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Solazyme Reports Third Quarter 2013 Results

Stocks in this article: SZYM

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 June 30, 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 September 30, Nine Months Ended September 30,
2013 2012 2013 2012

Revenues

Research and development programs $ 5,824 $ 4,810 $ 14,764 $ 23,838
Product revenues   4,797     3,773     13,712     11,846  
Total revenues 10,621 8,583 28,476 35,684
 

Costs and operating expenses (1)

Cost of product revenue 1,450 1,331 4,400 3,907
Research and development 17,556 16,534 46,191 50,276
Sales, general and administrative   15,708     13,849     46,010     41,628  
Total costs and operating expenses 34,714 31,714 96,601 95,811
       
Loss from operations (24,093 ) (23,131 ) (68,125 ) (60,127 )
 

Other income (expense) (2)

Interest and other income (expense), net (1,614 ) 626 (4,576 ) 1,262
Loss from equity method investment (2,360 ) (683 ) (5,541 ) (1,193 )
Gain (loss) from change in fair value of warrant liability 200 685 (425 ) 1,536
Loss from change in fair value of derivative liability   (2,836 )   -     (4,386 )   -  
Total other income (expense) (6,610 ) 628 (14,928 ) 1,605
       
Net loss $ (30,703 ) $ (22,503 ) $ (83,053 ) $ (58,522 )
Net loss per share, basic and diluted $ (0.47 ) $ (0.37 ) $ (1.32 ) $ (0.97 )
 
Weighted average number of common shares used in loss per share computation, basic and diluted 64,812 60,678 62,783 60,387
 
SOLAZYME, INC.
RECONCILIATION OF GAAP TO NON-GAAP BASIC NET LOSS PER SHARE
In thousands, except per share amounts
(UNAUDITED)
       
Three Months Ended September 30, Nine Months Ended September 30,
  2013   2012 2013 2012
Net loss $ (30,703 ) $ (22,503 ) $ (83,053 ) $ (58,522 )
(Gain) loss from change in fair value of warrant liability (200 ) (685 ) 425 (1,536 )
Loss from change in fair value of derivative liability 2,836 - 4,386 -
(1) Operating expenses include stock-based compensation expense as follows:
Research and development 1,544 1,001 4,111 2,939
Sales, general and administrative   3,687     2,742     10,341     8,619  
Total stock-based compensation expense 5,231 3,743 14,452 11,558
(2) Other income (expense) includes costs as follows:
Amortization of debt discount and issuance costs 503 - 1,248 -
Dissolution of the Solazyme Roquette JV   59     -     1,406     -  
Net loss (non-GAAP) $ (22,274 ) $ (19,445 ) $ (61,136 ) $ (48,500 )
 
Basic and diluted loss per share (GAAP) $ (0.47 ) $ (0.37 ) $ (1.32 ) $ (0.97 )
 
(Gain) loss from change in fair value of warrant liability - (0.01 ) 0.01 (0.02 )
Loss from change in fair value of derivative liability 0.04 - 0.07 -
Stock-based compensation expense 0.08 0.06 0.23 0.19
Amortization of debt discount and issuance costs 0.01 - 0.02 -
Dissolution of the Solazyme Roquette JV   -     -     0.02     -  
Net loss per share (non-GAAP) $ (0.34 ) $ (0.32 ) $ (0.97 ) $ (0.80 )
 
SOLAZYME, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands
(UNAUDITED)
  September 30,   December 31,
2013 2012

Assets

 

Current assets

Cash, cash equivalents and marketable securities $ 194,355 $ 149,005
Other current assets 25,554 16,274
   
Total current assets 219,909 165,279
 
Property, plant and equipment - net 35,682 32,225
Other assets 23,209 19,520
   
Total assets $ 278,800 $ 217,024
 

Liabilities and stockholders' equity

 

Current liabilities

Current portion of long-term debt $ 63 $ 7,331
Other current liabilities 20,331 17,607
   
Total current liabilities 20,394 24,938
 
Other liabilities 1,899 1,138
Long-term debt   91,231   7,637
Total liabilities   113,524   33,713
Total stockholders' equity 165,276 183,311
   
Total liabilities and stockholders' equity $ 278,800 $ 217,024




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