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Organovo Reports 2012 Financial Results
Date:3/18/2013

rease of $0.2 million, or 20%, over 2011 revenues of $1.0 million. The increase was due to a $0.3 million increase in collaborative agreement revenues, and a $0.1 million increase in grant revenues, partially offset by a $0.2 million reduction in product revenues. While grant revenues are not expected to increase significantly in 2013, the Company expects that they will continue to represent a portion of total revenues while it focuses its efforts on collaborative agreements and continued development of its research products.

Operating Expenses
Operating expenses increased approximately $7.2 million, or 218%, in 2012 over 2011, from $3.3 million in 2011 to $10.5 million in 2012. Most significant, relative to the prior year, was the Company's investment in infrastructure and outside services to support its transition from private ownership to a publicly-owned and traded corporation. As expected in such transition, incremental initiatives were established in investor outreach, corporate governance and SEC financial reporting. Non-payroll related incremental public company expenses incurred in 2012 were approximately $3.2 million. Moreover, the Company invested in building its executive and research and development staff, increasing payroll related expenses by $2.0 million, or 154%, over 2011, from $1.3 million to $3.3 million. The increase in payroll-related expenses accounted for approximately 28% of the total year-to-year increase in operating expenses. Stock-based compensation expense increased by approximately $1.4 million compared to the prior year as a result of awards granted to the Company's new headcount. Additionally, the Company consolidated and relocated its facilities to a larger space to accommodate its growing research and development operations at an incremental cost over 2011 of approximately $0.3 million.

Research and Development Expenses
2012 research and development expenses of $3.4 million increased by approximately $2.0 millio
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SOURCE Organovo Holdings, Inc.
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