BioCryst Pharmaceuticals, which cut half its work force in December, in a cost-cutting move and recently lost its controller, reported Tuesday that its cash reserves have declined to $37 million even though it cut losses for 2012.

In its quarterly and annual earnings report issued before the markets opened, BioCryst (Nasdaq: BCRX) reported a loss of $11.1 million, or 22 cents per share, in the fourth quarter. That was a decline of $2.1 million from a year earlier.

Revenues dropped to $4.1 million from $5.2 million a year earlier. 

The company also took a $1.8 million charge as part of the layoffs and restructuring announced in December. 

For the year, BioCryst lost $39.1 million, down from $56.9 million in 2011.

Revenues increased to $26.3 million from $19.6 million. The company also cut its research and development spending to $51.5 million from $57.2 million. 

In January, BioCryst said controller Robert Lowrey resigned effective Jan. 25. He also served as the firm’s principal accounting officer.

In another filing, the company disclosed it was seeking to retain certain employees through its restructuring by offering stock incentives.

Chief Executive Officer Jon Stonehouse, Vice President of Drug Discovery Y.S. Babu. Chief Marketing Officer William Sheridan and Stabb received stock options and shares of restricted stock as a “retention grant.”

Other employees also received grants, the company said.

The company said in December that it was cutting 38 jobs. BioCryst also recently called off a proposed merger with a California firm.

In November, BioCryst also terminated a Phase 3 trial of an intravenously administered influenza treatment for which it has received nearly $235 million in federal funding.

BioCryst will focus on antiviral and hepatitis C programs.