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TorreyPines Therapeutics Announces Management Change and Second Quarter 2008 Financial Results
Date:8/8/2008

n thousands)

June 30, December 31,

2008 2007

(Unaudited)

Assets

Current assets

Cash and cash equivalents $20,185 $32,500

Prepaid expenses and other current assets 346 835

Total current assets 20,531 33,335

Long-term assets 4,434 5,317

Total assets $24,965 $38,652

Liabilities and stockholders' equity

Current liabilities $5,938 $9,036

Debt and other long-term liabilities 2,823 973

Deferred revenue 450 2,183

Total liabilities 9,211 12,192

Total stockholders' equity 15,754 26,460

Total liabilities and stockholders' equity $24,965 $38,652

TorreyPines Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Revenue

License and option

fees $450 $1,700 $1,733 $3,400

Research funding 762 763 1,525 1,525

Total revenue 1,212 2,463 3,258 4,925

Operating expenses:

Research and

development 5,491 7,052
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SOURCE TorreyPines Therapeutics, Inc.
Copyright©2008 PR Newswire.
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