FY2006 Financial Results
As of April 3, 2006, Isis´ market cap was $654.86 million. Dr. Winkler says that “this is an R&D stage company with no real revenues to speak of, so of course it is still burning cash to fund their development expenses.“ Nevertheless, as a result of the company´s reorganization in January 2005, it had a lower-than-historical burn rate as R&D revenues and expenses and operation losses declined.
Isis´ reports that its proforma loss from operations was $50.8M for 2005, compared to $85.4M for 2004—a 41% decrease. The company´s loss from operations for 2005 was $57.2M, compared to $117.9M for the previous year, according to GAAP. The $25.5-M decrease, primarily in non-cash restructuring activities from 2004 to 2005, contributed to the reduction in loss from operations, according to Isis.
Resulting from the loss of operations, Isis´ net loss applicable to common stock for 2005 decreased to $72.4M, or $1.15 per share, compared with $142.9M, or $2.52 per share, for 2004.
The cost savings that was achieved through the streamlining of its operations also led to a decrease in R&D and G&A expenses of $37.2M.