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Pharmasset Reports Fiscal First Quarter 2011 Financial Results
Date:2/7/2011

p>(23,597)(13,167)Investment income

34Other income

489-Interest expense

(398)(706)Loss before income taxes

(23,503)(13,869)Provision for income taxes

--Net loss

$
(23,503)$
(13,869)Net loss per share: basic and diluted

$
(0.69)$
(0.49)Weighed average shares outstanding:basic and diluted

34,106,89028,287,609PHARMASSET, INC.BALANCE SHEETS(in thousands, except par value, share and per share amounts)As ofAs ofDecember 31,September 30,20102010(unaudited)ASSETSCURRENT ASSETS:  Cash and cash equivalents

$
2,651

$
27,081  Amounts due from collaboration partner

6

6  Prepaid expenses and other assets

702

718Total current assets

103,359

127,805EQUIPMENT AND LEASEHOLD IMPROVEMENTS:  Equipment

4,098

4,060  Leasehold improvements

1,837

1,8375,935

5,897  Less accumulated depreciation and amortization

(4,327)

(4,184)Total equipment and leasehold improvements, net

1,608

1,713Restricted cash

100

100Other assets

141

143Total

$
5,208

$
29,761LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIES:  Current portion of long-term debt

$
7,796

$
8,705  Accounts payable

3,687

5,037  Accrued expenses

4,554

5,863  Deferred rent

25

25  Deferred revenue

985

985Total current liabilities

17,047

20,615  Deferred rent

86

93  Deferred revenue

1,724

1,971  Long-term debt, net of discount of $97 and $150 as of
December 31, 2010 and September 30, 2010, respectively

1,515

2,934Total liabilities

20,372

25,613Commitments and contingenciesSTOCKHOLDERS' EQUITY:  Common stock, $0.001 par value, 100,000,000 shares authorized,
34,220,379 and 3
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SOURCE Pharmasset, Inc.
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