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 [phone] (media)
         Daniella Beckman [phone] (investors)

« First ‹ Previous 1 2 3 4