Metabolix Announces First Quarter 2015 Financial Results
"Since the start of 2015, we have continued to make real progress executing our business plan to transform
"For example, we have been busy working with Honeywell on the development and launch of the first products under our global, exclusive technology and commercial alliance. These initial products are expected to use our marine biodegradable PHA biopolymers to replace polyethylene microbeads in personal care products such as face scrubs and body wash. We also joined Honeywell at the in-cosmetics® tradeshow held last month in
"To support our commercial development efforts, we also have made substantial progress on the expansion of pilot production for our Mirel PHA biopolymers. We have now nearly completed the planned capital upgrades at our biopolymer recovery facility, and just recently signed a two-year agreement for toll fermentation services from a very capable U.S. based supplier. The fermentation agreement is well matched to our planned nameplate biopolymer recovery capacity of 50,000 pounds per month. With these items in place, we will now focus on technology transfer leading to commercial supply of fermentation broth, the final facility modifications for biopolymer recovery and the scale-up of amorphous-PHA pilot production in line with our commercialization requirements.
"Our team is executing our business plan with a sense of urgency and pursuing a promising set of commercial development opportunities. We intend to remain focused on these efforts over the coming quarters," said Shaulson.
FIRST QUARTER 2015 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 the Company's ability to continue as a going concern. The Company expects that reductions in cash usage in 2015 due to the discontinuation of its German operations, the restructuring of its U.S. organization and other cost-containment measures will be largely offset by increased biopolymer production costs. As a result,
Continuing Operations:
For the first quarter of 2015, the Company reported a net loss from continuing operations of
Total revenue from continuing operations in the first quarter of 2015 was
In the first quarter of 2015, research and development expenses for continuing operations were
The Company's net cash used in operating activities for continuing operations during the first quarter of 2015 was
Discontinued Operations:
In
Conference Call Information
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About
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 pilot and commercial scale 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
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||
UNAUDITED | ||
(in thousands, except share and per share data) | ||
Three Months Ended March 31, | ||
2015 | 2014 | |
Revenue: | ||
Product revenue | $ 72 | $ 102 |
Grant revenue | 452 | 448 |
License fee and royalty revenue | 121 | 63 |
Total revenue | 645 | 613 |
Costs and expenses: | ||
Cost of product revenue | 84 | 166 |
Research and development | 3,925 | 4,812 |
Selling, general, and administrative | 2,466 | 3,132 |
Total costs and expenses | 6,475 | 8,110 |
Loss from continuing operations | (5,830) | (7,497) |
Other income (expense), net | (13) | 6 |
Net loss from continuing operations | (5,843) | (7,491) |
Discontinued operations: | ||
Loss from discontinued operations | — | (663) |
Total loss from discontinued operations | — | (663) |
Net loss | $ (5,843) | $ (8,154) |
Basic and diluted net loss per share: | ||
Net loss from continuing operations | $ (0.04) | $ (0.21) |
Net loss from discontinued operations | — | (0.02) |
Net loss per share | $ (0.04) | $ (0.23) |
Number of shares used in per share calculations: | ||
Basic & Diluted | 135,338,509 | 34,806,797 |
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CONDENSED CONSOLIDATED BALANCE SHEET | ||
UNAUDITED | ||
(in thousands) | ||
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2015 | 2014 | |
Assets | ||
Current Assets: | ||
Cash and cash equivalents | $ 13,257 | $ 20,046 |
Short-term investments | — | — |
Accounts receivable | 174 | 45 |
Due from related parties | 94 | 112 |
Unbilled receivables | 558 | 420 |
Inventory | 571 | 586 |
Prepaid expenses and other current assets | 774 | 756 |
Total current assets | 15,428 | 21,965 |
Restricted cash | 619 | 619 |
Property and equipment, net | 528 | 456 |
Other assets | 95 | 95 |
Total assets | $ 16,670 | $ 23,135 |
Liabilities and Stockholders' Equity | ||
Current Liabilities: | ||
Accounts payable | $ 288 | $ 333 |
Accrued expenses | 2,653 | 3,709 |
Short-term deferred revenue | 249 | 147 |
Total current liabilities | 3,190 | 4,189 |
Other long-term liabilities | 150 | 150 |
Total liabilities | 3,340 | 4,339 |
Commitments and contingencies (Note 10) | ||
Stockholders' Equity: | ||
Preferred stock ( |
— | — |
Common stock ( |
1,353 | 1,352 |
Additional paid-in capital | 319,960 | 319,580 |
Accumulated other comprehensive loss | (68) | (64) |
Accumulated deficit | (307,915) | (302,072) |
Total stockholders' equity | 13,330 | 18,796 |
Total liabilities and stockholders' equity | $ 16,670 | $ 23,135 |
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||
UNAUDITED | ||
(in thousands) | ||
Three Months Ended |
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2015 | 2014 | |
Cash flows from operating activities | ||
Net loss | $ (5,843) | $ (8,154) |
Less: | ||
Loss from discontinued operation | — | (663) |
Loss from continuing operations | (5,843) | (7,491) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 55 | 191 |
Charge for 401(k) company common stock match | 137 | 169 |
Stock-based compensation | 313 | 785 |
Changes in operating assets and liabilities: | ||
Accounts receivables | (129) | 551 |
Due from related party | 18 | 51 |
Unbilled receivables | (138) | (60) |
Inventory | 15 | 189 |
Prepaid expenses and other assets | (18) | (434) |
Accounts payable | (45) | (74) |
Accrued expenses | (1,128) | (2,371) |
Deferred rent and other long-term liabilities | — | (38) |
Deferred revenue | 102 | 101 |
Net cash used by continuing operations for operating activities | (6,661) | (8,431) |
Net cash used by discontinued operations for operating activities | — | (534) |
Net cash used in operating activities | (6,661) | (8,965) |
Cash flows from investing activities | ||
Purchase of property and equipment | (127) | (100) |
Purchase of short-term investments | — | (1,508) |
Proceeds from the sale and maturity of short-term investments | — | 6,206 |
Net cash (used by) provided by investing activities | (127) | 4,598 |
Cash flows from financing activities | ||
Proceeds from options exercised | — | 300 |
Net cash provided by financing activities | — | 300 |
Effect of exchange rate changes on cash and cash equivalents | (1) | (25) |
Net increase (decrease) in cash and cash equivalents | (6,789) | (4,092) |
Cash and cash equivalents at beginning of period | 20,046 | 7,698 |
Cash and cash equivalents at end of period | $ 13,257 | $ 3,606 |
CONTACT: Metabolix Inquiries:Source:Lynne H. Brum , (617) 682-4693, LBrum@metabolix.com
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