Revenue for the second quarter of 2008 was $26,000 compared to $523,000for the quarter ended June 30, 2007. Revenue for the six months ended June30, 2008 was $57,000 compared to $603,000 for the six months ended June 30,2007.
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Dendreon's total operating expenses for the second quarter of 2008 were$18.6 million compared to $23.4 million in 2007. Dendreon's total operatingexpenses for the six months ended June 30, 2008 were $37.8 million compared to$55.4 million for the same period in 2007.
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The net loss for the quarter ended June 30, 2008 was $16.5 million, or$0.18 per share, compared to a net loss of $22.2 million, or $0.27 per share,for the quarter ended June 30, 2007. The net loss for the six months endedJune 30, 2008 was $36.0 million, or $0.41 per share, compared to $53.1million, or $0.65 per share for the six months ended June 30, 2007.
Included in our net loss for the three and six months ended June 30, 2008was a non-cash fair value adjustment of $2.4 million to other income. Thisrepresents the change in the fair value of the warrants issued in connectionwith our April 3, 2008 common stock offering, which have been recorded as aliability. The fair value of the warrants was determined using the Black-Scholes option pricing model and will be remeasured at each reporting period.Future increases in our stock price will result in losses being recognized inour consolidated statement of operations in future periods. Conversely, futuredeclines in our stock price will result in gains being recognized in ourconsolidated statement of operations in future periods. These gains or losseswill not have any impact on our cash balance, liquidity or cash flows fromoperations.
Cash, cash equivalents and short-term and long-term investments at June30, 2008 totaled $127.3, million which includes approximately $46 millionraised in April in a registered direct stock offering. This compares with$120.6 million at December 31, 2007.
Recent Events
-- Announced that the Company expects the Independent Data MonitoringCommittee (IDMC) to complete the interim analysis of overall survival relatingto Dendreon's Phase 3 IMPACT (IMmunotherapy for Prostate AdenoCarcinomaTreatment, also known as D9902B) clinical trial of PROVENGE(R) (sipuleucel-T)in October 2008. PROVENGE is the Company's investigational active cellularimmunotherapy for the treatment of advanced prostate cancer. Should the pre-specified criterion for statistical significance be achieved, Dendreon expectsto amend its Biologics License Application (BLA) based on these interimresults.
-- Initiated a new Phase 2 clinical trial of PROVENGE. The NeoACT(NEOadjuvant Active Cellular immunoTherapy) trial is a single-site trialenrolling approximately 40 patients with localized prostate cancer who arescheduled to undergo a prostatectomy. A second Phase 2 trial called theProACT (PROstate cancer Active Cellular immunoTherapy) trial is expected tostart this month. It is a multicenter trial enrolling approximately 120patients with metastatic, androgen-independent prostate cancer.
-- Presented preclinical data at the American Urology Association meetingfrom studies that suggest that the Company's D-3263 product candidate may beuseful against benign prostatic hyperplasia (BPH). D-3263 is Dendreon'sorally bioavailable small molecule which targets Trp-p8 (a transmembranecation channel protein also known as Trp-M8) and may have applicability to thetreatment of multiple cancers as well as BPH.
-- Completed a registered direct stock offering with net proceeds ofapproximately $46 million.
"We've made important recent progress in two of our product platforms,including the initiation of the first of two new Phase 2 trials for our activecellular
