Total revenue was $699K primarily due to the receipt of a milestone payment from a licensee, as well as higher product sales revenue from the SC Proven line of media and reagents. Costs of product sales were $64K with a gross profit of $635K. R&D expenses were $5.92M while SG&A logged in at $2.48M with wind-down expenses of $69K for a total operating expense of $8.34M. Loss from operations was $7.7M. Other Q4/10 income (expense) was $1.25M. The increased expense reflects an increase in the estimated fair value of warrant liability of $2.18M which was partially offset by $978K in grants received under the QTDP program. Shares used to compute basic and diluted loss per share were 127.12M. For FY10, cash used in operations totaled $24.52M.
- At 12/31/10, cash, cash equivalents and marketable debt securities totaled $19.7M. On 1/10/11, STEM raised $9.4M through the sale of 10M shares of common stock at $1.00 per share. On a pro forma basis, including the net proceeds from the sale of shares, cash, cash equivalents and marketable debt securities at 12/31/10 would be $29.1M.