At September 30, 2007, a total of 132.4 million shares of common stock were outstanding. Stock options and warrants were outstanding on 20.8 million shares and 0.7 million shares of common stock, respectively. The principal amount of Pfizer's $25 million convertible note, issued in May 2006, is convertible into approximately 9.2 million shares of common stock. The $30 million principal amount of our 0% Convertible Senior Unsecured Notes, issued in January 2007, is convertible into approximately 11.9 million shares of common stock.
Non-GAAP Proforma Results
The Company is reporting non-GAAP proforma results which exclude certain items to provide a clearer view of ongoing expenses without the impact of non- cash valuation adjustments related to our convertible debt in 2007 and to our CVRs in 2006. A reconciliation of these non-GAAP proforma results to GAAP results is included with the Statement of Operations data attached to this release.
In prior years, we have reported non-GAAP proforma information that
excludes the effect of stock compensation, since there was a lack of
comparability in the information reported in our statement of operations
for stock compensation under different accounting rules in 2005 and 2006.
However, since for 2007, the statement of operations for the current year
and the immediately preceding year are both presented on the same basis in
accordance with SFAS123(R) we are no longer excluding these non- cash items
from proforma net loss. Stock-based compensation in accordance with
SFAS123(R) was $1.2 million in the third quarter of 2007, compared to $1.4
million in t
|SOURCE Monogram Biosciences, Inc.|
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