Senomyx Inc. (SNMX, Financial) filed Quarterly Report for the period ended 2011-06-30.
Senomyx Inc. has a market cap of $181.4 million; its shares were traded at around $4.58 with and P/S ratio of 6.3.
Salaries and Personnel. Our expenses for research and development personnel, including consultants, were $3.2 million and $2.8 million for the three months ended June 30, 2011 and 2010, respectively. The increase of $421,000 was primarily due to increases in payroll expenses of approximately $364,000 and employee benefits-related expenses of approximately $56,000. The increase in payroll expenses and employee benefits-related expenses is due to an increase in headcount. Our research and development staff increased from an average of 75 for the three months ended June 30, 2010 to an average of 91 for the three months ended June 30, 2011. The increase in headcount resulted primarily from the hiring of additional personnel in the third and fourth quarters of 2010 to support additional research efforts. The increase in headcount was also attributable to the reclassification, effective January 1, 2011, of certain employees from General and Administrative to Research and Development due to a change in the nature of the employees responsibilities.
We recorded revenue of $15.7 million and $13.4 million during the six months ended June 30, 2011 and 2010, respectively. The increase was primarily due to the recognition of revenue associated with upfront license payments and research and development funding associated with our Sweet Taste Program collaboration with PepsiCo, which commenced in August 2010. Our Sweet Taste Program collaboration with PepsiCo contributed approximately $7.8 million to revenues for the six months ended June 30, 2011, and did not contribute to revenues during the six months ended June 30, 2010. This increase was partially offset by a decrease in revenues associated with our Sweet Taste Program collaboration with Firmenich. Our Sweet Taste Program collaboration with Firmenich contributed approximately $5.3 million to revenues for the six months ended June 30, 2011, as compared to approximately $8.1 million for the six months ended June 30, 2010. The reduction in revenues from 2010 to 2011 was primarily due to a change in the service period over which the upfront license fee related to this collaboration is being recognized. In the first quarter of 2011, Firmenich elected in accordance with our agreement to extend the service period of the collaboration an additional year. Additionally, in the first quarter of 2010, we earned two development milestones and cost reimbursements totaling approximately $1.3 million and $594,000, respectively, related to the Firmenich Sweet Taste Program collaboration. These changes were partially offset by reduced revenues of approximately $2.7 million in the aggregate under six other collaborations where the research and development funding periods reached their conclusions during either the year ended December 31, 2010 or during the three months ended March 31, 2011. The reductions in revenue were entirely the result of reduced research and development funding under these collaborations. The collaborations that reached the conclusion of their research and development periods were the collaboration with The Coca-Cola Company, or Coca-Cola, the coffee and coffee whitener collaboration with Nestlé, the collaboration with Ajinomoto, the original collaboration with Nestlé, the collaboration with Campbell and the collaboration with Solae. The collaboration agreement with Ajinomoto and the original collaboration with Nestlé have both entered the commercial phase. Research and development payments, upfront fees, milestone payments, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Campbell, Firmenich, Kraft, Nestlé and PepsiCo accounted for 100% of total revenue for the six months ended June 30, 2011. Research and development payments, upfront fees, milestone payments, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Campbell, Coca-Cola, Firmenich, Nestlé and Solae accounted for 100% of total revenue for the six months ended June 30, 2010.
Salaries and Personnel. Our expenses for research and development personnel, including consultants, were $6.6 million and $5.6 million for the six months ended June 30, 2011 and 2010, respectively. The increase of $1.0 million was primarily due to increases in payroll expenses of approximately $854,000 and employee benefits-related expenses of approximately $129,000. The increase in payroll expenses and employee benefits-related expenses is due to an increase in headcount. Our research and development staff increased from an average of 76 for the six months ended June 30, 2010 to an average of 90 for the six months ended June 30, 2011. The increase in headcount resulted primarily from the hiring of additional personnel in the third and fourth quarters of 2010 to support additional research efforts. The increase in headcount was also attributable to the reclassification, effective January 1, 2011, of certain employees from General and Administrative to Research and Development due to a change in the nature of the employees responsibilities.
Operating activities used cash of $7.7 million for the six months ended June 30, 2011 and provided cash of $5.6 million for the six months ended June 30, 2010. The primary driver of this change was a net decrease in our deferred revenues in 2011 as compared to a net increase in 2010. In 2011, the decrease in our deferred revenues used cash of $6.4 million, while the increase in our deferred revenues in 2010 provided cash of $9.2 million. The decrease in deferred revenues in 2011 was due to the recognition of revenue from upfront payments from PepsiCo and Firmenich during the six months ended June 30, 2011. The increase in deferred revenues in 2010 was due to the receipt of two upfront payments. We received $8.0 million from Firmenich in the first quarter of 2010 and $7.5 million from PepsiCo in the second quarter of 2010. The primary driver in 2011 was partially offset by a net decrease in our net loss for the six months ended June 30, 2011 as compared to the six months ended June 30, 2010. Our net loss decreased $2.0 million to $4.4 million for the six months ended June 30, 2011 compared to $6.5 million for the six months ended June 30, 2010. Non-cash net expenses increased $135,000 to $3.7 million for the six months ended June 30, 2011 from $3.5 million for the six months ended June 30, 2010. Net changes in other assets provided cash of $843,000 during the six months ended June 30, 2011 and used cash of $767,000 during the six months ended June 30, 2010. Additionally, net changes in operating liabilities other than deferred revenue used cash of $1.4 million during the six months ended June 30, 2011 and provided cash of $135,000 during the six months ended June 30, 2010.
