The Company reported revenues of $10.7 million for the year ended Dec. 31, 2007, compared to $1.5 million in the year ended Dec. 31, 2006. The increase in revenue in 2007 was principally from the reimbursement of expenses incurred under the DHHS contract. Iomai reported revenues of approximately $3.3 million in the fourth quarter of 2007, compared to approximately $40,000 in the fourth quarter of 2006.
Total operating expenses were $39.8 million in 2007, compared to operating expenses of $33.9 million in 2006. The increase in operating expenses was primarily due to five major factors associated with supporting our development programs: (1) higher payroll and stock compensation costs associated with a 28% increase in full-time employee equivalents, (2) higher facility costs associated with leasing additional space, (3) increased animal study costs associated with work performed under our DHHS contract, (4) higher contract manufacturing costs associated with procuring and finishing the pandemic flu vaccine for the clinical trial under the DHHS contract, and (5) higher consulting costs associated with market studies for our product candidates. These increased costs were partially offset by lower development costs for our skin preparation system.
Total operating costs for the fourth quarter of 2007 were $9.6 million as compared to $10.1 million for the fourth quarter of 2006. The decrease in operating expenses was primarily due to decreased in year-to-year clinical trial costs for Iomai's needle-free travelers' diarrhea vaccine and decreased contract manufacturing expenses.
|SOURCE Iomai Corporation|
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