This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Maxygen Reports Fourth Quarter And Year End 2012 Financial Results

Stocks in this article: MAXY

Maxygen, Inc. (Nasdaq: MAXY), a biopharmaceutical company, today announced financial and business results for the quarter and year ended December 31, 2012.

Fourth Quarter 2012 Financial Results

Maxygen reported a net loss of $1.8 million, or $0.06 per basic and diluted share, for the fourth quarter of 2012, compared to $2.2 million, or $0.08 per basic and diluted share, for the same period in 2011. The net loss for the fourth quarter of 2012 reflects a loss before income taxes of $0.9 million and income tax expense of $0.9 million. The net loss for the fourth quarter of 2011 primarily reflects a loss from continuing operations before income taxes of $2.8 million, plus a net tax benefit of $559,000. The net tax benefit consists of a $1.2 million tax benefit reported within continuing operations, partially offset by a $593,000 tax expense recorded within discontinued operations.

Maxygen had no revenue in the fourth quarter of 2012, compared to total revenue of $3,000 for the same period in 2011, which consisted of miscellaneous licensing fees.

Total operating expenses from continuing operations for the fourth quarter of 2012 were $1.8 million, compared to operating expenses of $2.8 million for the same period in 2011. The decrease in operating expenses primarily reflects a decrease in stock based compensation expense, salaries and related costs, and accounting fees.

The fourth quarter of 2012 included a $790,000 gain associated with the sale of substantially all remaining shares of Codexis, Inc. common stock.

At December 31, 2012, Maxygen held approximately $82.8 million in cash, cash equivalents and short-term investments. At December 31, 2012, Maxygen had 27,512,340 shares of common stock outstanding, which excludes 285,596 shares underlying unvested restricted stock awards.

Full Year 2012 Results

Maxygen reported net income of $20.1 million, or $0.74 per basic share and $0.73 per diluted share, for the year ended December 31, 2012, compared to $51.4 million, or $1.80 per basic and diluted share, for the prior year.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs