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Vical Inc. Reports Operating Results (10-Q)

August 06, 2010 | About:
10qk

10qk

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Vical Inc. (VICL) filed Quarterly Report for the period ended 2010-06-30.

Vical Inc. has a market cap of $190 million; its shares were traded at around $3.38 with and P/S ratio of 14.9. VICL is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Steven Cohen of SAC Capital Advisors.
This is the annual revenues and earnings per share of VICL over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of VICL.


Highlight of Business Operations:

Total Revenues. Total revenues decreased $1.9 million, or 47.8%, to $2.1 million for the three months ended June 30, 2010, from $4.0 million for the three months ended June 30, 2009. Our license and royalty revenue decreased by $2.9 million which was primarily the result of a $1.5 million milestone payment received from Merck during the three months ended June 30, 2009, related to its Phase 1 clinical-stage development of an investigational plasmid DNA cancer vaccine and a $1.2 million decrease in the recognition of revenue related to our Allovectin-7® license agreement with AnGes. These decreases were partially offset by a $0.8 million increase in contract revenue which was primarily related to the delivery of an H1N1 vaccine that we manufactured for the US Navy during the three months ended June 30, 2010.

Research and Development Expenses. Research and development expenses decreased $0.7 million, or 12.2%, to $5.0 million for the three months ended June 30, 2010, from $5.7 million for the three months ended June 30, 2009. This decrease was primarily the result of lower clinical trial related costs.

Manufacturing and Production Expenses. Manufacturing and production expenses increased $1.2 million, or 52.9%, to $3.4 million for the three months ended June 30, 2010, from $2.2 million for the three months ended June 30, 2009. This increase was primarily the result of the recognition of costs related to the delivery of a H1N1 vaccine that we manufactured for the U.S. Navy during the three months ended June 30, 2010.

General and Administrative Expenses. General and administrative expenses increased $0.3 million, or 15.9%, to $2.2 million for the three months ended June 30, 2010, from $1.9 million for the three months ended June 30, 2009. This increase was primarily the result of higher stock based compensation expense for the three months ended June 30, 2010, when compared to the prior year period.

Investment and Other Income, Net. Investment and other income increased $0.3 million, or 159.0%, to $0.1 million for the three months ended June 30, 2010, from $(0.2) million for the three months ended June 30, 2009. This increase was primarily the result of the recognition of a loss on our auction rate securities during the three months ended June 30, 2009.

Total Revenues. Total revenues decreased $2.7 million, or 43.2%, to $3.5 million for the six months ended June 30, 2010, from $6.2 million for the six months ended June 30, 2009. Our license and royalty revenue decreased by $3.9 million which was primarily the result of a $1.5 million milestone payment received from Merck during the six months ended June 30, 2009, related to its Phase 1 clinical-stage development of an investigational plasmid DNA cancer vaccine and a $2.2 million decrease in the recognition of revenue related to our Allovectin-7® license agreement with AnGes. These decreases were partially offset by a $0.8 million increase in contract revenue which was primarily related to the delivery of an H1N1 vaccine that we manufactured for the US Navy during the six months ended June 30, 2010.

Read the The complete Report

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