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MAP Pharmaceuticals Reports First Quarter of 2012 Financial Results
Date:5/4/2012

m 10-K for the year ended December 31, 2011, available at http://edgar.sec.gov.

CONTACT: Christopher Y. Chai, Sr. Vice President and Chief Financial Officer of MAP Pharmaceuticals, Inc., (650) 386-3107; or media, Lisa Borland, (650) 386-3122, lborland@mappharma.com.

 MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)March 31,December 31,20122011ASSETSCurrent assets:Cash and cash equivalents$

79,003$

98,816Accounts receivable340636Other current assets887763Total current assets80,230100,215Property and equipment, net7,1016,786Other assets2727Restricted investment310310Total assets$

87,668$

107,338LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued liabilities$

7,541$

10,793Current portion of deferred revenue3,5123,349Total current liabilities11,05314,142Deferred revenue, less current portion52,39053,581Other liabilities3463Total liabilities63,47767,786Total stockholders' equity 24,19139,552Total liabilities and stockholders' equity $

87,668$

107,338 MAP PHARMACEUTICALS, INC.(a development stage enterprise)CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(In thousands, except per share amounts)(Unaudited)Three Months Ended March 31,20122011Collaboration revenue$

1,028$

558Operating expenses:Research and development 10,96211,568Sales, general and administrative7,9094,843Total operating expenses18,87116,411Loss from operations (17,843)(15,853)Other expense, net -(147)Net loss$

(17,843)$

(16,000)Net loss per shareBasic and diluted$

(0.58)$

(0.53)Weighted average shares outstanding used in calculating net loss per shareBasic and diluted30,62030,211Comprehensive loss$

(17,843)$

(16,000) '/>"/>

SOURCE MAP Pharmaceuticals, Inc.
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