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SENOMYX ANNOUNCES CORPORATE UPDATE AND THIRD QUARTER FINANCIAL RESULTS
Date:11/12/2013

itiative.

The net loss for the quarter ended September 30, 2013 was $0.09 per share, compared to $0.05 per share for the quarter ended September 30, 2012.  The net loss for the nine months ended September 30, 2013 was $0.22 per share compared to $0.17 per share for the nine months ended September 30, 2012.

Cash Status:"Senomyx's balance sheet includes approximately $36 million in cash and we have no debt.  In addition, we have significant sources of funding from our existing collaborators," stated Tony Rogers, Senior Vice President and Chief Financial Officer.  "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 said.

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

  • $18 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 collaboration extension options
  • 2013 Guidance: "Expenditures for 2013 are tracking favorably toward the low end of our guidance range.  Commercial revenues were lower than anticipated in the third quarter, primarily due to the fact that collaborator sales of certain flavor products did not achieve our collaborators' forecasts, combined with a reduction of minimum annual royalty payments associated with the reacquisition of rights for S807.  Looking forward, we believe our collaborators should be able to provide more accurate estimates as sales patterns are established and there are more repeat orders following product introductions.  Regarding 2013 development revenues, certain milestone revenues previously anticipated in the fourth quarter are now expected in the first quarter
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    SOURCE Senomyx
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