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Transcept Pharmaceuticals Reports Third Quarter 2010 Financial Results
Date:11/11/2010

in 2009 included a higher level of expense associated with the execution of our collaboration agreement with Purdue.  These decreases were partially offset by increased market research expenses undertaken to accompany our NDA resubmission package.  General and administrative expense included non-cash stock compensation expense of approximately $370,000 for the quarter ended September 30, 2010, compared to approximately $299,000 for the quarter ended September 30, 2009.

Net loss for the quarter ended September 30, 2010 was approximately $2.8 million, or $0.21 per share (basic and diluted), compared to a net loss of approximately $3.8 million, or $0.29 per share (basic and diluted), for the quarter ended September 30, 2009. The weighted average shares used to calculate basic and diluted net loss per share were 13,425,835 and 13,174,807 for the quarters ended September 30, 2010 and September 30, 2009, respectively. At September 30, 2010, there were 13,434,247 common shares outstanding and 2,516,863 common shares underlying outstanding options and warrants and outstanding common shares subject to repurchase.

Nine months ended September 30, 2010 financial resultsRevenue for the nine months ended September 30, 2010 was $9.4 million compared to $2.1 million for the comparable period in 2009.  Revenue in each period was related to ongoing amortization of the $25 million non-refundable license fee received from Purdue in connection with the signing of our collaboration agreement in July 2009.  The revenue recognition period commenced in August 2009, and therefore revenue for the nine months ended September 30, 2009 included only two months of revenue recognition.  

Research and development expense for the nine months ended September 30, 2010 was approximately $7.7 million, compared to approximately $6.6 million for the same period in 2009.  The $1.1 million increase was primarily attributable to expenses associated with
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SOURCE Transcept Pharmaceuticals, Inc.
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