Biotech Values

[DewDiligence]

IDIX Liquidity and Cash Usage

[Updated for 3Q09 results.]

During the next few quarters, IDIX expects cash burn to creep up
slightly due to commencement of new clinical trials for IDX184,
IDX375, and IDX316. If we presume that operating cash burn during
the next few quarters will average $13.5M per quarter ($1.7M above
the level during 3Q09), then the $61.1M cash balance at 9/30/09 is
sufficient to fund 4.5 quarters of operations even in the worst-case
scenario where there is no up-front cash from new partnership deals.

Operating cash burn and quarter-ending cash balance for
the past eight quarters were as follows (all figures in $M):

 
       Ending  Cash    
        Cash   Burn  iHub reference 
 3Q09   61.1*  11.8  #msg-43058248 
 2Q09   51.7   12.8  #msg-39716693 
 1Q09   64.5‡  15.6  #msg-37449765 
 4Q08   46.1   14.4  #msg-35671327 
 3Q08   60.1   20.5  #msg-33234317 
 2Q08   80.6   18.4  #msg-31043547 
 1Q08   99.0   13.0  #msg-28886425 
 4Q07  112.0    n/a  #msg-27413201 
        
 *$21.2M added from Aug 2009 financing.  
 ‡$34M received from GSK for IDX899 license.