Biotech Values

[DewDiligence]

IDIX Liquidity and Cash Usage

[Updated for 2Q10 results.]


At the $13.7 average quarterly burn rate during the four most
recent quarters, the 6/30/10 balance of $51.0M is sufficient
to fund operations for 3.7 quarters without additional funding.
If a partnership deal is struck for IDX184 (with or without IDX320)
during 2010, the upfront cash from the deal will presumably make
IDIX’s liquidity moot.

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

 
       Ending  Cash      
        Cash   Burn  iHub reference   
 2Q10   51.0*  15.5  #msg-52659147 
 1Q10   33.8   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 
  
 *$32.7M received during quarter from Apr 2010 
 financing ($26.2M) and IDX899 milestone ($6.5M). 
  
 †$21.2M received from Aug 2009 financing.    
  
 ‡$34M received from GSK for IDX899 license.