Biodel Reports Q4 Earnings Loses $0.31 Per Share (BIOD)

Biodel BIOD today reported financial results for the fourth quarter and fiscal year ended September 30, 2010. Fourth Quarter and Fiscal Year 2010 Financial Results Biodel reported a net loss for the quarter ended September 30, 2010 of $8.1 million, or $0.31 per share, compared to a net loss of $10.5 million, or $0.44 per share, for the quarter ended September 30, 2009. Net loss applicable to common stockholders for the fiscal year ended September 30, 2010 was $38.3 million, or $1.58 per share, compared to $43.3 million, or $1.82 per share, for the fiscal year ended September 30, 2009. Research and development expenses were $4.5 million for the quarter ended September 30, 2010, compared to $7.9 million for the same period in the prior year. For the fiscal year ended September 30, 2010, research and development expenses were $26.2 million, compared to $32.3 million for the fiscal year ended September 30, 2009. The decrease in research and development expenses was primarily due to reductions in clinical, manufacturing, device development and personnel expenses and was partially offset by increases in regulatory expenses associated with the submission of the new drug application (NDA) for Linjeta™. General and administrative expenses totaled $2.4 million for the quarter ended September 30, 2010, compared to $2.6 million for the same period in the prior year. General and administrative expenses totaled $11.0 million for the year ended September 30, 2010, compared to $11.0 million for the fiscal year ended September 30, 2009. Expenses for the fiscal year ended September 30, 2010 and 2009 include $5.6 and $5.1 million in stock-based compensation expense related to options granted to employees and non-employees. Biodel did not recognize any revenue during the fiscal years ended September 30, 2010 or 2009. At September 30, 2010, Biodel had cash, cash equivalents, restricted cash and marketable securities of $29.1 million and 26.4 million shares of common stock outstanding.