Biodel Inc. has a market cap of $22.5 million; its shares were traded at around $0.649 .
Highlight of Business Operations:We are a development stage company. We were incorporated in December 2003 and commenced active operations in January 2004. To date, we have generated no revenues and have incurred significant losses. We have financed our operations and internal growth through our initial public offering in May 2007, a follow-on offering in February 2008, registered direct offerings in August 2010 and May 2011 and, prior to these public offerings, private placements of convertible preferred stock and other securities. We have devoted substantially all of our efforts to research and development activities, including clinical trials. Our net loss was $10.6 million for the year ended September 30, 2011. As of September 30, 2011, we had a deficit accumulated during the development stage of $175.3 million. The deficit accumulated during the development stage is attributable primarily to our research and development activities and non-cash charges for (1) accretion of beneficial conversion rights and (2) deemed dividend-warrants and share-based compensation. Research and development and general and administrative expenses, as a percentage of net loss applicable to common stockholders, represent approximately 74% and 32%, respectively, of the expenses that we have incurred since our inception. We expect to continue to generate significant losses as we continue to develop our product candidates.
To date, we have not generated revenues and we expect to incur operating losses as we continue our efforts to develop and commercialize ultra-rapid-acting formulations of RHI and insulin analogs. As of September 30, 2011, we had approximately $38.7 million in cash and cash equivalents compared to $28.9 million in cash, cash equivalents and marketable securities as of September 30, 2010. We believe that our existing cash, cash equivalents and restricted cash will be sufficient to fund our anticipated operating expenses and capital expenditures at least through the first half of the 2013 calendar year.
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