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Solazyme Reports Second Quarter 2013 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 March 31, 2013, 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 June 30, Six Months Ended June 30,
2013 2012 2013 2012

Revenues

Research and development programs $ 6,260 $ 9,468 $ 8,940 $ 19,028
Product revenues   4,915     4,077     8,915     8,073  
Total revenues 11,175 13,545 17,855 27,101
 

Costs and operating expenses (1)

Cost of product revenue 1,496 1,330 2,950 2,576
Research and development 14,915 18,381 28,635 33,742
Sales, general and administrative   15,436     13,723     30,302     27,779  
Total costs and operating expenses 31,847 33,434 61,887 64,097
       
Loss from operations (20,672 ) (19,889 ) (44,032 ) (36,996 )
 

Other income (expense) (2)

Interest and other (expense) income, net (1,439 ) 309 (2,962 ) 636
Loss from equity method investment (2,222 ) (510 ) (3,181 ) (510 )
(Loss) gain from change in fair value of warrant liability (679 ) 851 (625 ) 851
Loss from change in fair value of derivative liability   (813 )   -     (1,550 )   -  
Total other income (expense) (5,153 ) 650 (8,318 ) 977
       
Net loss $ (25,825 ) $ (19,239 ) $ (52,350 ) $ (36,019 )
Net loss per share, basic and diluted $ (0.42 ) $ (0.32 ) $ (0.85 ) $ (0.60 )
 
Weighted average number of common shares used in loss per share computation, basic and diluted 61,958 60,378 61,751 60,239
 
 
SOLAZYME, INC.
RECONCILIATION OF GAAP TO NON-GAAP BASIC NET LOSS PER SHARE
In thousands, except per share amounts
(UNAUDITED)
     
Three Months Ended June 30, Six Months Ended June 30,
2013 2012 2013 2012
Net loss $ (25,825 ) $ (19,239 ) $ (52,350 ) $ (36,019 )
Loss (gain) from change in fair value of warrant liability 679 (851 ) 625 (851 )
Loss from change in fair value of derivative liability 813 - 1,550 -
(1) Operating expenses include stock-based compensation expense as follows:
Research and development 1,478 1,013 2,567 1,938
Sales, general and administrative   3,738     2,812     6,654     5,877  
Total stock-based compensation expense 5,216 3,825 9,221 7,815
(2) Other income (expense) includes costs as follows:
Amortization of debt discount and issuance costs 410 - 745 -
Dissolution of the Solazyme Roquette JV   1,347     -     1,347     -  
Net loss (non-GAAP) $ (17,360 ) $ (16,265 ) $ (38,862 ) $ (29,055 )
 
Basic and diluted loss per share (GAAP) $ (0.42 ) $ (0.32 ) $ (0.85 ) $ (0.60 )
 
Loss (gain) from change in fair value of warrant liability 0.01 (0.01 ) 0.01 (0.01 )
Loss from change in fair value of derivative liability 0.02 - 0.03 -
Stock-based compensation expense 0.08 0.06 0.15 0.13
Amortization of debt discount and issuance costs 0.01 - 0.01 -
Dissolution of the Solazyme Roquette JV   0.02     -     0.02     -  
Net loss per share (non-GAAP) $ (0.28 ) $ (0.27 ) $ (0.63 ) $ (0.48 )
 
 
SOLAZYME, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands
(UNAUDITED)
   
June 30, December 31,
2013 2012

Assets

 

Current assets

Cash, cash equivalents and marketable securities $ 217,102 $ 149,005
Other current assets   23,446   16,274
Total current assets 240,548 165,279
Property, plant and equipment - net 33,723 32,225
Other assets   25,493   19,520
Total assets $ 299,764 $ 217,024

Liabilities and stockholders' equity

 

Current liabilities

Current portion of long-term debt $ 62 $ 7,331
Other current liabilities   20,093   17,607
Total current liabilities 20,155 24,938
Other liabilities 2,663 1,138
Long-term debt   132,314   7,637
Total liabilities 155,132 33,713
Total stockholders' equity   144,632   183,311
Total liabilities and stockholders' equity $ 299,764 $ 217,024
 




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