1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies

BioDelivery Sciences International Inc. Reports Operating Results (10-Q)

May 10, 2010 | About:

BioDelivery Sciences International Inc. (NASDAQ:BDSI) filed Quarterly Report for the period ended 2010-03-31.

Biodelivery Sciences International Inc. has a market cap of $66.94 million; its shares were traded at around $3.16 with and P/S ratio of 1.07.

Highlight of Business Operations:

General and Administrative Expenses, net. During the three months ended March 31, 2010 and 2009, general and administrative expenses totaled $2.2 million and $1.5 million, respectively. General and administrative costs include legal and professional fees, office supplies, travel costs, compensation costs, consulting fees and business development costs. During the three months ended March 31, 2010, we recorded a gain on settlement for a warrant from a related party which totaled approximately $0.4 million (See Note 8 to the accompanying financial statements). This is included in general and administrative, related party.

Interest Income. During the three months ended March 31, 2010 and 2009 we had interest income of $0.004 million and $0.02 million, respectively.

At March 31, 2010, we had cash and cash equivalents of approximately $17.1 million. We used $4.3 million of cash from operations during the three months ended March 31, 2010. After giving effect to the above referenced offering, we had cash and cash equivalents of approximately $27.1 million.

As of March 31, 2010, we had stockholders equity of $14.8 million, versus $14.5 million at December 31, 2009. After giving effect to the above referenced offering, our stockholders equity was approximately $21.7 million.

We amortize intangibles with limited useful lives based on their expected useful lives and look to a number of factors for such estimations, including the longevity of our license agreements or the underlying patents. Our carrying value of other amortizing intangible assets at March 31, 2010 was $6.9 million, net of accumulated amortization of $2.4 million. We begin amortizing capitalized intangibles on their date of acquisition.

Our cash and cash equivalents consist entirely of highly liquid investments with an original maturity of three months or less. Because of the short-term maturities of our cash and cash equivalents, we do not believe that an increase in market rates would have a significant impact on the realized value of our investments. We place our cash and cash equivalents with financial institutions in the United States. In October and November 2008 the Federal Deposit Insurance Corporation (FDIC) temporarily increased coverage to $250,000 for substantially all depository accounts and temporarily provides unlimited coverage (through June 30, 2010) for certain qualifying and participating non-interest bearing transaction accounts. The increased coverage for depository accounts is scheduled to expire on December 31, 2013, at which time it is anticipated that amounts insured by the FDIC will return to $100,000. As of March 31, 2010 the Company had approximately $16 million that exceeds current FDIC insured limits.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 2.5/5 (2 votes)


Please leave your comment:

GuruFocus has detected 3 Warning Signs with BioDelivery Sciences International Inc $BDSI.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.

Performances of the stocks mentioned by 10qk

User Generated Screeners

gelayor65All Stocks With Blackrock Shak
gelayor65All Stocks With Blackrock Insi
liuzishuoverwrite 'Dividend Initiation
liuzishuDividend Initiation
pbarker46Dividend Growth
doug.quailLong Term Candidates
bjackscreener nou 3
bjackscreener nou 2
bjackscreener nou
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat