The Company anticipates ending 2012 with an annual cash usage from operations run rate of approximately $24 million, excluding any additional partner funding, grant revenue, other sources of income, or additional start-up costs relating to the commercial manufacturing phase at Antibióticos.Total revenue in the third quarter of 2012 was $0.7 million, compared to $0.5 million for the comparable quarter in 2011. The third quarter revenue consisted primarily of revenue from government grants and product sales. Grant revenue of $0.6 million increased by $0.2 million over the same quarter of 2011, primarily as a result of work performed on the Company’s $6.0 million DOE grant. Biopolymer product orders of $0.7 million were shipped and billed during the Company’s third quarter of 2012, resulting in $0.1 million of revenue that was recognized, and $0.6 million that was deferred to the Company’s fourth quarter as a result of the Company’s product return policy adopted in the quarter ended September 30, 2012. This compares to biopolymer product sales of $0.4 million recorded during the Company’s second quarter of 2012, prior to the adoption of the new product return policy.
|(dollars in thousands)||Q1||Q2||Q3||Q2 to Q3 Change|
|Orders shipped and billed||$||14||$||373||$||691||85%|
|Deferred for 60 days||-||-||(621)|