NEW YORK (GenomeWeb News) — In its first quarterly earnings report since its initial public offering in May, Helicos today said R&D spending and net loss both nearly doubled compared to the prior-year period.
Total receipts for the three months ended June 30 were $143,000, while the company claimed no revenue for the second quarter of 2006. The company said all of its revenue for the quarter, and for the year to date, came from grants from the National Institutes of Health.
R&D spending nearly doubled for the second quarter, rising to $5.3 million from $2.9 million in the second quarter of 2006.
Net loss also almost doubled compared to the year-ago period, to $8.1 million from $4.2 million in the comparable period of 2006.
As of June 30, Helicos had $64 million in combined cash and cash equivalents. The company said it expects to have around $40 million in cash at the end of fiscal 2007, and its net cash use on the year also is expected to be roughly $40 million.