Biotech Values

[DewDiligence]

IDIX Liquidity and Cash Usage

[Updated for actual 3/31/10 cash balance.]


The $33.8M of cash on hand at 3/31/10 (#msg-49729060) plus the
$26.2M net proceeds from the latest financing (#msg-49569765) and
the $6.5M recently received from GSK (#msg-49507158) gives IDIX
a pro forma cash balance of $66.5M.

At the $14.3M rate of quarterly cash burn seen in 1Q10, the
$66.5M is sufficient to cover 4.7 quarters of operations
without any new sources of cash.

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   66.5*  14.3  #msg-49729060 
 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 
    
 *Adjusted for $32.7M of cash received in Apr 2010. 
  
 †$21.2M added from Aug 2009 financing.    
  
 ‡$34M received from GSK for IDX899 license.