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XenoPort Inc. Reports Operating Results (10-Q)

August 06, 2010 | About:
10qk

10qk

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XenoPort Inc. (XNPT) filed Quarterly Report for the period ended 2010-06-30.

Xenoport Inc. has a market cap of $190.5 million; its shares were traded at around $6.25 with and P/S ratio of 5.6. XNPT is in the portfolios of Columbia Wanger of Columbia Wanger Asset Management.

Highlight of Business Operations:

As a result of the implementation of our restructuring plan, we recorded restructuring charges of $0 and $5.3 million in the three and six months ended June 30, 2010, respectively. The recorded restructuring charges consisted primarily of $3.9 million of leave of absence pay, severance and healthcare benefits, $0.9 million of non-cash stock-based compensation and $0.4 million of property and equipment write-offs. The restructuring charges exclude any facility-related charges because we have not reached a cease-use date for our office space in a building at 3400 Central Expressway, Santa Clara, California. We do not expect to incur additional charges in relation to the March 2010 restructuring plan, and we expect to complete the cash payments in association with the restructuring in September 2010.

Net cash used in operating activities was $37.6 million and $28.3 million in the six months ended June 30, 2010 and 2009, respectively. The net cash used in operating activities in the six months ended June 30, 2010 primarily reflected our net loss, partially offset by non-cash stock-based compensation. We recorded restructuring charges of $5.3 million in the six months ended June 30, 2010, which include approximately $4.0 million of cash expenditures primarily associated with one-time termination benefits, and, of this amount, $3.7 million was paid in the six months ended June 30, 2010. The net cash used in operating activities in the six months ended June 30, 2009 primarily reflected our net loss and, to a lesser extent, the non-cash changes in operating assets and liabilities, partially offset by non-cash stock-based compensation.

Net cash provided by (used in) investing activities was $15.0 million and $(27.7) million in the six months ended June 30, 2010 and 2009, respectively. The net cash provided by investing activities for the six months ended June 30, 2010 was primarily related to proceeds from maturities of investments, partially offset by the purchases of investments. The net cash used in investing activities for the six months ended June 30, 2009 was primarily related to the purchases of investments, partially offset by proceeds from maturities of investments.

Net cash provided by financing activities was $0.3 million and $1.4 million in the six months ended June 30, 2010 and 2009, respectively. The net cash provided by financing activities for the six months ended June 30, 2010 and 2009 primarily reflected net proceeds provided by the issuance of common stock and exercise of stock options.

Read the The complete Report

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