General and administrative expenses for the Company were $4.9 million and $5.3 million for the quarters ended March 31, 2011 and 2010, respectively. The decrease in general and administrative expense during the most recent period resulted from cost reductions implemented during 2010 and a reduction in bad debt expense, partially offset by an increase in legal costs associated with the trial in the case against SIGA.
For the first quarter of 2011 PharmAthene's net loss attributable to common shareholders was $2.1 million, or $0.04 per share, compared to $7.9 million, or $0.28 per share, in the same period of 2010. The year-over-year decrease in net loss includes the impact of the change in fair value of the Company's derivative instruments, which was $2.5 million for the three months ended March 31, 2011 compared to $0.3 million for the three months ended March 31, 2010. The decrease in fair value, which became a source of other income, was primarily associated with a decrease in PharmAthene's stock price from December 31, 2010 to March 31, 2011.
As of March 31, 2011, the Company had cash and cash equivalents, short-term investments, and net U.S. government accounts receivables and other receivables, including unbilled receivables, totaling approximately $18.7 million compared to $21.6 million at December 31, 2010. The decrease at March 31, 2011 was primarily attributable to the net impact of cash used to fund operations.
"We continued to make steady progress in the first quarter of 2011 and achieved important program milestones," remarked Eric I. Richman, President and Chief Executive Officer. "We achieved several technical milestones with respect
|SOURCE PharmAthene, Inc.|
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