NEW YORK, May 4 (GenomeWeb News) - Incyte's revenues were almost cut in half, while its losses narrowed during Q1 of 2004, the company reported today.
Revenues for the quarter plummeted to $6.6 million, from $12.5 million during the same period last year. Incyte attributed this decrease to the discontinuation of its genomic data products.
R&D costs decreased to $26.2 million, down from $30.2 million during the first quarter of 2003.
Incyte's net loss decreased to $37.7 million, or $.52 per share, from $55.8 million, or $.81 per share, during the year-ago period.
As of March 31, Incyte had $500.7 million in cash, cash equivalents and marketable securities, compared to $293.8 million at the end of 2003. This increase results from the company's sale of convertible subordinated notes, which generated net proceeds of $242 million.