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Myrexis Reports Fiscal Year 2010 Results

 

Myrexis, Inc. Statements of Operations (In thousands, except per share amounts)  
  Three Months Ended June 30, Fiscal Year Ended June 30,
   2010 2009  2010   2009
  (unaudited) (unaudited) (audited) (audited)
Research revenue $ — $ 392 $ 90 $ 5,456
Costs and expenses:        
Research and development expense  6,935  12,914  28,222  54,611
Selling, general, and administrative expense  894  1,824  19,984  8,981
Total costs and expenses  7,829  14,738  48,206  63,592
Operating loss  (7,829)  (14,346)  (48,116)  (58,136)
Other income, net   22  —    1,165  — 
Net loss $ (7,807) $ (14,346) $  (46,951) $ (58,136)
Loss per basic and diluted share $ (0.31) $ (0.60) 1 $ (1.91) $ (2.43) 1
Weighted-average shares used to compute net loss per basic and diluted share  24,983  23,974 2  24,545  23,974 2
(1) Pro forma loss per basic and diluted share for fiscal year ended June 30, 2009.
(2) Pro forma shares used to compute net loss per basic and diluted share for year ended June 30, 2009.  
Myrexis, Inc. Balance Sheets (Audited) June 30, 2010 and 2009 (In thousands, except per share amounts)  
  2010 2009
Assets    
Current assets:    
Cash and cash equivalents $ 35,911 $ 128,372
Marketable investment securities  102,965  40,728
Prepaid expenses and other assets  453  240
Total current assets  139,329  169,340
Equipment and leasehold improvements:    
Equipment  6,035  5,338
Leasehold improvements  1,160  — 
   7,195  5,338
Less accumulated depreciation  1,199  — 
Net equipment and leasehold improvements  5,996  5,338
Long-term marketable investment securities  8,577  18,905
Other assets  206  94
Total assets  $ 154,108 $ 193,677
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $ 1,927 $ — 
Accrued liabilities  2,323  4,576
Total current liabilities  4,250  4,576
     
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, $0.01 par value, authorized 5,000 shares; no shares issued and outstanding  —   — 
Common stock, $0.01 par value, authorized 60,000 shares; issued and outstanding 25,214 shares at June 30, 2010; issued and outstanding 23,974 shares at June 30, 2009  252  240
Additional paid-in capital  196,532 188,400
Accumulated other comprehensive income  25  461
Accumulated deficit  (46,951)   — 
Total stockholders' equity  149,858  189,101
Total liabilities and stockholders' equity $ 154,108 $ 193,677
     
CONTACT:  Myrexis, Inc.
          Patrick M. Burke, Ph.D., V.P., Corporate and 
           Business Development
          801-214-7822
          investor.relations@myrexis.com

          The Ruth Group
          Sara Pellegrino (investors)
            (646) 536-7002
            spellegrino@theruthgroup.com
          Jason Rando (media)
            (646) 536-7025
            jrando@theruthgroup.com

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