Biotech Values

[DewDiligence]

IDIX Liquidity and Cash Usage

[Updated for $32.7M of new cash: $26.2M raised in today’s
underwritten financing (#msg-49569765) and $6.5M received
from GSK (#msg-49507158).]


If we assume that operating cash burn during 1Q10 was $13M
(the same as in 4Q09), IDIX’s pro forma cash balance at 3/31/10
after adjusting for the newly received cash is $67.8M ($48.1M as
of 12/31/10, plus $26.2M for the latest financing, plus $6.5M from
GSK, minus $13M for estimated 1Q10 burn).

Inasmuch as $67.8M covers about five quarters of operating
cash burn, we can confidently state that IDIX will not need to
raise capital again prior to inking a partnership for IDX184.

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

 
       Ending  Cash      
        Cash   Burn  iHub reference   
 1Q10   67.8*  13.0* n/a 
 4Q09   48.1   13.0  #msg-45350536  
 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 
    
 *Estimated amount adjusted for $32.7M of new cash as 
 noted above; IDIX reports 1Q10 financials on 5/3/10. 
  
 †$21.2M added from Aug 2009 financing.    
  
 ‡$34M received from GSK for IDX899 license.