METABOLIX, INC. (MBLX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Metabolix, Inc. has a market cap of $440.9 million; its shares were traded at around $16.49 with and P/S ratio of 309.4.
Total revenue was $109 and $348 for the three months ended June 30, 2010 and 2009, respectively. During the three months ended June 30, 2010 we recognized $62 of research and development revenue compared to $24 for the respective period in 2009. Research and development revenue was derived primarily from the delivery of product samples to potential customers. There was $5 of grant revenue earned during the three months ended June 30, 2010 because we had one active grant, the Blow Molded Bioproducts from Renewable Plastics grant. During the three months ended June 30, 2009 grant revenue primarily consisted of revenue derived from the Integrated Bio-Engineered Chemicals grant, which was completed during the fourth quarter of 2009.
Research and development expenses, including cost of revenue, were $5,838 and $6,323 for the three months ended June 30, 2010 and 2009, respectively. The decrease of $485 was primarily due to a decrease in material production costs and a decrease in depreciation expense, partially offset by an increase in employee compensation and related benefit expenses. Material production costs decreased from $1,103 to $580. The decrease of $523 was primarily the result of reduced activity at our pre-commercial manufacturing facility due to the transitioning to the Commercial Manufacturing Facility. Depreciation expense decreased to $348 during the three months ended June 30, 2010 from $644 as a result of reaching full depreciation on equipment and facility improvements at the pre-commercial manufacturing facility at the end 2009. Employee compensation and related benefit expenses increased to $3,262 from $2,911. The increase of $351 was primarily attributable to annual salary increases and bonuses and an increase in stock-based compensation expense resulting from annual employee stock option awards.
Selling, general, and administrative expenses were $3,848 and $3,938 for the three months ended June 30, 2010 and 2009, respectively. Although selling, general, and administrative expenses were fairly consistent for the comparative three month periods we expect to incur increased selling, general, and administrative expenses through the Construction Phase of the ADM agreement as we increase our market development activities for Mirel. Upon the commencement of the Commercial Phase of the agreement, selling, general, and administrative expenses are expected to decrease substantially as these Mirel related costs will be transferred to Telles. During the transition period between the initial start-up of the Commercial Manufacturing Facility and the commencement of the Commercial Phase, we will continue to bear these expenses. We also expect to incur increased patent expenses in connection with protecting and enforcing our intellectual property across all of our technology platforms.
Other income (net) was $34 and $241 for the three months ended June 30, 2010 and 2009, respectively. Other income (net) during both periods consisted of investment income. The overall decrease of $207 was primarily due to a decline in investment income earned on our U.S. Treasury and government agency debt investments.
Total revenue was $289 and $609 for the six months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 we recognized $212 of research and development revenue compared to $30 for the respective period in 2009. Research and development revenue was derived primarily from the delivery of product samples to potential customers. There was $5 of grant revenue earned during the six months ended June 30, 2010 from our one active grant, the Blow Molded Bioproducts from Renewable Plastics grant. During the six months ended June 30, 2009 grant revenue primarily consisted of revenue derived from the Integrated Bio-Engineered Chemicals grant, which was completed during the fourth quarter of 2009.
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Metabolix, Inc. has a market cap of $440.9 million; its shares were traded at around $16.49 with and P/S ratio of 309.4.
Highlight of Business Operations:
As of June 30, 2010, we had an accumulated deficit of $187,419 and total stockholders equity was $40,441.Total revenue was $109 and $348 for the three months ended June 30, 2010 and 2009, respectively. During the three months ended June 30, 2010 we recognized $62 of research and development revenue compared to $24 for the respective period in 2009. Research and development revenue was derived primarily from the delivery of product samples to potential customers. There was $5 of grant revenue earned during the three months ended June 30, 2010 because we had one active grant, the Blow Molded Bioproducts from Renewable Plastics grant. During the three months ended June 30, 2009 grant revenue primarily consisted of revenue derived from the Integrated Bio-Engineered Chemicals grant, which was completed during the fourth quarter of 2009.
Research and development expenses, including cost of revenue, were $5,838 and $6,323 for the three months ended June 30, 2010 and 2009, respectively. The decrease of $485 was primarily due to a decrease in material production costs and a decrease in depreciation expense, partially offset by an increase in employee compensation and related benefit expenses. Material production costs decreased from $1,103 to $580. The decrease of $523 was primarily the result of reduced activity at our pre-commercial manufacturing facility due to the transitioning to the Commercial Manufacturing Facility. Depreciation expense decreased to $348 during the three months ended June 30, 2010 from $644 as a result of reaching full depreciation on equipment and facility improvements at the pre-commercial manufacturing facility at the end 2009. Employee compensation and related benefit expenses increased to $3,262 from $2,911. The increase of $351 was primarily attributable to annual salary increases and bonuses and an increase in stock-based compensation expense resulting from annual employee stock option awards.
Selling, general, and administrative expenses were $3,848 and $3,938 for the three months ended June 30, 2010 and 2009, respectively. Although selling, general, and administrative expenses were fairly consistent for the comparative three month periods we expect to incur increased selling, general, and administrative expenses through the Construction Phase of the ADM agreement as we increase our market development activities for Mirel. Upon the commencement of the Commercial Phase of the agreement, selling, general, and administrative expenses are expected to decrease substantially as these Mirel related costs will be transferred to Telles. During the transition period between the initial start-up of the Commercial Manufacturing Facility and the commencement of the Commercial Phase, we will continue to bear these expenses. We also expect to incur increased patent expenses in connection with protecting and enforcing our intellectual property across all of our technology platforms.
Other income (net) was $34 and $241 for the three months ended June 30, 2010 and 2009, respectively. Other income (net) during both periods consisted of investment income. The overall decrease of $207 was primarily due to a decline in investment income earned on our U.S. Treasury and government agency debt investments.
Total revenue was $289 and $609 for the six months ended June 30, 2010 and 2009, respectively. During the six months ended June 30, 2010 we recognized $212 of research and development revenue compared to $30 for the respective period in 2009. Research and development revenue was derived primarily from the delivery of product samples to potential customers. There was $5 of grant revenue earned during the six months ended June 30, 2010 from our one active grant, the Blow Molded Bioproducts from Renewable Plastics grant. During the six months ended June 30, 2009 grant revenue primarily consisted of revenue derived from the Integrated Bio-Engineered Chemicals grant, which was completed during the fourth quarter of 2009.
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