This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vical's CEO Discusses Q4 2011 Results - Earnings Call Transcript

These forward-looking statements represent the companies judgments as of today. The company disclaims however, any intent or obligations to update these forward-looking statements.

Now I would like to introduce Vical’s President and Chief Executive Officer, Mr. Vijay Samant.

Vijay Samant

Thank you, Alan, and welcome everyone, we had a productive fourth quarter, a productive full year in 2011, and we are poised for an exciting 2012. We have met steady progress in our key development programs. I’ll provide the dates in each of these programs on the call today, but before doing that, let me pass on to CFO, Jill Broadfoot to start the call with a review of our latest financial results. Jill?

Jill Broadfoot

Thank you, Vijay. Our revenues for 2011 were $30 million as compared to $8.7 million in 2010. 2011 revenues included $28 million from the upfront payment, an initial contract services under our transact license agreement with Astellas. We are eligible to receive another $10 million milestones payment from Astellas as we advance for initiation of the upcoming transact – and continuing reimbursements for contract services including development and regulatory support as well as manufacturing of clinical trial materials.

The increase in revenues decrease our net loss for 2011 to $7.3 million or $0.10 per share, compared with a net loss for 2010 of $30.4 million or $0.51 per share. As a result, our net cash burn for the year was $4 million, and we ended the year with cash and equivalent of $56 million which was at the high end of our guidance.

On January 6th we completed a $50 million follow-on offering [ph] that generated net proceeds of $46.6 million. Today, the underwriters exercise a portion of the over allotment for an additional $2 million in net proceeds, per total net proceeds of $49 million, combined with our year-end cash balance, we believe we have sufficient capital to support our on-going operations, and plan development and pre commercialization activities through at least the end of 2013.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,772.72 -3.71 -0.02%
S&P 500 1,972.47 -14.58 -0.73%
NASDAQ 4,713.0360 -68.2280 -1.43%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs