[Added 4Q09 figures as reported in today’s PR (#msg-45350536).]
If we presume that operating cash burn during the next few quarters will average $13M per quarter (the amount used in 4Q09), then the $48.1M cash balance at 12/31/09 is sufficient to fund 3.7 quarters of operations 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 nine quarters were as follows (all figures in $M):