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Pharma & Bio Ingredients
Geron said fourth quarter losses soared to $13.1 million from $3 million a year ago. For fiscal 2006, the company had a net loss of $31.4 million, compared to a net loss of $33.7 million for the restated fiscal 2005 period.
In the fourth quarter of 2006, the company had revenues of $1.2 million compared to $755,000 for the comparable 2005 period. For fiscal 2006, the company had revenues of $3.3 million, compared to revenues of $6.2 million in fiscal 2005. In 2006, the company received royalty and license fee revenue under various license agreements and collaborative agreements. Revenues in 2005 primarily reflected the receipt of an upfront payment of $4.0 million in connection with the transfer of certain intellectual property rights for the use of nuclear transfer technology in animals to the company's joint venture, Start Licensing, Inc., and revenue recognized from the license fee and option payment received from Merck & Co., Inc.
For fiscal 2006, the company had operating expenses of $50.6 million, compared to $43.9 million in fiscal 2005. Research and development expenses for 2006 were $41.2 million compared to $35.1 million for 2005. Overall research and development expenses increased in 2006 as a result of higher personnel-related costs, including the recognition of compensation expense related to stock option grants pursuant to SFAS 123 (revised); increased manufacturing costs related to the telomerase cancer vaccine, GRNVAC1; higher preclinical costs related to the GRNOPC1 spinal cord program; and increased clinical trial costs for GRN163L, the telomerase inhibitor drug. General and administrative expenses for 2006 were $9.4 million compared to $8.8 million for 2005. The overall net increase in general administrative expense was due to recognition of compensation expense related to stock option grants in 2006 pursuant to SFAS 123 (revised), offset by reduced consulting expense.
