This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stocks in this article: SNSS

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

4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs