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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER FINANCIAL RESULTS
Date:8/1/2013

x months ended June 30, 2013 was $0.13 per share compared to $0.12 per share for the six months ended June 30, 2012.

Financial Outlook:"Financial results for the second quarter were in-line with management expectations and we remain on track to achieve our 2013 financial guidance.  Furthermore, we are making excellent progress implementing our direct sales strategy including the hiring of key personnel, establishing terms for the supply of S9632, and expanding evaluations by our potential customers.  From a financial perspective, these efforts are further validating our expectations for direct sales strategy expenditures and providing us additional insight into the commercial opportunity," stated Tony Rogers, Senior Vice President and Chief Financial Officer.
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:"Our balance sheet includes approximately $38 million in cash and we have no debt.  In addition to this cash, we anticipate receiving $24 million in additional license payments and research and development payments from our collaborators, including a $3 million license payment received in the third quarter.  We continue to be well-positioned from a cash flow 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:

  • $24 million fr
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  • SOURCE Senomyx
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