General and administrative expenses for the year were $44.9 million, compared to $39.1 million in 2006. General and administrative expenses for the quarter were $11.8 million, compared to $11.3 million for the comparable period in 2006. The increase for both the full year and quarter was primarily due to personnel expenses and stock-based compensation expense to support our expanding operations.
Net loss for the year ended December 31, 2007 was $86.4 million, or $0.87 per share, compared to $101.5 million, or $1.17 per share, in 2006. Net loss for the fourth quarter of 2007 was $19.9 million, or $0.19 per share, compared to $25.2 million, or $0.27 per share, for the comparable period in 2006. The decrease in net loss for the full year was primarily due to the $18.8 million gain from the sale of assets recognized in conjunction with our transaction with Agrigenetics, Inc. in September 2007 and an $18.1 million gain on the sale of 80.1% of Artemis Pharmaceuticals to Taconic Farms, Inc. in November 2007. The decrease in net loss for the quarter is primarily due to the $18.1 million gain from the Artemis transaction in November.
Cash and cash equivalents, short-term and long-term marketable
securities, investments held by Symphony Evolution, Inc. (a consolidated
clinical development financing vehicle) and restricted cash and investments
totaled $299.5 million at December 31, 2007, compared to $263.2 million at
December 31, 2006.
Research & Development
-- Submitted diligence reports on XL647, XL880 and XL784 to
GlaxoSmithKline under our development and commercialization agreement.
-- Initiated a phase 2 trial of XL647 in non-small cell lung cancer
|SOURCE Exelixis, Inc.|
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