Revenues for the quarter totaled $9.5 million, down from $10.3 million for the same period a year ago. This decrease reflects the company's new focus on drug discovery and development, according to Decode. The company said it also had $17.5 million in deferred research revenue on March 31, which it will recognize in future quarters.
Research and development costs almost doubled to $8.3 million from $4.3 milion during last year's first quarter. This increase results mainly from the cost of clinical trials of Decode's drug-development programs.
Decode's net loss widened to $16.9 million from $12 million during the year-ago quarter.
As of March 31, Decode had $197.6 million in cash, cash equivalents, and investments, including restricted cash.