NEW YORK, Feb. 5 – Compgen today reported revenue decreases for the fourth quarter and for the year today.
The Tel Aviv, Israel-based company saw revenues fall to $11.1 million in 2002 from $11.4 million for 2001, and $2.7 million in the fourth quarter compared to $3.1 million for the year-ago quarter.
The company said it began 2003 with $67.3 million in cash and cash-related accounts with an anticipated burn rate for 2003 of $15.3 million.
Compugen said that it expects research and development expense will continue to account for over 50 percent of its total operating expenses. The company had R&D expenses of $3.6 million in the fourth quarter, compared to $3.5 million for the same quarter in 2001; and $13.6 million for the year; compared to $14.3 million in 2001.
Net loss for the year was $12.2 million, including a non-cash charge of $861,000 for amortization of deferred compensation, or $.12 a share. Net loss for the quarter ending Dec. 31, 2002, was $3.2 million, or $.12 a share, compared to $4.1 million, or $.16 a share, in the year-ago quarter.