Metabolix Announces First Quarter 2014 Financial Results
"Securing financing for the execution of our business plan remains our highest priority, and we are working every day toward achieving this goal," said
"At the same time, we are making progress on the strategic priorities we outlined earlier this year," Shaulson continued. "We continue to see great promise in performance additive applications for our products as we intensify our efforts with customers and work toward establishing manufacturing capability in 2015," Shaulson concluded.
FIRST QUARTER 2014 FINANCIAL OVERVIEW
The Company's present capital resources are not sufficient to fund its planned operations for a twelve month period, and therefore, raise substantial doubt about its ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern.
The Company reported a net loss of
Total revenue in the first quarter of 2014 was
Cost of product revenue was
Research and development expenses were
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For more information, please visit www.metabolix.com. (MBLX-E)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, statements regarding the Company's business plans and strategies; expectations for establishing commercial PHA biopolymer manufacturing; expected market demand and commercialization plans for the Company's PHA biopolymer products; expected future financial results and cash requirements; plans for obtaining additional funding; plans and expectations that depend on the Company's ability to continue as a going concern; and expectations for future research, product development and collaborations constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission, including its 10-K for the year ended December 31, 2013 filed on March 28, 2014. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Metabolix Inquiries:
(FINANCIAL TABLES FOLLOW)
| ||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
UNAUDITED | ||||||||
(in thousands, except share and per share data) | ||||||||
Three Months Ended |
||||||||
|
||||||||
2014 |
2013 |
|||||||
Revenue: |
||||||||
Product revenue |
$ |
539 |
$ |
790 |
||||
Grant revenue |
467 |
724 |
||||||
Research and development revenue |
- |
380 |
||||||
License fee and royalty revenue |
63 |
49 |
||||||
Total revenue |
1,069 |
1,943 |
||||||
Costs and expenses: |
||||||||
Cost of product revenue |
695 |
557 |
||||||
Research and development expenses |
4,900 |
4,859 |
||||||
Selling, general, and administrative expenses |
3,634 |
3,312 |
||||||
Total costs and expenses |
9,229 |
8,728 |
||||||
Loss from operations |
(8,160) |
(6,785) |
||||||
Other income (expense), net: |
||||||||
Interest income, net |
5 |
10 |
||||||
Other income, net |
1 |
12 |
||||||
Total other income (expense), net |
6 |
22 |
||||||
Net loss |
$ |
(8,154) |
$ |
(6,763) |
||||
Net loss per share: |
||||||||
Basic |
$ |
(0.23) |
$ |
(0.20) |
||||
Diluted |
$ |
(0.23) |
$ |
(0.20) |
||||
Number of shares used in per share calculations: |
||||||||
Basic |
34,806,797 |
34,353,277 |
||||||
Diluted |
34,806,797 |
34,353,277 |
||||||
| ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
|
| |||||||
2014 |
2013 | |||||||
Assets |
||||||||
Cash, cash equivalents and short-term investments |
$ |
10,418 |
$ |
19,209 | ||||
Inventory |
3,756 |
4,074 | ||||||
Other current assets |
1,840 |
1,948 | ||||||
Restricted cash |
619 |
619 | ||||||
Property and equipment, net |
700 |
793 | ||||||
Other assets |
95 |
95 | ||||||
Total assets |
$ |
17,428 |
$ |
26,738 | ||||
Liabilities and Stockholders' Equity |
||||||||
Accounts payable and accrued liabilities |
$ |
3,121 |
$ |
5,471 | ||||
Short-term deferred revenue |
770 |
669 | ||||||
Current portion of deferred rent |
14 |
55 | ||||||
Other long-term liabilities |
148 |
145 | ||||||
Total liabilities |
4,053 |
6,340 | ||||||
Total stockholders' equity |
13,375 |
20,398 | ||||||
Total liabilities and stockholders' equity |
$ |
17,428 |
$ |
26,738 | ||||
| ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
UNAUDITED | ||||||||
(in thousands) | ||||||||
Three Months Ended | ||||||||
2014 |
2013 | |||||||
Cash flows from operating activities |
||||||||
Net loss |
$ |
(8,154) |
$ |
(6,763) | ||||
Adjustments to reconcile net loss to cash used in operating activities: |
||||||||
Depreciation |
191 |
295 | ||||||
Charge for 401(k) company common stock match |
169 |
180 | ||||||
Stock-based compensation |
785 |
863 | ||||||
Changes in operating assets and liabilities: |
||||||||
Deferred revenue |
101 |
(95) | ||||||
Inventory |
318 |
(420) | ||||||
Accounts payable |
(74) |
(1,141) | ||||||
Accrued expenses |
(2,371) |
(937) | ||||||
Other operating assets and liabilities |
70 |
(480) | ||||||
Net cash used in operating activities |
(8,965) |
(8,498) | ||||||
Cash flows from investing activities |
||||||||
Purchase of property and equipment |
(100) |
(64) | ||||||
Purchase of investments |
(1,508) |
(5,015) | ||||||
Proceeds from sale and maturity of short-term investments |
6,206 |
19,520 | ||||||
Net cash provided by investing activities |
4,598 |
14,441 | ||||||
Cash flows from financing activities |
||||||||
Proceeds from options exercised |
300 |
5 | ||||||
Net cash provided by financing activities |
300 |
5 | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(25) |
(8) | ||||||
Net increase (decrease) in cash and cash equivalents |
(4,092) |
5,940 | ||||||
Cash and cash equivalents at beginning of period |
7,698 |
14,572 | ||||||
Cash and cash equivalents at end of period |
$ |
3,606 |
$ |
20,512 | ||||
SOURCE
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