Qualifying Therapeutic Discovery Project Program (QTDP)
October 29, 2010, we were awarded a cash grant of approximately $2.9 millionunder the QTDP program administered under Section 48D of the Internal Revenue Code. We recognized the full $2.9 millionof the grant as of the date of notification since we had already incurred all of the qualifying expenses as of the date of notification. Since this program was non-recurring in nature, we elected to classify this payment as other income in the Consolidated Statement of Comprehensive (Loss) Income for the year ended June 30, 2011. There was no similar program in the fiscal year ended June 30, 2012. 37
Gain on Sales and Redemptions on
A gain of
Interest and Other Income
Interest and other income of
Income Tax Expense
Income tax expense of
$0.2 millionand $0.1 millionfor the fiscal years ended June 30, 2012and 2011, respectively, was the result of income taxes for the domestic and foreign operations.
Net Income Attributable to
Net income attributable to
Immunomedics, Inc.common stockholders for fiscal year 2012 is $0.8 million, or $0.01per share as compared to net loss of $15.1 million, or $0.20per share, in fiscal year 2011.
Research and Development Expenses
Research and development expenses for our product candidates in development were
$29.2 millionfor fiscal year ended June 30, 2013, $24.8 millionfor fiscal year ended June 30, 2012and $25.4 millionfor the fiscal year ended June 30, 2011. Research and development expenses increased by $4.4 millionin fiscal year 2013, or 18%, as compared to fiscal year 2012. Research and development expenses decreased $0.6 millionin fiscal year 2012, or 2%, as compared to fiscal 2011. We do not track expenses on the basis of each individual compound under investigation or through clinical trials and therefore we do not provide a breakdown of such historical information in that format. We evaluate projects under development from an operational perspective, including such factors as results of individual compounds from laboratory/animal testing, patient results and enrollment statistics in clinical trials. It is important to note that multiple product candidates are often tested simultaneously. It is not possible to calculate each antibody's supply costs. There are many different development processes and test methods that examine multiple product candidates at the same time. We have, historically, tracked our costs in the categories discussed below, specifically "research costs" and "product development costs" and by the types of costs outlined below.