration arrangements. Revenues related to our contract with HHS for the development of peramivir were higher during the first nine months of the current year compared to the same period of last year due to a $4.9 million reserve recorded against revenue in 2008 for amounts we had previously expected to receive from HHS. In addition, revenue from our collaboration with Shionogi was higher during the nine months ended September 30, 2009.
The net loss for the nine months ended September 30, 2009 was $28.6 million, or $0.75 per share, compared to a net loss of $34.8 million, or $0.91 per share for the nine months ended September 30, 2008.
At December 31, 2008, we had long-term operating lease obligations, which provide for aggregate minimum payments of $641,323 in 2009, $575,246 in 2010 and $551,744 in 2011. These obligations include the future rental of our operating facilities.
Our cash, cash equivalents and investments balance has decreased from $63.3 million as of December 31, 2008 to $38.5 million as of September 30, 2009, primarily due to monthly cash burn from operations offset by cash received from collaborations. As a result, our net cash burn rate has been approximately $2.8 million per month in 2009. Given certain manufacturing activities in anticipation of government needs, and pending certain clinical activities, we now expect our cash use for 2009 to be near the top end of the previous guidance range of $30 to $38 million. Cash use during the remainder 2009 will depend on potential events such as the level of i.v. peramivir manufacturing and stockpiling activities. During the upcoming planning cycle, the Company will align its cash needs and clinical development activities to carry its clinical programs through 2010.
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