Alnylam Pharmaceuticals this week reported a rise in its third-quarter losses as spending increased on its research and development efforts and it paid severance associated with a recent restructuring.
For the three-month period ended Sept. 30, Alnylam's net loss climbed to $9.6 million, or $0.23 per share, from $9.2 million, or $0.22 per share, in the same period a year earlier.
R&D costs jumped to $27.5 million from $23.2 million, in part reflecting employee severance, benefits, and related costs tied to Alnylam's cutting around a quarter of its workforce following the end of its longstanding alliance with Novartis (GSN 9/30/2010).
An increasing in clinical trial and manufacturing costs also drove up the R&D expenses.
General and administrative costs slipped to $8.9 million from $10.7 million in the third quarter of last year, while third-quarter revenues increased to $27.7 million from $24.2 million.
As of Sept. 30, Alnylam had cash, cash equivalents, and marketable securities totaling $371.9 million. The company said it expects its cash balance at the end of 2010 to be more than $325 million.