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

partially offset by an increase in weighted-average shares outstanding in 2011 as a result of our April 2010 and February 2011 public offerings of common stock.ARDEA BIOSCIENCES, INC.Condensed Consolidated Statements of Operations(in thousands, except per share amounts)Three Months Ended

June 30,

(Unaudited)Six Months Ended

June 30,

(Unaudited)2011201020112010Revenues: License fees

$

1,077$

2,426$

2,153$

4,853 Sponsored research132—222— Reimbursable research and development costs9671,0951,5711,942Total revenues2,1763,5213,9466,795Operating expenses: Research and development15,52712,88428,24223,135 General and administrative4,7693,3199,0186,246Total operating expenses20,29616,20337,26029,381Loss from operations(18,120)(12,682)(33,314)(22,586)Other income (expense): Interest income98111205180 Interest expense(98)(229)(232)(490) Other income, net613926Total other income (expense)6(105)(18)(284)Net loss

$

(18,114)$

(12,787)$

(33,332)$

(22,870)Basic and diluted net loss per share

$

(0.68)$

(0.57)$

(1.27)$

(1.11)Shares used in computing basic and diluted net loss per share 26,68722,55626,24120,568Condensed Consolidated Balance Sheet Data(in thousands)June 30,

2011

(unaudited)December 31,

2010Cash, cash equivalents and short-term investments

$

141,321$

80,612Total assets

$

147,579$

100,454Total stockholders' equity

$

128,867$

77,123About Ardea Biosciences, Inc.Ardea Biosciences, Inc., of San Diego, California, is a biotechnology company focused on the development of small-molecule therapeutics for the treatment of serious diseases. Lesinurad (RDEA594), our lead product candidate for the chronic management of hyperuricemia in patients with gout, is a once-daily, oral inhibitor of the URAT1 transporter.
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SOURCE Ardea Biosciences, Inc.
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