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TheStreet Open House

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

Stocks in this article: IDIX

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)

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