Halozyme Therapeutics Reports First Quarter 2010 Financial Results

Halozyme Therapeutics, Inc.

Condensed Consolidated Balance Sheets

March 31,

December 31,

2010

2009

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$      55,176,316

$      67,464,506

Accounts receivable

2,020,746

4,243,909

Inventory

1,159,551

1,159,551

Prepaid expenses and other assets

4,320,707

1,573,777

Total current assets

62,677,320

74,441,743

Property and equipment, net

2,486,127

2,708,016

Total Assets

$      65,163,447

$      77,149,759

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY

Current liabilities:

Accounts payable

$        4,250,024

$        2,820,491

Accrued expenses

4,084,015

6,083,854

Deferred revenue

5,426,548

5,492,604

Total current liabilities

13,760,587

14,396,949

Deferred revenue, net of current portion

53,830,590

54,989,588

Deferred rent, net of current portion

764,069

859,833

Stockholders' (deficit) equity:

Common stock

91,882

91,682

Additional paid-in capital

180,513,941

178,821,852

Accumulated deficit

(183,797,622)

(172,010,145)

Total stockholders' (deficit) equity

(3,191,799)

6,903,389

Total Liabilities and Stockholders' (Deficit) Equity

$      65,163,447

$      77,149,759