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Novavax Inc. has a market cap of $235.65 million; its shares were traded at around $2.35 with and P/S ratio of 725.09. NVAX is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Highlight of Business Operations:Research and development expenses increased to $9.0 million for three months ended March 31, 2010 from $4.3 million for the same period in 2009, an increase of $4.7 million, or 112%, primarily due to higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza product candidates. The increase is primarily a result of increased outside-testing costs (including outsourced clinical trial costs, sponsored research and consulting agreements) of $4.0 million.
General and administrative expenses decreased to $2.5 million for the three months ended March 31, 2010 from $2.9 million for the same period in 2009, a decrease of $0.4 million, or 12%, primarily due to lower professional service fees.
We had total other income of less than $0.1 million for the three months ended March 31, 2010 compared to total other expense of $1.2 million for the same period in 2009, a change of $1.3 million. Interest expense decreased $0.4 million to less than $0.1 million for the three months ended March 31, 2010 from $0.4 million for the same period in 2009 as a result of the payment of our convertible notes in 2009. In the three months ended March 31, 2009, we recorded an impairment of $0.9 million relating to our auction rate securities.
Net loss for the three months ended March 31, 2010 was $11.4 million, or $0.11 per share, as compared to $8.3 million, or $0.12 per share, for the same period in 2009, an increased net loss of $3.1 million. The increased net loss was primarily due to higher research and development spending to support our clinical trials related to our H1N1 and seasonal influenza product candidates, partially offset by reduced total other income (expense) in the three months ended March 31, 2010.
As of March 31, 2010, we had $14.6 million in cash and cash equivalents and $18.3 million in short-term investments as compared to $38.8 million and $4.2 million, respectively, at December 31, 2009. The following table summarizes cash flows for the three months ended March 31, 2010 and 2009 (in thousands):
Short-term investments at March 31, 2010 consist of investments in commercial paper, corporate notes and three auction rate securities. We had previously invested in auction rate securities for short periods of time as part of our cash management program. The auction rate securities have a par value of $5.1 million and a fair value of $4.1 million. In 2009, we recorded an other-than-temporary impairment charge of $1.3 million related to these securities, which was partially offset by realized gains of $0.8 million relating to redemptions of several auction rate securities. At March 31, 2010, we have $0.8 million in unrealized gains on the auction rate securities in other comprehensive income on the consolidated balance sheet. These investments are classified within current assets because we may need to liquidate these securities within the next year to fund our ongoing operations.
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