During the first quarter of 2015, revenue from collaborative and licensing agreements was mainly composed of: (i) research and manufacturing services and (ii) royalties.
As of March 31, 2015, government financing for research expenditures mainly consisted of 25% of the research tax credit expected for 2015 (?2 million).
Cash, cash equivalents, available-for-sale financial assets and other financial assets:
Cash, cash equivalents, available-for-sale financial assets and other financial assets amounted to ?57.0 million as of March 31, 2015, compared to ?65.9 million as of December 31, 2014. Cash burn was ?8.9 million in the first quarter of 2015, compared to ?12.5 million, excluding the capital increase, in the first quarter of 2014. The decrease of ?3.6 million in cash burn during the first quarter of 2015 compared to the same quarter last year was mainly due to a reduction in cash used for clinical trials and other operating activities.
The Company confirmed its cash burn guidance for 2015 to be around ?45 million.
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