Interleukin Reports Loss
WALTHAM, MA — Interleukin Genetics Inc. has reported a net loss of $1.5 million, or 6 cents per diluted per share, for the quarter ended March 31, which is an improvement over the net loss of $1.7 million, or 7 cents per diluted share, in the year-ago quarter.
Revenue for the quarter was $7,000, compared to $8,000 in the same quarter of 2004. Research and development expenses were $684,000 in the quarter compared to $825,000 in 2004. This includes research and development expenses funded by Alticor under research and development agreements of $402,000, compared to $440,000 in 2004.
Unfunded research and development expenses were also down, from $385,000 in 2004 to $282,000. The decrease was primarily the result of temporary reductions in labor and overhead.
Selling, general and administrative expenses remained nearly constant at $704,000, compared to $725,000 in the year-ago quarter.
Interleukin reported total assets of $4.7 million, including $3.1 million in cash and cash equivalents as compared to total assets of $6.2 million, including $4.5 million in cash and cash equivalents as of the previous quarter ending Dec. 31.
The cash balance at March 31 does not include the $2 million advance payment received from Alticor in April 2005.