Danbury diabetes-treatment innovator Biodel Inc. narrowed its flow of red ink in the fiscal first quarter, due to lower stock compensation levels for its employees.
For three months ended Dec. 31, Biodel lost $4.5 million, or 12 cents a share, smaller than the $5.3 million, or 20 cents a share, lost the same period a year earlier.
There were no revenues because Biodel is focused on developing safer, convenient, more effective treatments for diabetes patients.
It spent $2.4 million in R&D in the first quarter, about half the $5.5 million shelled out a year earlier. Total operating expenses were $8.1 million in the latest quarter vs. $4.4 million
As of Dec. 31, Biodel had $35.1 million in cash on hand vs. $38.7 million at Sept. 30.
