Tripos' revenues slipped to $8.5 million from $15 million in Q1 2005.
The company attributed the slide to the completion of a four-year, $90 million file-enrichment project with Pfizer that Tripos said in November would not be renewed.
"This required a reduction in force, which primarily affected Tripos Discovery Research, in
The company spent $2.8 million on R&D in the first quarter of 2006, compared to $1.9 million in Q1 2005.
Tripos reported a net loss of $3.7 million, or $0.36 per diluted share, compared to a net loss of $19,000, or $0.00 per diluted share, in the year-ago period.
As of March 31, Tripos had $5.2 million in cash and cash equivalents on hand.