June 30,Six months ended,
June 30, 2013201220132012(unaudited)(unaudited)As reported operating expenses according to GAAP$46,020$43,644$87,755$85,334Excluding compensation expense related to equity awards(2,636)(2,460)(5,505)(4,727)Pro forma operating expenses$43,384$41,184$82,250$80,607As reported income (loss) from operations according to GAAP$(7,928)$3,696$(6,304)$(14,759)Excluding compensation expense related to equity awards (2,636)(2,460)(5,505)(4,727)Pro forma income (loss) from operations$(5,292)$6,156$(799)$(10,032)Reconciliation of GAAP to Pro Forma Basis
As illustrated in the Selected Financial Information in this press release, pro forma operating expenses and pro forma income (loss) from operations were adjusted from GAAP to exclude compensation expense related to equity awards, which are non-cash. Isis has regularly reported non-GAAP measures for operating results as pro forma results. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Isis reports these pro forma results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Isis' pro forma results is consistent with how Isis' management internally evaluates the performance of its operations. Isis Pharmaceuticals, Inc.Condensed Consolidated Balance Sheets(In Thousands) June 30,December 31,20132012(unaudited)Assets: Cash, cash equivalents and short-term investments$590,752$374,446 Investment in Regulus Therapeutics Inc.62,19033,622 Other current assets16,11915,370 Property, plant and equipment, net88,31291,084 Other assets31,27831,164Total assets
$788,651$545,686Liabilities and stockholders' equity: Other current liabilities$46,586$38,397 Current portion
|SOURCE Isis Pharmaceuticals, Inc.|
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