They would be profitable IF they just left it at Dacogen income and dropped all the wasteful bonuses and R & D spending on the new drugs they acquired straight out of Phase I (i.e., totally unproven and nearly worthless). THEY BLEW IT.
The earnings estimates for the year are for LOSSES with increasing LOSSES next year. Check the estimates.
Still believe 2012 numbers will exceed our expectations. Just know it is a very rare situation when small pharma has strong cash, partners, and an excellent drug pipeline also. June should be a good month for increased fund buying and price action.