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Antares Pharma Reports Second Quarter 2012 Financial And Operating Results

TABLES FOLLOW

 

ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(amounts in thousands)
   
June 30, December 31,
2012 2011
Assets
Cash and investments $ 33,017 $ 34,396
Accounts receivable 2,630 2,535
Patent rights 1,044 952
Goodwill 1,095 1,095
Other assets   4,762   2,985
Total Assets $ 42,548 $ 41,963
 
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses $ 4,739 $ 4,364
Deferred revenue 3,440 6,455
Stockholder’s equity   34,369   31,144
Total Liabilities and Stockholders’ Equity $ 42,548 $ 41,963
 
 
ANTARES PHARMA, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
   
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2012   2011 2012   2011
Product sales $ 3,212 $ 2,219 $ 5,706 $ 3,624
Development revenue 737 716 3,723 1,772
Licensing revenue 109 119 735 485
Royalties   466     489     1,224     1,231  
Total Revenue 4,524 3,543 11,388 7,112
 
Cost of revenue   2,531     1,393     4,521     2,846  
Gross Profit 1,993 2,150 6,867 4,266
 
Research and development 2,483 1,946 5,360 3,696
Sales, marketing and business development 420 523 855 812
General and administrative   1,881     1,277     3,539     2,766  
Total Operating Expenses   4,784     3,746     9,754     7,274  
 
Operating loss (2,791 ) (1,596 ) (2,887 ) (3,008 )
 
Other income and expenses   (16 )   42     6     73  
 
Net loss $ (2,807 ) $ (1,554 ) $ (2,881 ) $ (2,935 )
 
Basic and diluted net loss per common share $ (0.03 ) $ (0.02 ) $ (0.03 ) $ (0.03 )
 
Basic and diluted weighted average common shares outstanding

104,552

95,157

104,105

90,464

 




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