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PharmAthene Reports Second Quarter 2010 Financial and Operational Results

Friday, August 13, 2010 Corporate News J E 4
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PHARMATHENE, INC.

CONSOLIDATED BALANCE SHEETS

Unaudited

June 302010

December 312009

ASSETS

Current assets:

Cash and cash equivalents

$  682,001

$  2,673,567

Restricted Cash

100,000

-

Short-term investments

-

3,137,071

Accounts receivable, net

8,630,362

8,866,346

Other receivables (including unbilled receivables)

4,303,312

8,566,425

Prepaid expenses and other current assets

660,476

973,214

Total current assets

$  14,376,151

$  24,216,623

Property and equipment, net

$  6,182,007

$  6,262,388

Patents, net

855,417

928,577

Other long-term assets and deferred costs

102,244

308,973

Goodwill

2,348,453

2,348,453

Total assets

$  23,864,272

$  34,065,014

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:

Accounts payable

$  8,402,535

$  1,934,119

Accrued expenses and other liabilities

4,288,188

11,532,101

Total current liabilities

$  12,690,723

$  13,466,220

Other long-term liabilities

$  459,850

$  452,618

Derivative instruments

1,150,134

835,299

Long-term debt

19,160,935

17,426,513

Total liabilities

$  33,461,642

$  32,180,650

Stockholders' equity (deficit):

Common stock, $0.0001 par value; 100,000,000 shares authorized; 29,857,288 and 28,130,284 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively

$  2,986

$  2,813

Additional paid-in-capital

159,998,323

157,004,037

Accumulated other comprehensive income

1,048,924

1,188,156

Accumulated deficit

(170,647,603)

(156,310,642)

Total stockholders' equity (deficit)

$  (9,597,370)

$  1,884,364

Total liabilities and stockholders' equity (deficit)

$  23,864,272

$  34,065,014

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