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Ardea Biosciences Reports Recent Accomplishments and Announces Fourth Quarter and Full-Year 2010 Financial Results
Date:3/11/2011

se fluctuations described above. The decrease in net loss per share for the three months ended December 31, 2010 compared to the same period in 2009 was a result of the decrease in net loss.  The increase in net loss per share for the twelve months ended December 31, 2010 compared to the same period in 2009 was partially offset by an increase in weighted-average shares outstanding in 2010 as a result of our April 2010 public offering of common stock.ARDEA BIOSCIENCES, INC.Condensed Consolidated Statements of Operations(in thousands, except per share amounts)Three Months Ended

December 31,

(Unaudited)Year Ended

December 31,2010200920102009Revenues: Milestones

$

15,000$

—$

15,000$

— License fees1,0777,2518,10020,442 Sponsored research358—358— Reimbursable research and development costs8961,0043,9612,494Total revenues17,3318,25527,41922,936Operating expenses: Research and development14,28811,47852,11042,198 General and administrative3,5382,88216,45210,689Total operating expenses*17,82614,36068,56252,887Loss from operations(495)(6,105)(41,143)(29,951)Other income (expense): Interest income8466364386 Interest expense(172)(291)(866)(1,323) Other income, net(13)—1421Total other income (expense)(101)(225)(488)(916)Net loss

$

(596)$

(6,330)$

(41,631)$

(30,867)Basic and diluted net loss per share

$

(0.03)$

(0.34)$

(1.91)$

(1.70)Shares used in computing basic and diluted net loss per share 23,21418,44521,82318,158*

Includes $1.8 million and $10.8 million in non-cash, stock-based compensation expense for the three and twelve months ended December 31, 2010, respectively, as compared to $1.4 million and $5.8 million, respectively, for the same periods in 2009.  Stock-based compensation expense included in general and administrative expenses for the year ended Decem
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SOURCE Ardea Biosciences, Inc.
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