Orexigen® Therapeutics Reports First Quarter Ended March 31, 2011 Financial Results

Orexigen Therapeutics, Inc.

Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

March 31,

2011

2010

Revenues:

Collaborative agreement

$

857

$

-

License revenue

971

22

Total revenues

1,828

22

Operating expenses:

Research and development

6,567

7,981

General and administrative

6,759

6,021

Total operating expenses

13,326

14,002

Loss from operations

(11,498)

(13,980)

Other income (expense):

Interest income

15

46

Interest expense

(120)

(145)

Total other income (expense)

(105)

(99)

Net loss

$

(11,603)

$

(14,079)

Net loss per share - basic and diluted

$

(0.24)

$

(0.30)

Shares used in computing net loss per share – basic and diluted

47,867

47,216