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Hyperion Therapeutics Announces Second Quarter 2012 Operating Results

Selling and marketing expenses for the quarter ended June 30, 2012 were $0.6 million, compared to $0.2 million for the quarter ended June 30, 2011. The increase was primarily due to increases in consulting fees and personnel costs as we prepare for the potential commercialization of Ravicti in UCD.

About Hyperion Therapeutics

Hyperion Therapeutics, Inc. is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat disorders in the areas of orphan diseases and hepatology. Hyperion Therapeutics is developing Ravicti™ (glycerol phenylbutyrate) for two orphan indications: urea cycle disorders and hepatic encephalopathy.

Forward-Looking Statements:

To the extent that statements contained in this press release are not descriptions of historical facts regarding Hyperion, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding our expectations regarding the timing of any commercial launch of Ravicti as well as the use of the initial public offering proceeds. Forward-looking statements in this release involve substantial risks and uncertainties that could cause future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks related to: the uncertain clinical development process; that the U.S. Food and Drug Administration may not be satisfied with preclinical data, including carcinogenicity data; the ability to obtain, and timing of, regulatory approval of Ravicti for the treatment of UCD or the success and timing of commercialization efforts; the fact that the patient population suffering from UCD is small and has not been established with precision; the ability to obtain adequate clinical supplies of Ravicti; and the ability to raise sufficient capital to complete the development and commercialize Ravicti in UCD. Hyperion undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see the company's prospectus dated July 25, 2012, filed with the Securities and Exchange Commission.
Hyperion Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
  Three Months Ended June 30, Six Months Ended  June 30,
  2012 2011 2012 2011
Operating expenses        
Research and development $ 2,732  $ 4,632  $ 11,640  $ 8,932
General and administrative  1,469  2,488   3,540   3,849
Selling and marketing  554   217   800   467
Total operating expenses  4,755   7,337   15,980   13,248
Loss from operations  (4,755)  (7,337)  (15,980)  (13,248)
Interest income  3   10   7   14
Interest expense  (1,282)  (849)  (2,322)  (849)
Other income (expense), net  (1,128)  52   (753)   52
Net loss attributable to common stockholders $ (7,162) $ (8,124) $ (19,048) $ (14,031)
Net loss per share attributable to common stockholders:        
Basic and diluted $ (15.26) $ (17.31) $ (40.59) $ (29.90)
Weighted average number of shares used to compute net loss per share of common stock:        
Basic and diluted  469,319   469,319   469,319   469,319
Hyperion Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
  June 30, December 31,
  2012 2011
Current assets    
Cash and cash equivalents $ 7,299 $ 7,018
Prepaid expenses and other current assets  436  741
Restricted cash  —  305
Total current assets  7,735  8,064
Deferred offering costs  1,375  —
Property and equipment, net  25  19
Restricted cash  —  25
Other non-current assets  447  34
Total assets $ 9,582 $ 8,142
Liabilities, Convertible Preferred Stock and Stockholders' Deficit    
Current liabilities    
Accounts payable $ 1,955 $ 1,887
Accrued liabilities  4,329  3,310
Call option liability  —  737
Convertible notes payable  31,153  23,412
Notes payable, current portion  1,705  —
Total current liabilities  39,142  29,346
Warrants liability  4,566  2,574
Notes payable, net of current portion  7,651  —
Total liabilities  51,359  31,920
Convertible preferred stock 58,326 58,326
Stockholders' deficit:    
Common stock  —  —
Additional paid-in capital  25,679  24,630
Deficit accumulated during the development stage  (125,782)  (106,734)
Total stockholders' deficit  (100,103)  (82,104)
Total liabilities, convertible preferred stock and stockholders' deficit $ 9,582 $ 8,142
CONTACT: Shari Annes, Investor Relations
         Cell: 650 888 0902

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