SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCI... (e Company's expectations as we ended the...)

SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCIAL RESULTS

Date:8/4/2009

e Company's expectations, as we ended the quarter with approximately $28 million in cash, cash equivalents and investments available for sale, and no debt. We are therefore revising our net cash utilization guidance for the year to be within the range of $14 million to $16 million, rather than the previously predicted range of $16 million to $20 million."

Revenues were $3.0 million for the second quarter of 2009, compared to $3.6 million for the second quarter of 2008, a decrease of 17%; revenues were $6.5 million for the six months ended June 30, 2009, compared to $9.6 million for the six months ended June 30, 2008, a decrease of 33%. The higher quarterly and six month revenues in 2008 were primarily due to an $8.0 million upfront payment associated with the expansion of Senomyx's collaboration with Ajinomoto in August 2007. The upfront payment was recognized as revenue ratably over the nine month period from August 2007 through April 2008, with $889,000 recognized as revenue in the second quarter of 2008 and none recognized as revenue in the second quarter of 2009. This decrease from 2008 to 2009 was partially offset by higher R&D and commercial revenue in 2009 compared to 2008.

Research and development expenses, including non-cash stock-based compensation expense, were $7.8 million for the second quarter of 2009, compared to $8.1 million for the second quarter of 2008, a decrease of 3%. Research and development expenses, including non-cash stock-based compensation expense, were $15.4 million for the six months ended June 30, 2009, compared to $16.3 million for the six months ended June 30, 2008, a decrease of 5%. These decreases were primarily due to reduced personnel-related expenses associated with a reduction in the number of employees engaged in research and development activities. Also contributing to these decreases were lower patent and trademark expenses primarily attributable to decreased patent legal expe
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SOURCE Senomyx, Inc.
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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCI...(e Company's expectations as we ended the...)