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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

average interest rates as compared to 2008.

    
    
    
    
                           ARDEA BIOSCIENCES, INC.
    
               Condensed Consolidated Statements of Operations
                   (in thousands, except per share amounts)
    
                             Three Months Ended         Twelve Months Ended
                                December 31,                December 31,
                                ------------                ------------
                                (unaudited)
                                -----------
                             2009            2008         2009          2008
                             ----            ----         ----          ----
    Revenues:
      License fees         $7,251              $-      $20,442            $-
      Sponsored research        -              44            -           304
      Reimbursable
       research and
       development costs    1,004               -        2,494             -
                            -----             ---        -----           ---
        Total revenues      8,255              44       22,936           304
    
    Operating expenses:
      Research and
       development         11,478          10,507       42,198        44,858
      General and
       administrative       2,882           2,198       10,689        11,921
                            -----           -----       ------        ------
        Total operating
         expenses          14,360          12,705       52,887        56,779
    
    Loss from operations   (6,105)        (12,661)     (29,951)      (56,475)
    
    Other income (expense):
      Interest income          66             210          386         1,524
      Interest expense       (291)           (204)      (1,323)         (215)
      Other income, net         -             (11)          21           171
                              ---             ---          ---           ---
        Total othe
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SOURCE Ardea Biosciences, Inc.
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