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Metabolix Reports Second Quarter 2012 Financial Results And Provides Business Update

About Metabolix

Metabolix, Inc. is an innovation-driven bioscience company delivering sustainable solutions to the plastics, chemicals and energy industries. Metabolix is developing and commercializing Mirel TM and Mvera, TM a family of high-performance bioplastics which are biobased and biodegradable alternatives to many petroleum-based plastics. Metabolix’s biobased chemicals platform utilizes its novel “FAST” recovery process to enable the production of cost-effective, “drop in” replacements for petroleum-based industrial chemicals. Metabolix is also developing a platform for co-producing plastics, chemicals and energy from crops. Metabolix has established an industry-leading intellectual property portfolio that, together with its knowledge of advanced industrial practice, provides a foundation for industry collaborations.

For more information, please visit www.metabolix.com. (MBLX-E)

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding expected future financial results and cash usage ; plans for launch of the Metabolix biopolymers business; plans to manufacture biopolymer resin at Antibioticos; plans to enter into a definitive contract manufacturing agreement, the expected timing for production of biopolymer resin at demonstration scale and at commercial scale; expectations for the commercialization of Metabolix biopolymers and the Company's industrial chemicals; plans to secure grant funding and collaborations; and future research and development, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission, including its 10-K for the year ended December 31, 2011 filed on March 12, 2012 and risks related to international business activities, particularly in Europe. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
                   
METABOLIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED
(in thousands, except share and per share data)
 
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Revenue:
Revenue from termination of ADM collaboration $ - $ - $ 38,885 $ -
Grant revenue 461 99 839 124
License fee and royalty revenue from related parties 89 92 134 393
Product revenue 373   -   387 -  
Total revenue 923   191   40,245 517  
 
Costs and expenses:
Cost of product revenues 437 - 492 -
Research and development 5,006 6,000 11,051 12,199
Selling, general, and administrative 3,437   4,196   7,836 7,983  
Total costs and expenses 8,880   10,196   19,379 20,182  
Income (loss) from operations (7,957 ) (10,005 ) 20,866 (19,665 )
 
Other income:
Interest income, net 9   23   26 43  
Net income (loss) $ (7,948 ) $ (9,982 ) $ 20,892 $ (19,622 )
 
Net income (loss) per share:
Basic $ (0.23 ) $ (0.33 ) $ 0.61 $ (0.69 )
 
Diluted $ (0.23 ) $ (0.33 ) $ 0.61 $ (0.69 )
 
Number of shares used in per share calculations:
Basic 34,183,702 29,824,008 34,160,018 28,372,371
 
Diluted 34,183,702 29,824,008 34,264,428 28,372,371
 
         
METABOLIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands)
 
June 30, December 31,
2012 2011
Assets
Cash, cash equivalents and short-term investments $ 48,161 $ 76,855
Inventory 2,821 -
Other current assets 1,626 1,584
Restricted cash 622 622
Property and equipment, net 1,845 2,276
Long-term investments 11,763 1,503
Other assets 95 72
Total assets $ 66,933 $ 82,912
 
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities $ 3,539 $ 4,086
Short-term deferred revenue 296 2,914
Current portion of deferred rent 165 165
Long-term deferred revenue - 35,944
Other long-term liabilities 262 340
Total liabilities 4,262 43,449
Total stockholders' equity 62,671 39,463
Total liabilities and stockholders' equity $ 66,933 $ 82,912
 
         
METABOLIX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(in thousands)
 
Six Months Ended
June 30,
2012 2011
Cash flows from operating activities
Net Income (loss) $ 20,892 $ (19,622 )
Adjustments to reconcile net income or loss to cash used in operating activities:
Depreciation 718 770
Charge for 401(k) company common stock match 264 368
Stock-based compensation 2,083 2,442
Changes in operating assets and liabilities:
Other operating assets and liabilities (717 ) (188 )
Deferred revenue (38,562 ) 931
Inventory (2,821 ) -  
Net cash used in operating activities (18,143 ) (15,299 )
 
Cash flows from investing activities
Purchase of property and equipment (287 ) (488 )
Purchase of investments (47,935 ) (78,968 )
Proceeds the from sale and maturity of short-term investments 57,207   52,606  
Net cash provided (used) by investing activities 8,985   (26,850 )
 
Cash flows from financing activities
Proceeds from options exercised 19 48
Proceeds from public stock offering, net of offering costs of $2,336 -   49,357  
Net cash provided by financing activities 19   49,405  
 
Effect of exchange rate changes on cash and cash equivalents (6 ) (4 )
 
Net increase (decrease) in cash and cash equivalents (9,145 ) 7,252
Cash and cash equivalents at beginning of period 21,277   12,526  
Cash and cash equivalents at end of period $ 12,132   $ 19,778  

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