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Ardea Biosciences Reports Recent Accomplishments and Announces First Quarter 2011 Financial Results
Date:5/9/2011

lly offset by the use of cash to fund our clinical-stage programs, personnel costs and for other general corporate purposes.  The decrease in receivables in this period was due to the receipt of the $15.0 million milestone payment from Bayer.

Revenues totaled $1.8 million and $3.3 million for the three months ended March 31, 2011 and 2010, respectively.  The revenue earned in 2010 and 2011 resulted primarily from the recognition of a portion of the $35.0 million upfront, non-refundable license fee and reimbursement of third-party development costs under our global license agreement with Bayer.  The decrease in revenues for the three months ended March 31, 2011 was due primarily to an extension of the period over which we recognize the upfront license fee due to an increase in the estimated time over which we expect to complete our obligations under the Bayer license agreement.

For the three months ended March 31, 2011, total operating expenses increased to $17.0 million from $13.2 million for the same period in 2010.  Total operating expenses for the three months ended March 31, 2011 included non-cash, stock-based compensation charges of $2.4 million, or $0.09 per share, compared to charges of $1.6 million, or $0.09 per share, for the same period in 2010.  The increase in total operating expenses between the first quarter of 2010 and 2011 was primarily a result of an increase in research and development expense due mainly to the continued development and progression of our clinical and preclinical programs and the increase in non-cash stock-based compensation expense noted above.  Also contributing was an increase in general and administrative expense due mainly to increases in stock-based compensation expense, consulting and professional outside services and personnel and related costs.

Net loss for the three months ended March 31, 2011 was $15.2 million, or $0.59 per share, compared to a net loss for the
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SOURCE Ardea Biosciences, Inc.
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