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Inhibitex Inc. has a market cap of $172.4 million; its shares were traded at around $2.8 with and P/S ratio of 150. INHX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Summary. We reported a net loss of $4.8 million for the three months ended March 31, 2010, as compared to a net loss of $4.2 million in the same quarter of 2009. Basic and diluted net loss per share was $0.08 for the three months ended March 31, 2010, as compared to basic and diluted net loss of $0.10 for the same quarter of 2009. The increase in net loss in the first quarter of 2010 was the result of higher research and development expense and lower net interest income, offset in part by higher revenues from a collaborative license and development agreement and a slight reduction in general and administrative expense. We expect to incur losses for the foreseeable future as we intend to continue to support the development of our antiviral programs.
Revenue. Revenue increased to $1.0 million for the three months ended March 31, 2010 from $0.3 million in the same quarter in 2009. This increase of $0.7 million was the result of a milestone payment earned by the Company in January 2010.
Research and Development Expense. Research and development expense increased to $4.8 million during the three months ended March 31, 2010 from $3.5 million in the same quarter of 2009. The following table summarizes the components of our research and development expense for the three months ended March 31, 2010 and 2009.
General and Administrative Expense. General and administrative expense decreased to $1.0 million for the three months ended March 31, 2010 from $1.1 million in the same quarter of 2009. The following table summarizes the components of our general and administrative expense for the three months ended March 31, 2010 and 2009.
For the three months ended March 31, 2010, cash, cash equivalents and short-term investments decreased by $3.8 million, from $37.9 million to $34.1 million. This decrease was primarily the result of net cash used for operating activities and to a lesser extent, the repayment of capital lease obligations and notes payable.
Net cash used for operating activities was $3.5 million for the three months ended March 31, 2010, which reflected our net loss for the period of $4.8 million, offset by a net increase in operating liabilities over operating assets of $0.8 million and non-cash charges of $0.5 million. Our net loss resulted largely from the funding of our clinical trials, preclinical studies, other research and development activities, and general and administrative expenses, offset in part by the amortization of deferred revenue from our license and collaboration agreements and net interest income. The net increase in operating liabilities over operating assets reflects a $0.7 million increase in accounts payable and other liabilities and a $0.2 million increase in accrued expenses, offset by a $0.1 million increase in accounts receivable.
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