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Solazyme Reports Third Quarter 2012 Results

In addition, please refer to the documents that Solazyme, Inc. files with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Solazyme is not under any duty to update any of the information in this press release.

SOLAZYME, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three and nine months ended September 30, 2012 and 2011

In thousands, except per share amounts
 
  Three Months Ended September 30, Nine Months Ended September 30,
  2012       2011     2012       2011  

Revenues
(Unaudited) (Unaudited)
Research and development programs $ 4,810   $ 7,051 $ 23,838   $ 18,542
Product revenues 3,773 1,886 11,846 5,535
           
Total revenues 8,583 8,937 35,684 24,077
 

Costs and operating expenses (1)
Cost of product revenue 1,331 554 3,907 1,592
Research and development 16,534 10,866 50,276 28,692
Sales, general and administrative   13,849       11,527     41,628       28,591  
Total costs and operating expenses 31,714 22,947 95,811 58,875
           
Loss from operations (23,131 ) (14,010 ) (60,127 ) (34,798 )
 

Other income (expense)
Interest and other income (expense), net 626 (76 ) 1,262 115
Loss on equity method investment (683 ) - (1,193 ) -
Gain (Loss) from change in fair value of warrant liability   685       -     1,536       (3,637 )
Total other income (expense) 628 (76 ) 1,605 (3,522 )
           
Net Loss (22,503 ) (14,086 ) (58,522 ) (38,320 )
 
Accretion of redeemable convertible preferred stock   -       -     -       (60 )
 
Net loss attributable to Solazyme, Inc. common stockholders $ (22,503 )   $ (14,086 ) $ (58,522 )   $ (38,380 )
 
Net loss per share attributable to Solazyme, Inc. common stockholders, basic and diluted $ (0.37 )   $ (0.24 ) $ (0.97 )   $ (1.15 )
 
Weighted average number of common shares used in loss per share computation, basic and diluted 60,678 59,508 60,387 33,272
 
 
 
 
 
 
 
Reconciliation of GAAP to non-GAAP basic net loss per share: Three Months Ended September 30, Nine Months Ended September 30,
In thousands, except per share amounts   2012       2011     2012       2011  
(Unaudited) (Unaudited)
Net loss attributable to Solazyme, Inc. common stockholders $ (22,503 ) $ (14,086 ) $ (58,522 ) $ (38,380 )
 
Gain (Loss) from change in fair value of warrant liability (685 ) - (1,536 ) 3,637
(1) Operating expenses include stock-based compensation expense as follows:
Research and development 1,001 534 2,939 1,567
Sales, general and administrative   2,742       2,018     8,619       6,008  
Total stock-based compensation expense 3,743 2,552 11,558 7,575
           
Net loss attributable to Solazyme, Inc. common stockholders (non-GAAP) $ (19,445 )   $ (11,534 ) $ (48,500 )   $ (27,168 )
 
Basic and diluted loss per share attributable to Solazyme, Inc. common stockholders (GAAP) $ (0.37 ) $ (0.24 ) $ (0.97 ) $ (1.15 )
 
Gain (Loss) from change in fair value of warrant liability (0.01 ) - (0.02 ) 0.11
Stock-based compensation expense 0.06 0.05 0.19 0.22
           
Net loss per share attributable to Solazyme,Inc. common stockholders (non-GAAP) $ (0.32 )   $ (0.19 ) $ (0.80 )   $ (0.82 )
 
 
SOLAZYME, INC.
Condensed Consolidated Balance Sheets September 30, December 31,
In thousands   2012       2011  
(Unaudited) (Unaudited)

Assets
 

Current assets
Cash, cash equivalents and marketable securities $ 167,101 $ 243,724
Other current assets 18,353 15,169
     
Total current assets 185,454 258,893
 
Property, plant and equipment - net 32,269 25,985
Other assets 20,010 346
     
Total assets $ 237,733     $ 285,224  
 

Liabilities and stockholders' equity
 

Current liabilities
Current portion of long-term debt $ 7,255 $ 5,289
Other current liabilities 15,894 23,923
     
Total current liabilities 23,149 29,212
 
Other liabilities 1,936 491
Long-term debt   8,587       14,963  
Total liabilities   33,672       44,666  
Total stockholders' equity 204,061 240,558
     
Total liabilities and stockholders' equity $ 237,733     $ 285,224  

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