Ablynx burns more cash in first-quarter on higher R&D costs

(Reuters) – Belgian biotech firm Ablynx said on Thursday it used up more cash than it made in the first quarter, driven by higher external research and development costs. Cash burn is a closely watched figure for rising biotech companies that generate revenue only from development milestone payments, and not drug sales. The group, which makes treatments based on nanobodies, reported a net cash outflow of 2.5 million euros ($2.9 million) in the quarter and had remaining cash and cash equivalents of 233.7 million euros.
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