Senomyx Announces Fourth Quarter And Full Year 2012 Financial Results And Initiation Of New Direct Sale... (ock-based compensation expense Net los...)

Senomyx Announces Fourth Quarter And Full Year 2012 Financial Results And Initiation Of New Direct Sales Strategy

Date:3/15/2013

ock-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

Revenues:"We expect development revenues in 2013 will be comprised of approximately $19 million in committed R&D funding and license fee revenues from existing collaborations, and we anticipate $6 million to $9 million in additional license fees, R&D funding, milestones and cost reimbursements," Rogers noted.

"We forecast the vast majority of 2013 commercial revenues to be based on existing collaboration agreements. While it remains difficult to forecast commercial revenues due to uncertainties around product launch timing, the number of product lines that will include our flavor ingredients, and other factors, we are currently estimating 2013 commercial revenues to be approximately $6 million.

"2013 should prove to be a transitional year for Senomyx as we implement our direct sales strategy," Rogers stated. "While direct sales are not expected to yield significant results in 2013, our goal is for direct sales to be a key driver of meaningful commercial revenues in future years.

Expenditures:"Looking at expenditures, as we consider our resource requirements over the next several years for R&D, G&A and Commercial Operations, excluding the cost of commercial revenues, we expect we will be able to manage our expenses to be generally in-line with our 2013 expense guidance range, subject to quarterly fluctuations and increases for inflation.
With respect to the expanded commercial organization activities in support of our direct sales strategy, many of the functions will be handled by existing Senomyx personnel. In other cases, such as supply chain and account management, we will add dedicated resources to support these functions.
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