dissertation中关于成本收回率问题的探讨

 

         Changes in Accounts receivable and Accounts payable for the years ended December 31, 2011, 2010 and 2009 resulted from the

timing of receipts from the NIH, Salix, Wyeth and Ono, and payments made to trade vendors in the normal course of business.

 

         Other than amounts to be received from Salix and Ono, we have no committed external sources of capital. Other than revenues from

RELISTOR, we expect no significant product revenues for a number of years, as it will take at least that much time, if ever, to bring our

product candidates to the commercial marketing stage.http://www.ukthesis.org/jr/

 

         Investing Activities. We redeem money market funds and use proceeds from maturities to provide funding for operations. Of $70,105

in cash and cash equivalents, $64,068 are guaranteed by the U.S. Treasury or Federal Deposit Insurance Corporation’s guarantee program. Ourauction rate securities of $3,332 include $2,392 of securities collateralized by student loan obligations subsidized by the U.S. government.These investments, while rated investment grade by the Standard & Poor’s and Moody’s rating agencies and predominantly having scheduledmaturities greater than ten years, are heavily concentrated in the U.S. financial sector.

 

         We have received all scheduled interest payments on the auction rate securities we hold at December 31, 2011. We will not realize

cash in respect of the principal amount of these securities until the issuer calls or restructures the underlying security, the underlying securitymatures and is paid, or a buyer outside the auction process emerges.

 

          We monitor markets for our investments, but cannot guarantee that additional losses will not be required to be recorded. Valuation ofsecurities is subject to uncertainties that are difficult to predict, such as changes to credit ratings of the securities and/or the underlying assetssupporting them, default rates applicable to the underlying assets, underlying collateral value, discount rates, counterparty risk, ongoingstrength and quality of market credit and liquidity and general economic and market conditions. We do not believe the carrying values of ourinvestments are other than temporarily impaired and therefore expect the positions will eventually be liquidated without significant loss.#p#分页标题#e#

 

          Our money market funds are purchased and, in the case of auction rate securities, sold by third-party brokers in accordance with ourinvestment policy guidelines. Our brokerage account requires that all securities be held to maturity unless authorization is obtained from us tosell earlier. In fact, we had a history of holding all securities to maturity prior to the second quarter of 2009, when we decided to sell a portionof our securities which had scheduled maturities between the fourth quarter of 2009 and the third quarter of 2010. The proceeds from thesesales were $24.8 million, resulting in a gain of $0.2 million.

 

          We expect to recover the amortized cost of all of our investments at maturity. Because we do not anticipate having to sell these

securities in order to operate our business and believe it is not more likely than not that we will be required to sell these securities before

recovery of principal, we do not consider these securities to be other than temporarily impaired at December 31, 2011.

 

         Financing Activities. During the years ended December 31, 2011, 2010 and 2009, we received cash of $3,726, $3,896 and $4,874,

respectively, from the exercise of stock options and from the sale of our common stock under our Purchase Plans. The amount of cash wereceive from these sources fluctuates commensurate with headcount levels and changes in the price of our common stock on the grant date foroptions exercised, and on the sale date for shares sold under the Purchase Plans.

 

         Unless we obtain regulatory approval from the FDA for additional product candidates and/or enter into agreements with corporate

collaborators with respect to our additional technologies, we will be required to fund our operations in the future through sales of commonstock or other securities, royalty or other financing agreements and/or grants and government contracts. Adequate additional funding may notbe available to us on acceptable terms or at all. Our inability to raise additional capital on terms reasonably acceptable to us may seriouslyjeopardize the future success of our business.

 

Uses of Cash使用现金

 

          Operating Activities. The majority of our cash has been used to advance our research and development programs. Our total expensesfor research and development from inception through December 31, 2011 have been approximately $636.0 million.#p#分页标题#e#
For various reasons,including the early stage of certain of our programs, the timing and results of our clinical trials, our dependence in certain instances on thirdparties, many of which are outside of our control, we cannot estimate the total remaining costs to be incurred and timing to complete all our research and development programs.

因为各种原因，包括早期的若干我们的项目工程，时间和临床试验的结果，都是我们的依赖并看重的，在某些情况下，其中有许多是不在我们的控制范围之内，我们可以不考虑总剩余的费用，以及耗费时间来完成我们所有的研究和发展计划。