Insmed Inc (INSM)

[ToysInTheAttic]

Wall - Welcome aboard. From the 10Q -
"Selling, General and Administrative Expenses. Selling, general and administrative expenses increased to $10.5 million for the quarter ended March 31, 2006, from $4.2 million for the same period in 2005. The increase of $6.3 million was primarily attributable to additional expenditures associated with sales and marketing activities of $2.8 million, increased expenses associated with litigation of $2.2 million, and increased expenses associated with medical education of $0.5 million"

I know this doesn't fully answer your question because the 10Q doesn't set out what part of the $4.2M in the same total expenses in this catagory were for litigation. I'm left to hazard an assumption that the $6.3M in S,G,A Expenses increase this qtr were comprised of 44% in litigation expenses, we can extrapolate that to the total $10.5M, it appears they are spending in the neighborhood of $4-5M on legal fees/qtr (=$16-20M/year?) Their total expenses for the 1Q was reported at $15.2M so a ballpark figure of 30%/qtr for litigation expenses looks safe. What do you think?

Bottom line, TRCA is putting more into litigation than R&D, about as much as their sales and mktg efforts and is literally trying to save themselves with this litigation attempt. How incredibly desperate!