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AcelRx Pharmaceuticals Reports First Quarter 2011 Financial Results
Date:5/12/2011

commercialization expertise; the accuracy of AcelRx Pharmaceutical's estimates regarding expenses, capital requirements and needs for financing; and other risks detailed in the "Risk Factors" and elsewhere in AcelRx Pharmaceuticals' Securities and Exchange Commission filings and reports, including its Annual Report on Form 10-K for the year ended December 31, 2010. AcelRx Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.Balance Sheets(in thousands, except share and per share data)March 31, December 31,20112010ASSETSCURRENT ASSETS:Cash and cash equivalents$   33,206$
3,055Short-Term Investments3,032627Prepaid expenses and other current assets7582,097Total Current Assets$   36,996$
5,779Property and equipment, net715800Restricted cash205205Other assets4246TOTAL ASSETS$   37,958$
,830LIABILITIES & STOCKHOLDERS' EQUITYCURRENT LIABILITIESAccounts payable$
,309$
543Accrued liabilities499859Convertible notes-6,805Long-term debt, current portion3,9945,204Total current liabilities$
5,802$
3,411Deferred rent198245Call option liability-596Convertible preferred stock warrant liability-2,529TOTAL LIABILITIES$
,000$
,781STOCKHOLDERS' EQUITY (DEFICIT):Convertible preferred stock, $0.001 par value - no shares and 46,736,123 shares authorized as of March 31, 2011 and December 31, 2010; no shares and 7,151,802 shares issued and outstanding as of March 31, 2011 and  December 31, 2010$
-$
55,941Common stock, $0.001 par value - 100,000,000 and 71,000,000 shares authorized as of March 31, 2011 and December 31, 2010; 19,371,750 and 674,353 shares issued and outstanding as of March 31, 2011 and December 31, 2010213Additional paid-in capital103,7042,668Accumulated other comprehensive income (loss) --Deficit accumulated during the development stage( 71,767 )( 68,563 )TOTAL STOCKHO
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SOURCE AcelRx Pharmaceuticals, Inc.
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