Repligen Corp. (RGEN, Financial) filed Quarterly Report for the period ended 2009-12-31.
Repligen Corp. has a market cap of $105.5 million; its shares were traded at around $3.43 with and P/S ratio of 3.6. Repligen Corp. had an annual average earning growth of 1.4% over the past 10 years.
Research and development expenses were approximately $3,846,000 and $3,579,000 for the three-month periods ended December 31, 2009 and 2008, respectively, an increase of $267,000 or 7%. This increase is primarily due to approximately $510,000 in expenditures associated with our exclusive license agreement with FSMA including a $500,000 initial license fee, announced in October 2009, of compounds that may have utility in treating Spinal Muscular Atrophy as well as increased spending of approximately $176,000 in our Friedreichs ataxia program as we continue our efforts to identify a clinical candidate and initiate a phase 1 trial during the next fiscal year. These increases were offset by decreased spending due to the timing of certain external expenditures associated with our ongoing phase 2b clinical trial for RG2417, evaluating the use of uridine to treat bi-polar depression as well as reduced spending related to our phase 3 clinical trial for RG1068, evaluating the use of human secretin in pancreatic imaging as we completed patient enrollment. Significant fluctuations in research and development expenses may occur from period to period depending on the nature, timing, and extent of development activities over any given period of time.
We have net operating loss carryforwards of approximately $58,696,000, research and development credit carryforwards of approximately $2,089,000, and other tax credits of approximately $833,000 available to reduce future federal income taxes, if any. Additionally, we also have business tax credit carryforwards of approximately $2,613,000 available to reduce future state income taxes, if any. We have utilized all available state net operating loss carryforwards. The net operating loss and business tax credit carryforwards will continue to expire at various dates, if not used. The net operating loss and business tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders.
Pursuant to the Bristol Settlement, we recognized royalty revenue of approximately $6,678,000 in the nine-month period ended December 31, 2009. For the nine months ended December 31, 2008, we recognized royalty revenue of approximately $11,584,000, of which $6,330,000 represented royalties for Bristols sales of Orencia® prior to our fiscal year 2009 that were recognized upon settlement of our litigation. Additionally, during the nine-month periods ended December 31, 2009 and 2008, we earned and recognized approximately $1,009,000 and $539,000, respectively, in royalty revenue from ChiRhoClin. ChiRhoClin fulfilled its royalty obligations to us for their sales of secretin effective December 31, 2009 and, accordingly, we do not expect to recognize any further royalty revenue from ChiRhoClin.
Research and development expenses were approximately $10,707,000 and $8,127,000 for the nine-month periods ended December 31, 2009 and 2008, respectively, an increase of $2,580,000 or 32%. This increase is primarily due to approximately $510,000 in expenditures associated with our exclusive license agreement with FSMA including a $500,000 initial license fee, announced in October 2009, of compounds that may have utility in treating Spinal Muscular Atrophy, as well as increased spending of approximately $955,000 in our Friedreichs ataxia program as we continue our efforts to identify a clinical candidate and initiate a phase 1 trial during the next fiscal year, $548,000 in incremental spending associated with our phase 2b clinical trial for RG2417, and $88,000 in spending associated with our phase 3 clinical trial for RG1068. Significant fluctuations in research and development expenses may occur from period to period depending on the nature, timing, and extent of development activities over any given period of time.
Our operating activities consumed cash of approximately $2,085,000 for the nine months ended December 31, 2009. Cash used in operating activities is attributable to a net loss of $2,435,000, a $1,096,000 decrease in accounts payable, a $718,000 increase in royalties receivable, and a $686,000 increase in prepaid expenses and other current assets, offset by a $527,000 increase in accrued liabilities, a $276,000 decrease in accounts receivable, a $310,000 decrease in inventories, and certain non-cash expenses such as $993,000 for depreciation and $772,000 in stock-based compensation expense.
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Repligen Corp. has a market cap of $105.5 million; its shares were traded at around $3.43 with and P/S ratio of 3.6. Repligen Corp. had an annual average earning growth of 1.4% over the past 10 years.
