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Sunesis Pharmaceuticals Reports Fourth Quarter And Full-Year 2010 Financial Results

SUNESIS and the logo are trademarks of Sunesis Pharmaceuticals, Inc.

 
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
     
  December 31, December 31,
  2010 2009
ASSETS (Unaudited) (Note 1)
Current assets:    
Cash and cash equivalents  $ 14,223,388  $ 4,258,715
Marketable securities  39,172,480  --
Prepaids and other current assets  1,285,487  583,030
Total current assets  54,681,355  4,841,745
Property and equipment, net  116,188  263,111
Deposits and other assets  59,974  64,425
Total assets  $ 54,857,517  $ 5,169,281
     
LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities:    
Accounts payable  $ 415,802  $ 360,300
Accrued clinical expense  1,573,580  1,129,226
Accrued compensation  1,013,240  728,744
Other accrued liabilities  1,380,409  788,559
Current portion of deferred rent  26,267  27,943
Warrant liability  8,153,712  --
Total current liabilities  12,563,010  3,034,772
     
Non-current portion of deferred rent  47,838  74,105
     
Commitments    
     
Stockholders' equity:    
Convertible preferred stock  --   60,004,986
Common stock  4,537  3,590
Additional paid-in capital  423,262,099  298,469,584
Accumulated other comprehensive loss   (14,726)  --
Accumulated deficit  (381,005,241)  (356,417,756)
Total stockholders' equity   42,246,669  2,060,404
Total liabilities and stockholders' equity   $ 54,857,517  $ 5,169,281
     
Note 1: The consolidated balance sheet as of December 31, 2009 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009.
 
 
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
         
  Three months ended December 31, Year ended December 31,
  2010 2009 2010 2009
  (Unaudited) (Unaudited) (Note 2)
Revenue:        
Collaboration revenue  $ --   $ 12,500  $ 27,083  $ 1,550,000
License and other revenue  6,000  --   6,000  2,211,547
Total revenues  6,000  12,500  33,083  3,761,547
         
Operating expenses:        
Research and development  4,874,007  2,178,045  14,433,777  13,246,859
General and administrative  1,785,201  1,864,960  7,004,909  7,748,243
Restructuring charges  --   (18,451)  --   1,915,316
Total operating expenses  6,659,208  4,024,554  21,438,686  22,910,418
         
Loss from operations  (6,653,208)  (4,012,054)  (21,405,603)  (19,148,871)
         
Other income (expense), net  (3,418,614)  (23,018)  (3,181,882)  (21,077,175)
Net loss  (10,071,822)  (4,035,072)  (24,587,485)  (40,226,046)
Deemed distribution to preferred stockholders  --   (1,188,400)  --   (27,563,400)
Loss attributable to common stockholders  $ (10,071,822)  $ (5,223,472)  $ (24,587,485)  $ (67,789,446)
         
Basic and diluted loss attributable to common stockholders per common share   $ (0.23)  $ (0.90)  $ (0.99)  $ (11.80)
         
Shares used in computing basic and diluted loss attributable to common stockholders per common share  43,879,448  5,779,792  24,860,212  5,746,786
         
Note 2: The consolidated statement of operations for the year ended December 31, 2009 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2009.
CONTACT: Investor and Media Inquiries:
         David Pitts
         Argot Partners
         212-600-1902
         
         Eric Bjerkholt
         Sunesis Pharmaceuticals Inc.
         650-266-3717

Sunesis Pharmaceuticals, Inc. Logo

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