XOMA(US:XOMA)2020-05-05 12:11Revenue Performance - Total revenues for Q1 2020 were $804,000, a decrease of $7.3 million compared to $8.1 million in Q1 2019[212]. - Revenue from contracts with customers was $500,000 in Q1 2020, down from $8 million in Q1 2019, primarily due to a milestone payment recognized in the previous year[213]. Expenses - Research and development expenses decreased to $100,000 in Q1 2020 from $300,000 in Q1 2019, reflecting a reduction in salary and related expenses[216]. - General and administrative expenses increased to $6.4 million in Q1 2020 from $5.9 million in Q1 2019, driven by $1.4 million in bad debt expense[218]. - Interest expense rose to $542,000 in Q1 2020 from $429,000 in Q1 2019, primarily due to the outstanding loan balance with SVB[220]. - The company recorded a bad debt expense of $1.4 million related to future cash payments from Rezolute, reflecting concerns over collectability due to COVID-19[210]. - The company expects lower R&D spending for the remainder of 2020 compared to 2019 levels[217]. Cash and Financial Position - As of March 31, 2020, the company had cash of $53.3 million, a decrease of $3.4 million from $56.7 million in March 2019[224]. - The company reported a net cash used in operating activities of $2.3 million for the three months ended March 31, 2020, compared to a net cash provided of $3.2 million in the same period in 2019[225]. - The company had an accumulated deficit of $1.2 billion as of March 31, 2020[231]. - The company anticipates that its cash will enable it to maintain operations for at least 12 months following the filing date of the report[231]. Strategic Actions - The company amended its license agreement with Rezolute to extend the payment schedule for a $2.6 million balance into seven quarterly payments through September 30, 2021[209]. - The company is taking steps to manage resources by reducing discretionary expenditures due to the COVID-19 pandemic[232]. - The company is actively evaluating potential acquisitions of milestone and royalty rights, which may increase related professional fees[219]. - The company has committed to pay contingent consideration of up to $0.2 million to Bioasis as product candidates reach development milestones[235]. Debt and Agreements - As of March 31, 2020, the company had an outstanding principal balance of $15.6 million under the Loan Agreement with Silicon Valley Bank[229]. - The company has not engaged in any off-balance sheet arrangements[237]. - The company has not sold any shares of common stock under the 2018 ATM Agreement, which allows for sales up to $30.0 million[230].