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XenoPort Reports Fourth Quarter And Year-End 2012 Financial Results

Horizant, Regnite and XENOPORT are registered trademarks of XenoPort, Inc.

 

XENOPORT, INC.

BALANCE SHEETS

(Unaudited, in thousands)

   

December 31,

December 31,

  2012     2011  
 
Current assets:
Cash and cash equivalents $ 36,134 $ 25,386
Short-term investments 102,868 69,056
Right to the Horizant business 13,557 -
Prepaids and other current assets   2,529     3,010  
Total current assets 155,088 97,452
Property and equipment, net 1,528 3,921
Restricted investments and other assets   2,432     2,663  
Total assets $ 159,048   $ 104,036  
Liabilities:
Current liabilities $ 13,771 $ 13,530
Noncurrent liabilities   15,067     15,371  
Total liabilities   28,838     28,901  
Stockholders’ equity (deficit):
Common stock 47 35
Additional paid-in capital and other 581,763 495,886
Accumulated deficit   (451,600 )   (420,786 )
Total stockholders’ equity   130,210     75,135  
Total liabilities and stockholders’ equity $ 159,048   $ 104,036  
 

XENOPORT, INC.

STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

   

Three Months Ended December 31,

Year Ended December 31,

2012

 

2011

2012

 

2011

Revenues:
Net revenue from unconsolidated joint operating activities $ - $ 5,000 $ 10,000 $ 35,000
Collaboration revenue 378 378 11,515 8,515
Royalty revenue   109     -     109   -  
Total revenues 487 5,378 21,624 43,515
Operating expenses (gains):
Research and development* 10,600 12,512 42,947 43,788
Selling, general and administrative* 7,422 6,888 30,244 30,427
Gain on litigation settlement (20,499 ) - (20,499 ) -
Restructuring charges   -     2,923     -   2,923  
Total operating expenses (gains)   (2,477 )   22,323     52,692   77,138  
Income (Loss) from operations 2,964 (16,945 ) (31,068 ) (33,623 )
Interest and other income   78     59     254   243  
Net income (loss) $

3,042

  $ (16,886 ) $ (30,814 ) $ (33,380 )
Basic and diluted net income (loss) per share $ 0.07   $ (0.48 ) $ (0.78 ) $ (0.94 )
Shares used to compute basic net income (loss) per share   45,296     35,482     39,434   35,400  
Shares used to compute diluted net income (loss) per share   46,501     35,482     39,434   35,400  
 

* Includes employee non-cash stock-based compensation as follows:

Research and development $ 1,321 $ 1,199 $ 4,364 $ 5,208
Selling, general and administrative   1,821     2,219   7,917     9,180  
Total $ 3,142   $ 3,418   $ 12,281   $ 14,388  




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