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Maxygen Announces Second Quarter 2012 Financial Results And Business Update

About Maxygen

Maxygen is a biotechnology company that has historically focused on the discovery and development of improved next-generation protein pharmaceuticals for the treatment of disease and serious medical conditions. Maxygen continues to retain all rights to its MAXY-G34 product candidate, a next-generation pegylated, granulocyte colony stimulating factor, or G-CSF, for the treatment of chemotherapy-induced neutropenia and acute radiation syndrome. For more information, please visit our website at www.maxygen.com.

Cautionary Statement Regarding Maxygen Forward-Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of Maxygen’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the following: the estimated tax treatment of the planned cash distribution for U.S. Federal tax purposes, our ability or plans to identify and consummate a strategic transaction for our MAXY-G34 program or to recommence and/or continue the development of our MAXY-G34 product candidate for any indication; strategic alternatives and transactions with respect to our company and the timing, likelihood and outcome thereof; our implementation, or our failure to implement, any additional distributions of our cash resources to stockholders; our ability to continue operations and our estimates for future performance and financial position of the company; and our ability to retain key employees to maintain our ongoing operations. Additional risk factors are more fully discussed in Maxygen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, to be filed with the SEC on the date hereof, including under the caption “Risk Factors,” and in Maxygen’s other periodic reports filed with the SEC, all of which are available from Maxygen or from the SEC’s website ( www.sec.gov). Maxygen is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
       

Selected Consolidated Financial Information

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)
 
Three months ended Six months ended
June 30, June 30,
             
  2011       2012       2011       2012  
 
(unaudited)
Technology and license revenue $ 3 $ 30,000 $ 3 $ 30,006
Operating expenses:
Research and development 783 1,350 65
General and administrative   2,638     2,418     5,778     5,185  
Total operating expenses 3,421 2,418 7,128 5,250
 
Income (loss) from operations (3,418 ) 27,582 (7,125 ) 24,756
Gain on distribution of equity securities 164 68 249 143
Interest and other income (expense), net   432     (10 )   309     169  
Income (loss) from continuing operations before income taxes (2,822 ) 27,640 (6,567 ) 25,068
Income tax benefit (expense)   638     (70 )   2,374     (70 )
Income (loss) from continuing operations (2,184 ) 27,570 (4,193 ) 24,998
Discontinued operations:
Income (loss) from discontinued operations (4,735 ) 1,302
Gain on sale of discontinued operations 62,219 62,219
Income tax expense for discontinued operations   (1,521 )       (3,038 )    
Income from discontinued operations, net of taxes   55,963         60,483      
Net income 53,779 27,570 56,290 24,998
Net income (loss) attributable to non-controlling interests   (742 )   450     310     450  
Net income attributable to Maxygen, Inc. $ 54,521   $ 27,120   $ 55,980   $ 24,548  
Basic net income (loss) per share:
Attributable to Maxygen, Inc. from continuing operations $ (0.05 ) $ 1.00 $ (0.15 ) $ 0.90
Attributable to Maxygen, Inc. from discontinued operations $ 1.91 $ $ 2.06 $
Attributable to Maxygen, Inc. $ 1.86 $ 1.00 $ 1.91 $ 0.90
Diluted net income (loss) per share:
Attributable to Maxygen, Inc. from continuing operations $ (0.05 ) $ 0.99 $ (0.15 ) $ 0.90
Attributable to Maxygen, Inc. from discontinued operations $ 1.91 $ $ 2.06 $
Attributable to Maxygen, Inc. $ 1.86 $ 0.99 $ 1.91 $ 0.90
 
Shares used in basic net income (loss) per share calculations 29,344 27,250 29,284   27,241
 
Shares used in diluted net income (loss) per share calculations 29,344 27,388 29,284 27,424
 

Consolidated Balance Sheet Data

(in thousands)
   
December 31, June 30,
2011

(Note 1)
2012

(Unaudited)
 
 
Cash, cash equivalents and short-term investments $ 159,571 $ 182,723
Available-for-sale investment in equity securities 2,478 1,599
Prepaid expenses and other assets   2,584   2,341
Total assets $ 164,633 $ 186,663
 
Distribution payable $ 1,076 $ 564
Other liabilities 2,613 2,000
Stockholders' equity   160,944   184,099
Total liabilities and stockholders’ equity $ 164,633 $ 186,663
 

Note 1: Derived from consolidated audited financial statements as of December 31, 2011.

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