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Isis Reports Financial Results and Highlights for Second Quarter of 2008
Date:8/7/2008

achieve the Abbott milestones, and expenses for Regulus, which began in September 2007. On a GAAP basis, Isis' operating expenses for the three and six months ended June 30, 2008 were $36.1 million and $66.3 million, respectively, compared to $23.5 million and $46.8 million for the same periods in 2007, including non-cash compensation expense related to stock options of $4.0 million and $7.8 million for the three and six months ended June 30, 2008 and $2.4 million and $4.8 million for the same periods in 2007.

Net Loss

Isis' net loss for the three and six months ended June 30, 2008 was $2.2 million and $6.5 million, respectively, compared to $11.0 million and $24.0 million for the same periods in 2007. Isis' net loss for the first half of 2008 was lower than the first half of 2007 primarily due to the decrease in the Company's loss from operations.

Balance Sheet

As of June 30, 2008, Isis had cash, cash equivalents and short-term investments of $537.0 million compared to $193.7 million at December 31, 2007. In 2008, Isis has received a significant amount of cash from its partners including:
-- $325.0 million from Genzyme

-- $40.5 million from Abbott

-- $20.0 million from GSK

As of June 30, 2008, Isis had consolidated working capital of $428.1 million compared to $145.1 million at December 31, 2007. The cash Isis received in the first half of 2008 primarily led to the increase in Isis' consolidated working capital, offset by $68.9 million of deferred revenue from Genzyme and GSK that is included in current liabilities.

Based on Isis' existing and committed cash, not including the cash Isis could receive from Abbott if Abbott completes its purchase of Ibis, Isis remains on track to meet its cash guidance with a 2008 year end cash balance greater than $450 million, which the Company expects will last for at least five years.

Ibis Biosciences, Inc.

Ibis' revenue for the three and six month
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SOURCE Isis Pharmaceuticals, Inc.
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