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SENOMYX ANNOUNCES CORPORATE UPDATE AND FIRST QUARTER FINANCIAL RESULTS
Date:4/25/2013

additional research funding, of which we will recognize $1.7 million of this amount in 2013 and the remaining portion will be recognized as revenue between 2014 and July 2016.  The extended collaboration was generally contemplated in our original 2013 guidance and we are therefore confirming our guidance," Rogers added.

For the full year 2013, Senomyx continues to expect:

  • Total revenues of $31 million to $34 million
  • Total operating expenses of $41 million to $43 million, of which approximately $4 million is non-cash, stock-based compensation expense
  • Net loss of $8 million to $10 million
  • Basic and diluted net loss of $0.20 to $0.25 per share
  • Year-end cash, cash equivalents and investments available for sale balance greater than $30 million
  • Cash Status:"With approximately $40 million in cash and no debt, as well as approximately $28 million in anticipated additional license payments and research and development payments from collaborators, we continue to be well positioned from a financial standpoint to achieve our discovery, development and commercialization objectives and we have no plans to raise money through the issuance of equity or debt," Rogers concluded.

    In addition to its quarter-end cash balance, the Company has potential future sources of cash including the following:

  • $28 million from current collaborators for license fees and research and development funding
  • $30 million in potential milestone payments under current collaborations
  • $18 million related to a collaboration extension option
  • Conference Call:Senomyx will host a conference call at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) today to discuss these financial results and provide an update on the Company.  To participate in the live conference call, U.S. residents should dial (888) 680-0890, and international callers should dial (617) 213-4857, at least 10 min
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