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TorreyPines Therapeutics Reports Fourth Quarter and Full Year 2007 Financial Results and Highlights
Date:3/26/2008

31, December 31,

2007 2006

(Unaudited)

Assets

Current assets

Cash and cash equivalents $ 32,500 $ 55,383

Prepaid expenses and other current assets 835 581

Total current assets 33,335 55,964

Long-term assets 5,317 7,471

Total assets $ 38,652 $ 63,435

Liabilities and stockholders' equity

Current liabilities $ 9,036 $ 12,270

Debt and other long-term liabilities 973 4,413

Deferred revenue 2,183 2,183

Total liabilities 12,192 18,866

Total stockholders' equity 26,460 44,569

Total liabilities and stockholders' equity $ 38,652 $ 63,435

TorreyPines Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

Three months ended Twelve months ended

December 31, December 31,

2007 2006 2007 2006

(Unaudited) (Unaudited) (Unaudited)

Revenue $ 2,461 $ 2,461 $ 9,850 $ 9,850

Operating expenses:

Research and development 7,587 4,713 27,977 22,353

General and administrative 1,434 1,985 5,643 3,971

Purchased in-process

research and development - 8,328 - 8,328


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SOURCE TorreyPines Therapeutics, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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