NEW YORK (GenomeWeb News) – Compugen said today that it narrowed its fourth-quarter net loss to $3.1 million from $3.8 million in the fourth quarter of 2006.
The company reported $90,000 in revenues for the quarter ended Dec. 31, 2007, compared to $10,000 for the fourth quarter of 2006. Revenues for both periods are from “small initial milestone payments under earlier agreements,” Compugen said.
Fourth-quarter net loss was $3.1 million, or $0.11 per share, compared with a net loss of $3.8 million, or $0.14 per share, for the prior-year period.
The net loss for Q4 2007 included a non-cash expense of $479,000 related to stock-based compensation, while the loss for the prior-year quarter included a non-cash expense of $523,000 related to stock-based compensation.
Compugen lowered its R&D spending by 30 percent to $2.8 million from $3.1 million in the fourth quarter of 2006. Sales and marketing expenses fell to $247,000 from $563,000 in the comparable period of 2006.
For full-year 2007, revenues fell by 16 percent to $180,000 from $215,000 in 2006.
Net loss for 2007 was $12.1 million, or $0.43 per share, compared with a net loss of $13.0 million, or $0.47 per share, for 2006.
R&D spending for the year was $9.7 million compared to $10.9 million for 2006, while sales and marketing costs were $1.3 million compared to $1.7 million.
As of Dec. 31, 2007, Compugen had $15.1 million in cash, cash equivalents, short-term deposits, and marketable securities.