NANOSPHERE, INC. (NSPH, Financial) filed Quarterly Report for the period ended 2010-03-31.
Nanosphere, Inc. has a market cap of $169.2 million; its shares were traded at around $5.95 with and P/S ratio of 76.4. NSPH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenues were $0.8 million for the three month period ended March 31, 2010, as compared to $0.3 million for the three month period ended March 31, 2009. Product sales were $0.4 million for the three month period ended March 31, 2010 as compared to $0.3 million for the same period in 2009. The three month period ended March 31, 2010 also included $0.4 million of service revenue related primarily to the assay development contract with a major pharmaceutical company described earlier.
Cost of sales was $0.7 million for the three month period ended March 31, 2010 and $0.3 million for the three month period ended March 31, 2009. The $0.4 million increase in cost of sales for the three month period ended March 31, 2010 resulted from the costs associated with assay development revenue from our commercial contracts, the increase in product sales and the fixed amortization of license fees.
Sales, general and administrative expenses increased from $3.1 million for the three month period ended March 31, 2009 to $4.1 million for the three month period ended March 31, 2010. The $1.0 million increase in sales, general and administrative expenses for the three months ended March 31, 2010 resulted from a $0.7 million increase in non-cash share-based compensation associated with options and restricted stock granted in the fourth quarter of 2009 and $0.3 million in bonus-related compensation expenses.
From our inception in December 1999 through December 31, 2009, we have received net proceeds of $103.9 million from the sale of convertible preferred stock and issuance of notes payable that were exchanged for convertible preferred stock, $102.2 million from our November 2007 initial public offering, $35.4 million from our October 2009 underwritten public offering, $12.5 million from our debt borrowings, and $9.2 million from government grant revenue. We have devoted substantially all of these funds to research and development and sales, general and administrative expenses. Since our inception, we have generated minimal revenues from the sale of the Verigene System, including consumables and related products, to our initial clinical customers, research laboratories and government agencies. We also incurred significant losses and, as of March 31, 2010, we had an accumulated deficit of approximately $247.8 million. While we are currently in the commercialization stage of operations, we have not yet achieved profitability and anticipate that we will continue to incur net losses for the foreseeable future.
As of March 31, 2010, we had $67.3 million in cash and cash equivalents as compared to $76.7 million at December 31, 2009. The decrease in cash and cash equivalents was principally due to the use of cash in operating activities.
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Nanosphere, Inc. has a market cap of $169.2 million; its shares were traded at around $5.95 with and P/S ratio of 76.4. NSPH is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In November 2007, we completed our initial public offering of 8,050,000 shares of common stock at $14.00 per share. We received approximately $102 million of net proceeds from our initial public offering. In October 2009, we completed a public offering of 5,405,000 shares of our common stock at $7.00 per share. We received approximately $35.4 million of net proceeds from this offering.Revenues were $0.8 million for the three month period ended March 31, 2010, as compared to $0.3 million for the three month period ended March 31, 2009. Product sales were $0.4 million for the three month period ended March 31, 2010 as compared to $0.3 million for the same period in 2009. The three month period ended March 31, 2010 also included $0.4 million of service revenue related primarily to the assay development contract with a major pharmaceutical company described earlier.
Cost of sales was $0.7 million for the three month period ended March 31, 2010 and $0.3 million for the three month period ended March 31, 2009. The $0.4 million increase in cost of sales for the three month period ended March 31, 2010 resulted from the costs associated with assay development revenue from our commercial contracts, the increase in product sales and the fixed amortization of license fees.
Sales, general and administrative expenses increased from $3.1 million for the three month period ended March 31, 2009 to $4.1 million for the three month period ended March 31, 2010. The $1.0 million increase in sales, general and administrative expenses for the three months ended March 31, 2010 resulted from a $0.7 million increase in non-cash share-based compensation associated with options and restricted stock granted in the fourth quarter of 2009 and $0.3 million in bonus-related compensation expenses.
From our inception in December 1999 through December 31, 2009, we have received net proceeds of $103.9 million from the sale of convertible preferred stock and issuance of notes payable that were exchanged for convertible preferred stock, $102.2 million from our November 2007 initial public offering, $35.4 million from our October 2009 underwritten public offering, $12.5 million from our debt borrowings, and $9.2 million from government grant revenue. We have devoted substantially all of these funds to research and development and sales, general and administrative expenses. Since our inception, we have generated minimal revenues from the sale of the Verigene System, including consumables and related products, to our initial clinical customers, research laboratories and government agencies. We also incurred significant losses and, as of March 31, 2010, we had an accumulated deficit of approximately $247.8 million. While we are currently in the commercialization stage of operations, we have not yet achieved profitability and anticipate that we will continue to incur net losses for the foreseeable future.
As of March 31, 2010, we had $67.3 million in cash and cash equivalents as compared to $76.7 million at December 31, 2009. The decrease in cash and cash equivalents was principally due to the use of cash in operating activities.
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