The San Diego Biotech Survival Index: Local Firms Make Strong Rebound In First Half of 2009

9/23/09Follow @xconomy

When Xconomy published its first analysis of the financial health of San Diego’s publicly traded biotech companies last November, half of the nation’s 248 unprofitable biotechs were running on fumes, with less than a year’s worth of cash in the bank. A lot of predictable, painful cuts have followed. Yet a majority of San Diego’s companies have still found ways to adjust, and most have maneuvered into stronger financial positions over the past six months.

That’s the surprising finding revealed by crunching publicly available data on cash balances, burn rates, and financial projections for 27 publicly traded life sciences companies that Xconomy watches in San Diego. Fifteen of those companies appeared to be financially stronger at the end of June than they were when they began the year, while 12 were in a weaker position, based on an analysis of the most recent quarterly reports filed with the Securities and Exchange Commission.

Of course, many of these companies improved their financial health did it by taking drastic actions that aren’t good for the life sciences community as a whole, such as cutting drug development programs, shedding employees, and terminating office leases. Just four of the 27 companies I analyzed are operating solidly in the black, and only eight of the 27 had more than $100 million in cash and investments in the bank at the end of June, giving them a sizable cushion to ride out the recession.

What follows is a rundown of the cash balances of all 27 companies, listed in alphabetical order. To purchase a much expanded version of this report, in PDF format, click the “Add to Cart” button below. The expanded version, available for $95,* includes an assessment of each company’s financial position at the end of June compared to six months earlier, the projected length of time it can survive on its existing cash reserves, and an analysis of the strategic moves it has made to stay afloat in the current environment. Click here to see a sample entry. *Price is subject to change without notice.

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We intend to keep doing this analysis regularly to monitor the financial health of life sciences companies we follow in San Diego, Seattle, and Boston. All the cash figures listed below are current as of June 30. If you spot anything we should add or correct, let us know at editors@xconomy.com.

Acadia Pharmaceuticals (NASDAQ: ACAD)
Cash on hand: $66.2 million
Previous Xconomy coverage:
Acadia Pharma Shares Crash After Lead Parkinson’s Drug Fails in Trial

Amylin Pharmaceuticals (NASDAQ: AMLN)
Cash on hand: $644.4 million
Previous Xconomy coverage:
Amylin, Dark Horse of the Obesity Drug Battle, Follows Fast Behind Arena, Orexigen
In Aftermath of Proxy Fight, Amylin Pharmaceuticals Investor Expresses Concern Over Empty Board Seat
Amylin’s Would-Be-Savior, Once-Weekly Diabetes Shot, Shows Two Year Benefit

Anadys Pharmaceuticals (NASDAQ: ANDS)
Cash on hand: $30.6 million
Previous Xconomy coverage:
Anadys, Biotech’s Roller Coaster Story, Gears Up For Next Big Step With Hepatitis C Drug
Investors Dump Anadys Shares on Report of Itchy Side Effect
Anadys Shares Boom on Hepatitis C Finding
… Next Page »

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