Concentration of Business Risk

9 Months Ended

Sep. 30, 2011

Concentration of Business Risk

Concentration of Business Risk

7. Concentration of Business Risk

We have historically funded our operations from collaborations with corporate partners and a relatively small number of partners have accounted for a significant percentage of our revenue. Revenue from significant partners, which is defined as ten percent or more of our total revenue, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Partner A	80	%	59	%	75	%	61	%
Partner B	10	%	24	%	16	%	10	%
Partner C	3	%	2	%	3	%	14	%

Contract receivables from one significant partner comprised approximately 54 percent of our contract receivables at September 30, 2011. Contract receivables from two significant partners comprised approximately 30 percent and 15 percent of our contract receivables at December 31, 2010. Included in our contract receivables at September 30, 2011 and December 31, 2010 was $646,000 and $544,000, respectively, representing 35 percent and 44 percent, respectively, of our contract receivables, due from Regulus.