May 11 2010
Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended March 31, 2010. Revenue for the quarter ended March 31, 2010 was $21,000 compared to $30,000 for the quarter ended March 31, 2009.
The net loss for the quarter ended March 31, 2010 was $125.7 million, or $0.96 per share, compared to $15.4 million, or $0.16 per share for the quarter ended March 31, 2009. The losses for the quarters ended March 31, 2010 and 2009 include a non-cash fair value loss of $68.1 million and gain of $2.4 million, respectively, or $0.52 loss per share and $0.02 gain per share, respectively, associated with the change in the fair value of our warrants. The loss associated with the warrants is a result of the increase in our stock price, while the gain is a result of the decrease in our stock price. These gains or losses do not have any impact on our cash balance, liquidity or cash flows from operations.
As of March 31, 2010, Dendreon had approximately $528 million in cash, cash equivalents, and short-term and long-term investments compared to $606 million as of December 31, 2009.