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Vical Inc. Reports Operating Results (10-Q)

May 07, 2010 | About:
10qk

10qk

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Vical Inc. (VICL) filed Quarterly Report for the period ended 2010-03-31.

Vical Inc. has a market cap of $181.5 million; its shares were traded at around $3.23 with and P/S ratio of 14.3. VICL is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC.

Highlight of Business Operations:

Total Revenues. Total revenues decreased $0.8 million, or 35.0%, to $1.5 million for the three months ended March 31, 2010, from $2.3 million for the three months ended March 31, 2009. This decrease was primarily the result of a $1.0 million decrease in revenue related to our Allovectin-7® license agreement with AnGes.

Research and Development Expenses. Research and development expenses decreased $1.1 million, or 18.0%, to $5.1 million for the three months ended March 31, 2010, from $6.2 million for the three months ended March 31, 2009. This decrease was primarily the result of lower facility costs as a result of the consolidation of our operations into one facility and decreased clinical trial related costs.

Manufacturing and Production Expenses. Manufacturing and production expenses increased $0.4 million, or 14.8%, to $2.8 million for the three months ended March 31, 2010, from $2.4 million for the three months ended March 31, 2009. This increase was primarily the result of the recognition of costs related to the delivery of a dengue vaccine that we manufactured for the U.S. Navy during the three months ended March 31, 2009.

General and Administrative Expenses. General and administrative expenses increased $0.3 million, or 14.9%, to $2.2 million for the three months ended March 31, 2010, from $1.9 million for the three months ended March 31, 2009. This increase was primarily the result of higher personnel costs for the three months ended March 31, 2010, when compared to the prior year period.

Investment and Other Income, Net. Investment and other income increased $78,000, or 106.8%, to $151,000 for the three months ended March 31, 2010, from $73,000 for the three months ended March 31, 2009. This increase was primarily the result of the recognition of a loss on our auction rate securities during the three months ended March 31, 2009.

Since our inception, we have financed our operations primarily through private placements of preferred and common stock, public offerings of common stock, and revenues from our operations. From our inception through December 31, 2009, we have received approximately $160.9 million in revenues from performing services under research and development and manufacturing contracts, from grants and from licensing access to our proprietary technologies, and we have raised net proceeds of approximately $338.5 million from the sale of equity securities. Cash, cash equivalents, marketable securities, and long-term investments, including restricted securities, totaled $47.6 million at March 31, 2010, compared with $52.6 million at December 31, 2009. The decrease in our cash, cash equivalents and marketable securities for the three months ended March 31, 2010, was the result of the use of cash to fund our operations which was partially offset by net proceeds of $5.0 million from the sale of our securities.

Read the The complete Report

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10qk
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