Decode's revenues for the three months ended Dec.31, 2005, dropped to $9.8 million from $11.2 million year over year.
Research and development expenses increased nearly 60 percent to $13.7 million for the fourth quarter from $8.7 million for the same period in 2004, Decode said, primarily to support its drug-development programs.
The company's net loss grew to $21.1 million from $19.4 million in the year-ago period. Decode attributed the spike in net loss to the increased R&D expenses.
Decode had $155.6 million in cash and investments on hand asof Dec. 31.