INCY is starting to look tempting. At a cap of under $450m, all those potential royalty bearing license agreements seem to be ignored. I'm not going to attempt a npv for them, but it's surely a great deal more than zero ?
March 31, December 31,
2002 2001
---------- -----------
Cash and cash equivalents $ 99,156 $ 43,368
Marketable securities, available-for-sale 392,554 464,535
Accounts receivable, net 27,691 54,038
Prepaid expenses and other current assets 28,040 29,280
---------- -----------
Total current assets 547,441 591,221
Property and equipment, net 45,308 47,927
Long-term investments 49,297 45,272
Goodwill and other intangible assets, net 2,786 2,914
Deposits and other assets 22,015 18,225
---------- -----------
Total assets $ 666,847 $ 705,559
========== ===========
Liabilities and stockholders' equity
Accounts payable $ 6,485 $ 7,347
Accrued compensation 13,547 18,812
Accrued and other current liabilities 14,226 20,934
Deferred revenue 20,531 24,045
Accrued restructuring charges 11,510 14,970
---------- -----------
Total current liabilities 66,299 86,108
Convertible subordinated notes 179,137 179,248
---------- -----------
Total liabilities 245,436 265,356
---------- -----------
Total stockholders' equity 421,411 440,203 |
