For the first halves of 2013 and 2012, revenue was $2.3 million and $4.2 million, respectively. The decline in revenue is due to a $1.1 million decrease in revenues from federal contracts supporting the development of Arestvyr, including the conclusion of a federal grant supporting the development of Arestvyr in conjunction with vaccine, and a $730,000 decrease in revenues related to lower usage of dengue and Lassa fever federal grants in the second quarter of 2013.
Research and Development ("R&D") Expenses
R&D expenses were $3.1 million for the three months ended June 30, 2013, a decrease of $2.1 million from the $5.2 million incurred for the three months ended June 30, 2012. The decrease was mostly attributable to a decrease in direct vendor-related expenses supporting the development of Arestvyr, dengue antivirals and Lassa fever antivirals.
R&D expenses were $6.8 million for the six months ended June 30, 2013, a decrease of $2.9 million from the $9.6 million incurred during the six months ended June 30, 2012. The decrease was primarily due to a decrease in expenses related to the development of Arestvyr and Lassa fever antivirals.Selling, General and Administrative ("SG&A") Expenses SG&A expenses for the three months ended June 30, 2013 and 2012 were $3.2 million and $3.5 million, respectively, reflecting a decrease of $309,000. The decrease in SG&A expenses primarily relates to the impact of a $372,000 loss contingency expense that was recorded in the second quarter of 2012. For the six months ended June 30, 2013 and 2012, SG&A expenses were $6.2 million and $5.7 million, respectively, reflecting an increase of approximately $509,000. The increase in SG&A expenses is mainly attributable to a $711,000 increase in employee compensation that is related to an uptick in corporate headcount and an increase in non-cash stock compensation expense, partially offset by the impact of a $372,000 loss contingency expense that was recorded in the second quarter of 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV