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Ardea Biosciences Reports Recent Accomplishments and Second Quarter 2011 Financial Results
Date:8/5/2011

-party development costs under our global license agreement with Bayer.  The decrease in revenues for the three and six months ended June 30, 2011 was due primarily to an increase in our estimate of the time period required to complete our obligations under the license agreement to June 2012, which is the period over which we are recognizing the remaining portion of the upfront license fee.

For the three and six months ended June 30, 2011, total operating expenses increased to $20.3 million and $37.3 million, respectively, from $16.2 million and $29.4 million for the same periods in 2010.  Total operating expenses for the three and six months ended June 30, 2011 included non-cash, stock-based compensation charges of $2.8 million, or $0.10 per share, and $5.2 million, or $0.20 per share, respectively, compared to $1.8 million, or $0.08 per share, and $3.5 million, or $0.17 per share, for the same periods in 2010.  The increase in total operating expenses between the three and six months ended June 30, 2011, compared to the same periods in 2010, was primarily a result of an increase in research and development expense due to the continued development and progression of lesinurad and our next-generation product candidate for the chronic management of hyperuricemia in gout patients, RDEA3170 and the increase in non-cash stock-based compensation expense noted above as well as consulting and professional outside services increases and increased personnel and related expenses.

Net loss for the three and six months ended June 30, 2011 was $18.1 million, or $0.68 per share, and $33.3 million, or $1.27 per share, respectively, compared to a net loss for the same periods in 2010 of $12.8 million, or $0.57 per share, and $22.9 million, or $1.11 per share.  The increase in net loss per share for the three and six months ended June 30, 2011 compared to the same periods in 2010 was mainly due to the increase in operating expenses noted above,
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SOURCE Ardea Biosciences, Inc.
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