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Ardea Biosciences Reports Recent Accomplishments; Provides 2010 Outlook; Announces Fourth Quarter and Full-Year 2009 Financial Results and 2010 Financial Guidance
Date:3/12/2010

ee and twelve months ended December 31, 2009, respectively. Revenues totaled $44,000 and $0.3 million for the three- and twelve-month periods ended December 31, 2008, respectively. The revenues earned during 2009 resulted from the recognition of a portion of the upfront, non-refundable license fee and reimbursement of third-party development costs under our license agreement with Bayer. The $35.0 million upfront license fee has been recognized on a straight-line basis over a period of approximately 13 months, which was the original period in which we expected to complete all of our obligations under the license agreement with Bayer. In December 2009, we revised our estimate of this period extending it to 26 months as a result of design modifications to our ongoing RDEA119 clinical trials. The unamortized balance of the license fee as of the date of the change in estimate will be recognized over the revised timeline. The revenue earned in fiscal 2008 resulted from the research services we provided under our master services agreement with Valeant, which has since terminated by its terms.

The net loss applicable to common stockholders for the three and twelve months ended December 31, 2009 was $6.3 million and $30.9 million, or $0.34 per share and $1.70 per share, respectively, compared to a net loss applicable to common stockholders for the same periods in 2008 of $12.7 million and $5
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1. Ardea Biosciences, Inc. Announces Completion of Phase 1 Clinical Trials of Novel Investigational HIV Drug RDEA806
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10. Ardea Biosciences Presents Preclinical Data on RDEA119 Demonstrating Favorable Anti-Inflammatory Profile for Potential Use in Ulcerative Colitis
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