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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Zalicus Reports Financial Results For The Second Quarter 2012

(c) 2012 Zalicus Inc. All rights reserved.

               

Zalicus Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share amounts)

(Unaudited)

 
Three months ended June 30, Six months ended June 30,
2012 2011 2012 2011
Revenue:
Collaborations and other $ 2,821 $ 1,650 $ 5,042 $ 2,742
Government contracts and grants   103     198     202     377  
 
Total revenue   2,924     1,848     5,244     3,119  
 
Operating expenses:
Research and development 9,861 8,990 20,443 16,807
General and administrative 2,308 2,723 4,971 5,467
Amortization of intangible 973 1,285 1,946 2,570
Restructuring   28         1,129      
 
Total operating expenses   13,170     12,998     28,489     24,844  
 
Loss from operations (10,246 ) (11,150 ) (23,245 ) (21,725 )
Interest income 44 31 85 67
Interest expense (563 ) (116 ) (1,154 ) (221 )
Other income (expense)       (79 )   7     (146 )
 
Net loss before provision for income taxes (10,765 ) (11,314 ) (24,307 ) (22,025 )
Income tax benefit   441         441      
 
Net loss $ (10,324 ) $ (11,314 ) $ (23,866 ) $ (22,025 )
 
Net loss per share—basic and diluted $ (0.09 ) $ (0.11 ) $ (0.22 ) $ (0.23 )
 
Weighted average number of common shares

used in net loss per share calculation—basic

and diluted

  113,730,060     98,867,394     108,760,065     95,440,314  
 
Comprehensive loss $ (10,331 ) $ (11,303 ) $ (23,851 ) $ (22,000 )
 
       

Zalicus Inc.

Condensed Consolidated Balance Sheets

(in thousands except per share data)

(Unaudited)

 

June 30, 2012

December 31, 2011

Assets
Current assets:
Cash and cash equivalents $ 4,604 $ 2,750
Restricted cash 50
Short-term investments 37,682 45,124
Accounts receivable 2,157 1,886
Prepaid expenses and other current assets  

1,516

    1,397  
 
Total current assets 45,959 51,207
Property and equipment, net 4,208 5,258
Intangible asset, net 19,600 21,546
Restricted cash and other assets   1,928     1,872  
 
Total assets $ 71,695   $ 79,883  
 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 1,741 $ 1,743
Accrued expenses and other current liabilities 4,831 6,133
Accrued restructuring 457
Deferred revenue 4,757 3,349
Current portion of term loan payable 5,752 4,035
Current portion of lease incentive obligation   284     284  
 
Total current liabilities 17,822 15,544
Term loan payable, net of current portion 12,031 15,099
Deferred revenue, net of current portion 1,230 3,000
Deferred rent, net of current portion 531 605
Lease incentive obligation, net of current portion 1,017 1,159
Other long-term liabilities 42 563
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued
and outstanding
Common stock, $0.001 par value; 200,000 shares authorized; 115,968 and 99,239
shares issued and outstanding at June 30, 2012 and December 31, 2011,
respectively 116 99
Additional paid-in capital 359,461 340,518
Accumulated other comprehensive income (loss) 7 (8 )
Accumulated deficit   (320,562 )   (296,696 )
 
Stockholders’ equity   39,022     43,913  
 
Total liabilities and stockholders’ equity $ 71,695   $ 79,883  
 




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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