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Pfenex Reports Second Quarter 2014 Results and Provides Business Update
Date:8/29/2014

our government contracts, offset in part by a decrease in the protein production service work. 
  • Cost of revenue was $2.5 million in the second quarter of 2014 compared to $1.3 million in the second quarter of 2013.  The increase in cost of revenue was due primarily to the increased development costs for our proprietary novel vaccine programs which are funded by various government agencies.
  • Research and development expenses were $0.9 million for the second quarter of 2014 compared to $1.3 million in the second quarter of 2013.  The decrease in research and development expenses was due in part to an increase in development activity by our partner, Stelis, and resulting decrease in activity by Pfenex, of PF530, as well as manufacturing activity and purchase of comparator material for our product candidate, PF582, phase 1b/2a trial in the year ago period.  We expect research and development expense to increase as we advance our lead candidates and pipeline products.
  • Selling, general and administrative expenses were $2.0 million in the second quarter of 2014 compared to $1.7 million in the second quarter of 2013.  The increase in selling, general and administrative expenses was due to an increase in audit and consulting fees.  We expect selling, general and administrative expenses to increase for activities associated with operating as a public company. 
  • Not including the proceeds from our initial public offering and the exercise of the underwriters' option to purchase additional shares, cash, cash equivalents and short-term investments, excluding restricted cash, was $3.9 million as of June 30, 2014, compared to $5.2 million as of December 31, 2013.  As of June 30, 2014 we had $3.8 million drawn under our $3.9 million revolving credit facility and $4.0 million of restricted cash as collateral for the credit facility.
  • Forward-Looking StatementThis press release contains forward-lo
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