March 6, 2012--Metabolix, Inc. (NASDAQ: MBLX), a bioscience company focused on bringing sustainable solutions to the plastics, chemicals and energy industries, today reported financial results for the three months and full year ended December 31, 2011.
FOURTH QUARTER AND FULL YEAR 2011 FINANCIAL OVERVIEW
Total revenue in the fourth quarter of 2011 was $0.4 million, compared to $0.1 million for the comparable quarter in 2010. Research and development expenses were $6.1 million for the fourth quarter of 2011 compared to $5.8 million for the same period in 2010. Selling, general and administrative expenses were $4.0 million for the fourth quarter of 2011 as compared to $3.8 million for the comparable quarter in 2010. The Company reported a net loss of $9.6 million or $0.28 per share for the fourth quarter of 2011 compared to a net loss of $9.5 million or $0.35 per share for the fourth quarter of 2010.
The Company's net cash used for operating activities during the fourth quarter of 2011 was $8.6 million, which compares to net cash used of $8.1 million for the comparable quarter in 2010.Total revenue for the full year 2011 was $ 1.4 million, compared to $ 0.4 million, for the comparable quarter in 2010. The year-over-year increase was primarily due to an increase in 2011 in government research grant revenue, and an increase in license fee and royalty revenue as compared to 2010. For the full year 2011, research and development expenses were $24.4 million compared to $23.7 million for 2010. The increase was primarily due to an increase in contracted research related to Mirel product development and the Company’s biobased industrial chemicals program, employee compensation and related benefit expenses partially offset by a decrease in material production costs. For the full year 2011, selling, general and administrative expenses were $15.8 million as compared to $15.7 million in 2010.
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