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Solazyme Reports Fourth Quarter And Full Year 2012 Results

In addition, please refer to the documents that Solazyme, Inc. files with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q, as updated from time to time, 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
In thousands, except per share amounts
(UNAUDITED)
 

Three Months Ended December 31,

Twelve Months Ended December 31,
  2012     2011     2012     2011  
Revenues
Research and development programs $ 3,811 $ 8,251 $ 27,649 $ 26,793
Product revenues 4,613 1,638 16,459 7,173
License fees - 5,000 - 5,000
       
Total revenues 8,424 14,889 44,108 38,966
 
Costs and operating expenses (1)
Cost of product revenue 1,404 828 5,311 2,420
Research and development 16,108 16,921 66,384 45,613
Sales, general and administrative   15,888     12,835     57,516     41,426  
Total costs and operating expenses 33,400 30,584 129,211 89,459
       
Loss from operations (24,976 ) (15,695 ) (85,103 ) (50,493 )
 
Other income (expense)
Interest and other income (expense), net 249 114 1,511 229
Loss from equity method investment (631 ) - (1,824 ) -
Gain (loss) from change in fair value of warrant liability   748     -     2,284     (3,637 )
Total other income (expense) 366 114 1,971 (3,408 )
       
Net loss (24,610 ) (15,581 ) (83,132 ) (53,901 )
 
Accretion of redeemable convertible preferred stock   -     -     -     (60 )
 
Net loss attributable to Solazyme, Inc. common stockholders $ (24,610 ) $ (15,581 ) $ (83,132 ) $ (53,961 )
 

Net loss per share attributable to Solazyme, Inc. common stockholders, basic and diluted
$ (0.40 ) $ (0.26 ) $ (1.37 ) $ (1.35 )
 

Weighted average number of common shares used in loss per share computation, basic and diluted
60,873 59,703 60,509 39,934
SOLAZYME, INC.
RECONCILIATION OF GAAP TO NON-GAAP BASIC NET LOSS PER SHARE
In thousands, except per share amounts
(UNAUDITED)
         

Three Months Ended December 31,

Twelve Months Ended December 31,
  2012       2011     2012       2011  
Net loss attributable to Solazyme, Inc. common stockholders $ (24,610 ) $ (15,581 ) $ (83,132 ) $ (53,961 )
 
(Gain) loss from change in fair value of warrant liability (748 ) - (2,284 ) 3,637

(1) Operating expenses include stock-based compensation

expense as follows:
Research and development 985 846 3,924 2,413
Sales, general and administrative   2,859       2,502     11,478       8,510  
Total stock-based compensation expense 3,844 3,348 15,402 10,923

 
           

Net loss attributable to Solazyme, Inc.

common stockholders (non-GAAP)
$ (21,514 )   $ (12,233 ) $ (70,014 )   $ (39,401 )
 

Basic and diluted loss per share attributable to

Solazyme, Inc. common stockholders (GAAP)
$ (0.40 ) $ (0.26 ) $ (1.37 ) $ (1.35 )
 
(Gain) loss from change in fair value of warrant liability (0.01 ) - (0.04 ) 0.09
Stock-based compensation expense   0.06       0.06     0.25       0.27  
 

Net loss per share attributable to Solazyme, Inc.

common stockholders (non-GAAP)
$ (0.35 )   $ (0.20 ) $ (1.16 )   $ (0.99 )
SOLAZYME, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands
(UNAUDITED)
     
December 31, December 31,
  2012         2011
Assets
 
Current assets
Cash, cash equivalents and marketable securities $ 149,005 $ 243,724
Other current assets 16,274 15,169
         
Total current assets 165,279 258,893
 
Property, plant and equipment - net 32,225 25,985
Other assets 19,520 346
         
Total assets $ 217,024       $ 285,224
 
Liabilities and stockholders' equity
 
Current liabilities
Current portion of long-term debt $ 7,331 $ 5,289
Other current liabilities 17,607 23,923
         
Total current liabilities 24,938 29,212
 
Other liabilities 1,138 491
Long-term debt   7,637         14,963
Total liabilities   33,713         44,666
Total stockholders' equity 183,311 240,558
         
Total liabilities and stockholders' equity $ 217,024       $ 285,224

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