re: ARRY
McBio,
Does the cash burn and the cash on hand worry you?
Moving on, I'd like now to turn the call over to Mike Carruthers, our CFO who will drill down on financials and provide guidance for 2013.
Mike Carruthers
Thank you, Ron. Starting on slide 14, our revenue for the first quarter was nearly $16 million. There were no new milestone payments during the quarter that significantly impacted this revenue level. Our loss per share of $0.13 was slightly better than our expectations as spending remained in check.
Our cash equivalents and marketable securities as of the end of September is $68 million, reflecting a net $22 million burn or use of cash during the quarter. This is about $3 million to $4 million higher than we had projected because the accounts payable on accrued expenses were at a very high level at the prior quarter ending in June and have since come down.
Now please go to slide 15, I will now review guidance for fiscal 2013 which ends next June 30. We are holding our guidance without any change. Revenue should come in at about $62 million with loss per share around $0.60. For the next quarter, our second quarter of fiscal 2013 ending this December, we look for a very similar quarter as what’s just finished at $16 million in revenue and a $0.14 loss.
And with that, I’d like to turn it back over to Ron.
If they're burning $22 million/quarter, they don't have much of a runway to develop 520 and 614.
Bladerunner
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