Metabolix Reports Third Quarter 2012 Financial Results And Provides Business Update

About Metabolix

Metabolix, Inc. is an innovation-driven bioscience company delivering sustainable solutions to the plastics, chemicals and energy industries. Metabolix is developing and commercializing Mirel ^TM and Mvera, ^TM a family of high-performance biopolymers which are biobased and biodegradable alternatives to many petroleum-based plastics. Metabolix’s biobased chemicals platform utilizes its novel “FAST” recovery process to enable the production of cost-effective, “drop in” replacements for petroleum-based industrial chemicals. Metabolix is also developing a platform for co-producing plastics, chemicals and energy from crops. Metabolix has established an industry-leading intellectual property portfolio that, together with its knowledge of advanced industrial practice, provides a foundation for industry collaborations.

For more information, please visit www.metabolix.com. (MBLX-E)

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding expected future financial results and cash usage; plans for launch of the Metabolix biopolymers business; plans to manufacture biopolymer resin at Antibióticos; expectations relating to Antibióticos facilities modifications; plans to enter into a definitive contract manufacturing agreement; the expected timing for production of biopolymer resin at demonstration scale and at commercial scale; expectations for the commercialization of Metabolix biopolymers and the Company's industrial chemicals and crops program; plans to secure grant funding and collaborations; and future research and development, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission, including its 10-K for the year ended December 31, 2011 filed on March 12, 2012 and 10-Q filed on July 27, 2012. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

METABOLIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED
(in thousands, except share and per share data)
									Three Months Ended										Nine Months Ended
									September 30,										September 30,
									2012					2011					2012				2011
Revenue:
Revenue from termination of ADM collaboration								$	-				$	-				$	38,885			$	-
Grant revenue									576					443					1,415				567
License fee and royalty revenue from related parties									28					26					162				419
Product revenue									70					-					457				-
Total revenue									674					469					40,919				986
Costs and expenses:
Cost of product revenues									316					-					808				-
Research and development									4,931					6,153					15,982				18,352
Selling, general, and administrative									3,170					3,895					11,006				11,878
Total costs and expenses									8,417					10,048					27,796				30,230
Income (loss) from operations									(7,743	)				(9,579	)				13,123				(29,244	)
Other income (expense):
Interest income, net									(2	)				19					24				62
Net income (loss)								$	(7,745	)			$	(9,560	)			$	13,147			$	(29,182	)
Net income (loss) per share:
Basic								$	(0.23	)			$	(0.28	)			$	0.38			$	(0.96	)
Diluted								$	(0.23	)			$	(0.28	)			$	0.38			$	(0.96	)
Number of shares used in per share calculations:
Basic									34,243,792					34,080,177					34,188,146				30,295,881
Diluted									34,243,792					34,080,177					34,270,455				30,295,881

METABOLIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands)
									September 30,				December 31,
									2012				2011
Assets
Cash, cash equivalents and short-term investments								$	47,823			$	76,855
Inventory									3,028				-
Other current assets									2,028				1,584
Restricted cash									594				622
Property and equipment, net									1,634				2,276
Long-term investments									5,767				1,503
Other assets									95				72
Total assets								$	60,969			$	82,912
Liabilities and Stockholders' Equity
Accounts payable and accrued liabilities								$	3,728			$	4,086
Short-term deferred revenue									959				2,914
Current portion of deferred rent									165				165
Long-term deferred revenue									-				35,944
Other long-term liabilities									225				340
Total liabilities									5,077				43,449
Total stockholders' equity									55,892				39,463
Total liabilities and stockholders' equity								$	60,969			$	82,912

METABOLIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(in thousands)
										Nine Months Ended
										September 30,
										2012					2011
Cash flows from operating activities
Net Income (loss)									$	13,147				$	(29,182	)
Adjustments to reconcile net income or loss to cash used in operating activities:
Depreciation										1,026					1,134
Charge for 401(k) company common stock match										350					489
Stock-based compensation										2,935					3,574
Changes in operating assets and liabilities:
Other operating assets and liabilities										(954	)				(474	)
Deferred revenue										(37,900	)				1,335
Inventory										(3,028	)				-
Net cash used in operating activities										(24,424	)				(23,124	)
Cash flows from investing activities
Purchase of property and equipment										(397	)				(627	)
Proceeds from sale of property and equipment										12					-
Change in restricted cash										28					-
Purchase of investments										(54,198	)				(93,888	)
Proceeds the from sale and maturity of short-term investments										75,090					73,112
Net cash provided (used) by investing activities										20,535					(21,403	)
Cash flows from financing activities
Proceeds from options exercised										19					71
Proceeds from public stock offering, net of offering costs of $2,360										-					49,333
Net cash provided by financing activities										19					49,404
Effect of exchange rate changes on cash and cash equivalents										(2	)				(11	)
Net increase (decrease) in cash and cash equivalents										(3,872	)				4,866
Cash and cash equivalents at beginning of period										21,277					12,526
Cash and cash equivalents at end of period									$	17,405				$	17,392

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