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!

Idenix Pharmaceuticals Reports Second Quarter And Six Month 2012 Financial Results And HCV Program Update

All forward-looking statements reflect the Company's estimates only as of the date of this release (unless another date is indicated) and should not be relied upon as reflecting the Company's views, expectations or beliefs at any date subsequent to the date of this release. While Idenix may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if the Company's estimates change.

         
         
IDENIX PHARMACEUTICALS, INC.
         
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
         
(IN THOUSANDS, EXCEPT PER SHARE DATA)
         
(UNAUDITED)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
Revenues:        
Collaboration revenue – related party $1,438 $388 $1,015 $3,733
Other revenue   ----  656 36,068 1,312
Total revenues  1,438 1,044 37,083 5,045
Operating expenses (1):        
Cost of revenues 623 590 1,793 1,136
Research and development 20,542 10,257 39,135 18,339
General and administrative  5,861 4,480 10,635 8,394
Total operating expenses  27,026 15,327 51,563 27,869
Loss from operations (25,588) (14,283) (14,480) (22,824)
Other income, net  193 374 536 680
Loss before income taxes  (25,395) (13,909) (13,944) (22,144)
Income tax expense  ---- ---- (1) (1)
Net loss   $ (25,395)  $ (13,909)  $ (13,945)  $ (22,145)
         
Basic and diluted net loss per share:   $ (0.23)  $ (0.15)  $ (0.13)  $ (0.27)
         
Shares used in computing basic and diluted net loss per share:  108,372 92,737 108,061 82,982
         
Comprehensive loss:        
Net loss  $ (25,395)  $ (13,909)  $ (13,945)  $ (22,145)
Changes in other comprehensive income:        
Foreign currency translation adjustment (460) 115 (252) 393
Comprehensive loss  $ (25,855)  $ (13,794)  $ (14,197)  $ (21,752)
(1) Share-based compensation expenses included in operating expenses amounted to approximately:    
 Research and development $484 $280 $783 $551
 General and administrative 703 352 1,135 678
     
     
IDENIX PHARMACEUTICALS, INC.
     
CONDENSED CONSOLIDATED BALANCE SHEETS 
     
(IN THOUSANDS) 
     
(UNAUDITED) 
     
     
  June 30, 2012 December 31, 2011
     
ASSETS    
Cash and cash equivalents $79,309 $118,271
Receivables from related party 1,300 1,157
Other current assets 2,579 4,410
 Total current assets 83,188 123,838
Intangible asset, net 8,140 8,708
Property and equipment, net 4,088 4,696
Other assets 4,423 3,802
 Total assets $99,839 $141,044
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued expenses $12,505 $11,299
Deferred revenue, related party 2,772 2,897
Other current liabilities 536 36,329
 Total current liabilities 15,813 50,525
Other long-term obligations 14,476 14,912
Deferred revenue, related party, net of current portion 21,947 24,382
 Total liabilities 52,236 89,819
Stockholders' equity 47,603 51,225
 Total liabilities and stockholders' equity $99,839 $141,044
CONTACT: Idenix Pharmaceuticals Contacts:
         Kelly Barry (617) 995-9033 (media)
         Daniella Beckman (617) 224-4471 (investors)

4 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 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

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