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Dyax Corp. Announces Third Quarter 2013 Financial Results

Dyax, the Dyax logo and KALBITOR are registered trademarks of Dyax Corp.

DYAX CORP.
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                   
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
(In thousands, except share and per share data)
Revenues:
Product sales, net $ 10,772 $ 10,814 $ 27,927 $ 27,988
Development and license fee revenues $ 2,919   $ 2,287   $ 9,140   $ 10,632  
Total revenues, net $ 13,691   $ 13,101   $ 37,067   $ 38,620  
 
Costs and expenses:
Cost of product sales 720 493 1,991 1,447
Research and development expenses 8,105 6,158 23,226 22,664
Selling, general and administrative expenses 8,507 9,117 29,804 29,872
Restructuring costs - - - 1,440
       
Total costs and expenses   17,332     15,768     55,021     55,423  
 
Loss from operations (3,641 ) (2,667 ) (17,954 ) (16,803 )
 
Other income (expense):
Interest and other income 199 5 206 22
Interest and other expense   (2,746 )   (2,548 )   (8,065 )   (7,650 )
Total other expense (2,547 ) (2,543 ) (7,859 ) (7,628 )
 
Net loss $ (6,188 ) $ (5,210 ) $ (25,813 ) $ (24,431 )
 
Net loss attributable to common stockholders $ (6,188 ) $ (5,210 ) $ (25,813 ) $ (24,431 )
 
Net loss per share attributable to
common stockholders, basic and diluted $ (0.06 ) $ (0.05 ) $ (0.25 ) $ (0.25 )
 
Shares used in computing basic and diluted net loss
per share for common stockholders   109,731,276     99,069,928     104,821,199     98,896,984  
 

SELECTED CONSOLIDATED CONDENSED BALANCE SHEET INFORMATION

(Unaudited)

       

September 30,

December 31,

2013

2012

(In thousands)

Assets

 
Cash, cash equivalents and investments $ 47,143 $ 29,046
Accounts receivable, net 6,215 7,507
Inventory 8,664 9,989
Fixed assets 5,139 5,329
Restricted cash 1,100 1,100
Other assets 2,378 2,515
   
Total assets $ 70,639   $ 55,486  
 

Liabilities and Stockholders' Deficit

 
Accounts payable and other current liabilities $ 13,866 $ 13,146
Deferred revenue 10,470 11,851
Note payable and other long-term debt 81,933 78,992
Other long-term liabilities 3,172 3,057
   
Total liabilities   109,441     107,046  
 
Common and preferred stock and additional paid-in capital 493,194 454,620
Accumulated deficit and other comprehensive income (531,996 ) (506,180 )
   
Total stockholders' deficit   (38,802 )   (51,560 )
   
Total liabilities and stockholders' deficit $ 70,639   $ 55,486  
 




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