What kind of developers are you able to hire for that paltry sum?
In SF -- We spend $30k/month on salary/benefits/taxes for 4 people (not including rent and other expenses), and even then we're paying below market rate. Our other expenses, including rent, add up to $4k, and we try to sock away at least another $10-15k every month.
Of course, this also isn't a "burn" rate. We've worked hard to build a business the old-fashioned way -- by making money with which to pay ourselves.