Avanir Pharmaceuticals (AVNR, Financial) filed Quarterly Report for the period ended 2009-12-31.
Avanir Pharmaceuticals has a market cap of $158 million; its shares were traded at around $1.9 with and P/S ratio of 37.6.
General and administrative expenses increased by approximately $550,000 from approximately $2.3 million for the first quarter of fiscal 2009 compared to approximately $2.8 million for the first quarter of fiscal 2010. The increase is primarily attributed to costs associated with preparation for commercial readiness as well as higher share-based compensation costs.
Total share-based compensation expense in the three month periods ended December 31, 2009 and 2008 was approximately $699,000 and $386,000, respectively. General and administrative expense in the three-month periods ended December 31, 2009 and 2008 include share-based compensation expense of approximately $517,000 and $306,000, respectively. Research and development expense in the three-month periods ended December 31, 2009 and 2008 include share-based compensation expense of approximately $182,000 and $80,000, respectively. As of December 31, 2009, approximately $5.3 million of total unrecognized compensation costs related to nonvested options and awards is expected to be recognized over a weighted average period of 2.1 years. See Note 10, Employee Equity Incentive Plans in the Notes to Condensed Consolidated Financial Statements (Unaudited) for further discussion.
Net loss was approximately $4.8 million or $0.06 per share in the three month period ended December 31, 2009 compared to a net loss of approximately $5.2 million, or $0.07 per share, for the three month period ended December 31, 2008.
Financing activities. Net cash provided by financing activities was approximately $178,000 in the first three months of fiscal 2010 compared to net cash used in financing activities of approximately $22,000 in the first three months of fiscal 2009. In the first quarter of fiscal 2010, we raised approximately $189,000 in gross proceeds (approximately $183,000 net of commissions) from our at-the-market offering facility.
As of December 31, 2009, approximately $24.5 million of the Companys cash and cash equivalents were maintained in six separate money market mutual funds, and approximately $572,000 of the Companys cash and cash equivalents were maintained at two major financial institutions in the United States. At times, deposits held with the financial institution may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation (FDIC), which provides deposit coverage limits up to $250,000 through January 1, 2014. At December 31, 2009, such uninsured deposits totaled approximately $24.8 million. Generally, these deposits may be redeemed upon demand and, therefore, are believed to bear minimal risk.
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Avanir Pharmaceuticals has a market cap of $158 million; its shares were traded at around $1.9 with and P/S ratio of 37.6.
Highlight of Business Operations:
Revenues from research services and other were $1.5 million for the period ended December 31, 2009 compared to approximately $1.8 million for the period ended December 31, 2008. The decrease in revenues of approximately $269,000, or 15%, is attributed to an approximately $212,000 decrease in revenue related to both deferred revenue and annual royalty revenue from our license agreement with GSK as well as revenue of approximately $57,000 related to the license agreement with Kobayashi Pharmaceutical Co. Ltd. which was terminated in fiscal 2009.General and administrative expenses increased by approximately $550,000 from approximately $2.3 million for the first quarter of fiscal 2009 compared to approximately $2.8 million for the first quarter of fiscal 2010. The increase is primarily attributed to costs associated with preparation for commercial readiness as well as higher share-based compensation costs.
Total share-based compensation expense in the three month periods ended December 31, 2009 and 2008 was approximately $699,000 and $386,000, respectively. General and administrative expense in the three-month periods ended December 31, 2009 and 2008 include share-based compensation expense of approximately $517,000 and $306,000, respectively. Research and development expense in the three-month periods ended December 31, 2009 and 2008 include share-based compensation expense of approximately $182,000 and $80,000, respectively. As of December 31, 2009, approximately $5.3 million of total unrecognized compensation costs related to nonvested options and awards is expected to be recognized over a weighted average period of 2.1 years. See Note 10, Employee Equity Incentive Plans in the Notes to Condensed Consolidated Financial Statements (Unaudited) for further discussion.
Net loss was approximately $4.8 million or $0.06 per share in the three month period ended December 31, 2009 compared to a net loss of approximately $5.2 million, or $0.07 per share, for the three month period ended December 31, 2008.
Financing activities. Net cash provided by financing activities was approximately $178,000 in the first three months of fiscal 2010 compared to net cash used in financing activities of approximately $22,000 in the first three months of fiscal 2009. In the first quarter of fiscal 2010, we raised approximately $189,000 in gross proceeds (approximately $183,000 net of commissions) from our at-the-market offering facility.
As of December 31, 2009, approximately $24.5 million of the Companys cash and cash equivalents were maintained in six separate money market mutual funds, and approximately $572,000 of the Companys cash and cash equivalents were maintained at two major financial institutions in the United States. At times, deposits held with the financial institution may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation (FDIC), which provides deposit coverage limits up to $250,000 through January 1, 2014. At December 31, 2009, such uninsured deposits totaled approximately $24.8 million. Generally, these deposits may be redeemed upon demand and, therefore, are believed to bear minimal risk.
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