Highlight of Business Operations:
Pursuant to the Bristol Settlement, we recognized royalty revenue of approximately $2,287,000 and $1,906,000 for the three months ended December 31, 2009 and 2008, respectively. Additionally, for the three months ended December 31, 2009 and 2008, we earned and recognized approximately $465,000 and $254,000, respectively, in royalty revenue from ChiRhoClin for their sales of secretin. ChiRhoClin fulfilled its royalty obligations to us for their sales of secretin effective December 31, 2009 and, accordingly, we do not expect to recognize any further royalty revenue from ChiRhoClin.Research and development expenses were approximately $3,846,000 and $3,579,000 for the three-month periods ended December 31, 2009 and 2008, respectively, an increase of $267,000 or 7%. This increase is primarily due to approximately $510,000 in expenditures associated with our exclusive license agreement with FSMA including a $500,000 initial license fee, announced in October 2009, of compounds that may have utility in treating Spinal Muscular Atrophy as well as increased spending of approximately $176,000 in our Friedreichs ataxia program as we continue our efforts to identify a clinical candidate and initiate a phase 1 trial during the next fiscal year. These increases were offset by decreased spending due to the timing of certain external expenditures associated with our ongoing phase 2b clinical trial for RG2417, evaluating the use of uridine to treat bi-polar depression as well as reduced spending related to our phase 3 clinical trial for RG1068, evaluating the use of human secretin in pancreatic imaging as we completed patient enrollment. Significant fluctuations in research and development expenses may occur from period to period depending on the nature, timing, and extent of development activities over any given period of time.
We have net operating loss carryforwards of approximately $58,696,000, research and development credit carryforwards of approximately $2,089,000, and other tax credits of approximately $833,000 available to reduce future federal income taxes, if any. Additionally, we also have business tax credit carryforwards of approximately $2,613,000 available to reduce future state income taxes, if any. We have utilized all available state net operating loss carryforwards. The net operating loss and business tax credit carryforwards will continue to expire at various dates, if not used. The net operating loss and business tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders.
Pursuant to the Bristol Settlement, we recognized royalty revenue of approximately $6,678,000 in the nine-month period ended December 31, 2009. For the nine months ended December 31, 2008, we recognized royalty revenue of approximately $11,584,000, of which $6,330,000 represented royalties for Bristols sales of Orencia® prior to our fiscal year 2009 that were recognized upon settlement of our litigation. Additionally, during the nine-month periods ended December 31, 2009 and 2008, we earned and recognized approximately $1,009,000 and $539,000, respectively, in royalty revenue from ChiRhoClin. ChiRhoClin fulfilled its royalty obligations to us for their sales of secretin effective December 31, 2009 and, accordingly, we do not expect to recognize any further royalty revenue from ChiRhoClin.
Research and development expenses were approximately $10,707,000 and $8,127,000 for the nine-month periods ended December 31, 2009 and 2008, respectively, an increase of $2,580,000 or 32%. This increase is primarily due to approximately $510,000 in expenditures associated with our exclusive license agreement with FSMA including a $500,000 initial license fee, announced in October 2009, of compounds that may have utility in treating Spinal Muscular Atrophy, as well as increased spending of approximately $955,000 in our Friedreichs ataxia program as we continue our efforts to identify a clinical candidate and initiate a phase 1 trial during the next fiscal year, $548,000 in incremental spending associated with our phase 2b clinical trial for RG2417, and $88,000 in spending associated with our phase 3 clinical trial for RG1068. Significant fluctuations in research and development expenses may occur from period to period depending on the nature, timing, and extent of development activities over any given period of time.
Our operating activities consumed cash of approximately $2,085,000 for the nine months ended December 31, 2009. Cash used in operating activities is attributable to a net loss of $2,435,000, a $1,096,000 decrease in accounts payable, a $718,000 increase in royalties receivable, and a $686,000 increase in prepaid expenses and other current assets, offset by a $527,000 increase in accrued liabilities, a $276,000 decrease in accounts receivable, a $310,000 decrease in inventories, and certain non-cash expenses such as $993,000 for depreciation and $772,000 in stock-based compensation expense.
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