Acusphere Inc. is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary microparticle technology. Currently, the company has three products in development in the areas of cardiology, oncology, and asthma. Acusphere reported the following data (in thousands) for the years ending December 31, 2004, 2003, and 2002.

1. Determine the monthly cash expenses for 2004, 2003, and 2002. Round to one decimal place.
2. Determine the ratio of cash to monthly expenses as of December 31, 2004, 2003, and 2002. Round to one decimal place.
3. Based upon (1) and (2), comment on Acusphere€™s ratio of cash to monthly operating expenses for 2004, 2003, and2002.

2004 2003 2002 Cash as of December 31 Net cash flows from operating activities (19,319 5,507) (17,682) $45,180 $54,562 $ 7,99.2 Includes cash equivalents and short-term investments.