VaxGen Reports Financial Update(December 31 ...)

2007 2006

Assets

Current assets:

Cash and cash equivalents:

Cash and commercial paper $ 64,726 $18,697

Reverse repurchase agreements - 54,378

Total cash and cash equivalents 64,726 73,075

Investment securities 6,889 24,668

Accounts receivable 199 516

Unbilled accounts receivable - 7,164

Due from related party - 284

Prepaid expenses and other current assets 1,167 2,544

Total current assets 72,981 108,251

Property and equipment, net 10,806 28,417

Restricted cash 1,556 2,895

Other assets 4,622 2,497

Total assets $89,965 $142,060

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $2,151 $4,660

Accrued and other current liabilities 2,326 5,553

Derivative liability 3,500 8,220

Due to related party - 57

Total current liabilities 7,977 18,490

Convertible senior subordinated notes 30,679 30,321

Deferred rent and other liabilities 4,270 4,188

Total liabilities 42,926 52,999

Stockholders' equity:

Preferred sto
'/>"/>