Total revenue in the second quarter of 2012 was $0.9 million, compared to $0.2 million for the comparable quarter in 2011. The second quarter revenue consisted primarily of revenue from government grants and product sales. Grant revenue of $0.5 million increased by $0.4 million over the same quarter of 2011, primarily as a result of work performed on the Company’s $6.0 million DOE grant. Biopolymer product sales of $0.4 million were recorded during the Company’s second quarter of 2012.
Cost of product revenue was $0.4 million during the quarter ended June 30, 2012 and primarily reflects the cost of product shipped to customers, warehousing costs to store over five million pounds of acquired Telles inventory, and freight expenses. Research and development expenses were $5.0 million for the second quarter of 2012 compared to $6.0 million for the same period in 2011. The decrease of $1.0 million is primarily due to decreased employee compensation and benefits resulting from the Company’s restructuring efforts in the first quarter of 2012, reduced research and development support and a decline in travel expenses. Selling, general and administrative expenses were $3.4 million for the second quarter of 2012 as compared to $4.2 million for the comparable quarter in 2011. The decrease of $0.8 million is also attributable to the Company’s restructuring efforts in its first quarter of 2012, reduced legal expenses and a decline in travel expenses.
The Company reported a net loss of $7.9 million or $0.23 per share for the second quarter of 2012 as compared to a net loss of $10.0 million or $0.33 per share for the second quarter of 2011.
Revenue for the six months ended June 30, 2012 was $40.2 million compared to $0.5 million in the same period of 2011. The year-over-year increase was primarily related to $38.9 million in deferred revenue which was recognized as a result of the termination of the Telles joint venture in February of this year. Increases in grant and product revenues during the first six months of 2012 compared to the first six months of 2011 of $0.7 million and $0.4 million, respectively, were partially offset by a $0.3 million decrease in license and royalty fees received from Tepha, Inc., a related party.
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