Revenues and Expenses

The Company reported total revenues of $11,829,000 for the quarter ended June 30, 2012, compared to revenues of $5,447,000 for the second quarter of 2011. Revenues for the six months ended June 30, 2012 were $20,327,000 compared to revenues of $18,852,000 for the six months ended June 30, 2011.

The $6.4 million revenue increase in the 2012 three month period is due to revenue increases of $1.7 million from the Company’s Daiichi Sankyo AKIP TM agreement, $0.8 million from our Daiichi Sankyo ARQ 092 agreement, $0.2 million from our Kyowa Hakko Kirin tivantinib license agreement, and lower contra-revenue of $3.7 million.

The $1.5 million revenue increase in the six month period is due to increases of $4.2 million from our Daiichi Sankyo AKIP TM agreement, $1.6 million from our Daiichi Sankyo ARQ 092 agreement, $0.6 million from our Kyowa Hakko Kirin license agreement and lower contra-revenue of $5.3 million. These increases were partially offset by a $10.2 million decrease in revenue recognized from the $25 million MARQUEE milestone payment received from Daiichi Sankyo in the first quarter of 2011. In the six months ended June 30, 2011 when we received that milestone payment, we recognized revenue of $12.7 million compared with $2.5 million in the six months ended June 30, 2012, resulting in a revenue decrease of $10.2 million.

Total costs and expenses for the quarter ended June 30, 2012 were $12,785,000 compared to $16,388,000 for the second quarter of 2011. Total costs and expenses for the six months ended June 30, 2012 were $25,687,000 compared to $31,324,000 for the same period in 2011.

Research and development costs for the three and six-month periods ended June 30, 2012 were $9,271,000 and $18,574,000 respectively, compared with $12,836,000 and $24,229,000 for the 2011 three and six-month periods. The lower research and development costs and expenses in the 2012 periods were due to lower outsourced clinical and product development costs related to our Phase 1 and Phase 2 programs for tivantinib.

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