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What: Shares of Momenta Pharmaceuticals (NASDAQ:MNTA) were down more than 8% today after a massive double miss that was blamed on weak royalty revenue.

So what: Momenta reported a $0.51 loss per share on revenues of just $5.1 million, both significantly lower than the Street's consensus figures that called for $0.27 in losses per share on $16.5 million in quarterly revenue. The company's 2013 guidance, which projects a cash burn of about $90 million for the full year, seems to assure another year of hemorrhaging unprofitability.

Now what: No investor likes to hear that a CEO was disappointed in his company's results, but Momenta CEO Craig Wheeler said just that when discussing the lackluster royalties earned by enoxaparin sodium injections. Whether it's the result of "a more competitive multi-player dynamic," as Wheeler suggested, or simply a lack of sufficient interest in Momenta's products, it's tough to call a buying opportunity when Momenta remains highly valued speculative biotech company with minuscule revenue. Until Momenta starts advancing another drug with better prospects through the FDA approval process, there seems little reason to invest.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.