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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2011 FINANCIAL RESULTS

Research and development expenses, including stock-based compensation expense, were $7.4 million for the second quarter of 2011, compared to $7.1 million for the second quarter of 2010, an increase of 4%. Research and development expenses, including stock-based compensation expense, were $14.7 million for the six months ended June 30, 2011, compared to $13.5 million for the six months ended June 30, 2010, an increase of 9%. These increases were primarily due to increased costs for personnel-related expenses and stock-based compensation expenses, partially offset by decreases in expenses for outsourced activities.

General and administrative expenses, including stock-based compensation expense, were $2.8 million for the second quarter of 2011, compared to $3.3 million for the second quarter of 2010, a decrease of 15%. General and administrative expenses, including stock-based compensation expense, were $5.5 million for the six months ended June 30, 2011, compared to $6.4 million for the six months ended June 30, 2010, a decrease of 14% The decreases were primarily attributable to decreases in payroll and related expenses and stock-based compensation expense.

The net loss for the second quarter of 2011 improved to $0.08 per share, compared to a net loss of $0.12 per share for the second quarter of 2010. The net loss for the six months ended June 30, 2011 improved to $0.11 per share, compared to $0.18 per share for the six months ended June 30, 2010.

Financial Outlook :

“We are pleased with our mid-year financial results,” stated Tony Rogers, Vice President and Chief Financial Officer. ”We remain on-track to achieve our 2011 financial guidance as follows.”

For the full year 2011, Senomyx continues to expect:
  • Total revenues of $30 million to $34 million
  • Total expenses of $42 million to $44 million, of which approximately $4 million to $5 million is non-cash, stock-based compensation expense
  • Net loss of $8 million to $10 million
  • Basic and diluted net loss of $0.21 to $0.26 per share
  • Year-end cash, cash equivalents and investments available for sale balance greater than $50 million

Conference Call:

Senomyx will host a conference call at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) today to discuss these financial results and provide an update on the Company. To participate in the live conference call, U.S. residents should dial 888-680-0892, and international callers should dial 617-213-4858, at least 10 minutes prior to the call start time. The participant passcode for this conference call is 76285690.

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