STATEMENTS OF OPERATIONS | ||||
(in thousands, except per share amounts) | ||||
Three Months Ended March 31, | ||||
2010 | 2009 | |||
(unaudited) | ||||
Revenues: | ||||
Contract revenues | $ 3,261 | $ - | ||
Operating expenses: | ||||
Research and development (see Note A) | 17,425 | 24,538 | ||
General and administrative (see Note A) | 8,186 | 4,603 | ||
Restructuring charges (see Note A) | - | 1,141 | ||
Total operating expenses | 25,611 | 30,282 | ||
Loss from operations | (22,350) | (30,282) | ||
Interest income, net | 17 | 294 | ||
Loss before income taxes | (22,333) | (29,988) | ||
Income tax benefit | - | 66 | ||
Net loss | $ (22,333) | $ (29,922) | ||
Net loss per share, basic and diluted | $ (0.43) | $ (0.82) | ||
Weighted average shares used in computing | ||||
net loss per share, basic and diluted | 51,964 | 36,699 | ||
Note A | ||||
Stock-based compensation expense included in: | ||||
Research and development | $ 3,083 | $ 1,425 | ||
General and administrative | 2,084 | 719 | ||
Restructuring charges | - | 122 | ||
$ 5,167 | $ 2,266 | |||
SUMMARY BALANCE SHEET DATA | ||||
(in thousands) | ||||
March 31, | December 31, | |||
2010 | 2009(1) | |||
(unaudited) | ||||
Cash, cash equivalents and available | ||||
for sale securities | $ 109,549 | $ 133,318 | ||
Total assets | 217,145 | 140,744 | ||
Stockholders' equity | 92,785 | 109,867 | ||
(1) | Derived from audited financial statements | |||