Financing activities provided cash of $966,000 and $19.2 million for the six months ended June 30, 2011 and 2010, respectively. Cash provided by financing activities in the six months ended June 30, 2011 reflects net proceeds from the issuance or sale of common stock from the employee stock purchase program and the exercRead the The complete Report
Senomyx Inc. has a market cap of $181.4 million; its shares were traded at around $4.58 with and P/S ratio of 6.3.
Highlight of Business Operations:
We recorded revenue of $7.0 million and $5.7 million during the three months ended June 30, 2011 and 2010, respectively. The increase of $1.3 million was primarily due to the recognition of revenue associated with upfront license payments and research and development funding associated with our Sweet Taste Program collaboration with PepsiCo, which commenced in August 2010. Our Sweet Taste Program collaboration with PepsiCo contributed approximately $3.9 million to revenues for the three months ended June 30, 2011, and did not contribute to revenues during the three months ended June 30, 2010. This increase was partially offset by a decrease in revenues associated with our Sweet Taste Program collaboration with Firmenich. Our Sweet Taste Program collaboration with Firmenich contributed approximately $1.9 million to revenues for the three months ended June 30, 2011, as compared to approximately $3.4 million for the three months ended June 30, 2010. The reduction in revenues from 2010 to 2011 was primarily due to a change in the service period over which the upfront license fee related to this collaboration is being recognized. In the first quarter of 2011, Firmenich elected in accordance with our agreement to extend the service period of the collaboration an additional year. These changes were partially offset by reduced revenues of approximately $1.0 million in the aggregate under four other collaborations where the research and development funding periods reached their conclusions either during the year ended December 31, 2010 or during the three months ended March 31, 2011. The reductions in revenue were entirely the result of reduced research and development funding under these collaborations. The collaborations that reached the conclusion of their research and development periods were the collaboration with The Coca-Cola Company, or Coca-Cola, the coffee and coffee whitener collaboration with Nestlé, the original collaboration with Nestlé and the collaboration with Campbell Soup Company, or Campbell. The original collaboration with Nestlé has entered the commercial phase. In addition, during the three months ended June 30, 2010, we earned a development milestone of $500,000 from Ajinomoto. This collaboration with Ajinomoto has entered the commercial phase. Research and development payments, upfront fees, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Firmenich, Kraft, Nestlé and PepsiCo accounted for 100% of total revenue for the three months ended June 30, 2011. Research and development payments, upfront fees, milestone payments, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Campbell, Coca-Cola, Firmenich and Nestlé accounted for 100% of total revenue for the three months ended June 30, 2010.Salaries and Personnel. Our expenses for research and development personnel, including consultants, were $3.2 million and $2.8 million for the three months ended June 30, 2011 and 2010, respectively. The increase of $421,000 was primarily due to increases in payroll expenses of approximately $364,000 and employee benefits-related expenses of approximately $56,000. The increase in payroll expenses and employee benefits-related expenses is due to an increase in headcount. Our research and development staff increased from an average of 75 for the three months ended June 30, 2010 to an average of 91 for the three months ended June 30, 2011. The increase in headcount resulted primarily from the hiring of additional personnel in the third and fourth quarters of 2010 to support additional research efforts. The increase in headcount was also attributable to the reclassification, effective January 1, 2011, of certain employees from General and Administrative to Research and Development due to a change in the nature of the employees responsibilities.
We recorded revenue of $15.7 million and $13.4 million during the six months ended June 30, 2011 and 2010, respectively. The increase was primarily due to the recognition of revenue associated with upfront license payments and research and development funding associated with our Sweet Taste Program collaboration with PepsiCo, which commenced in August 2010. Our Sweet Taste Program collaboration with PepsiCo contributed approximately $7.8 million to revenues for the six months ended June 30, 2011, and did not contribute to revenues during the six months ended June 30, 2010. This increase was partially offset by a decrease in revenues associated with our Sweet Taste Program collaboration with Firmenich. Our Sweet Taste Program collaboration with Firmenich contributed approximately $5.3 million to revenues for the six months ended June 30, 2011, as compared to approximately $8.1 million for the six months ended June 30, 2010. The reduction in revenues from 2010 to 2011 was primarily due to a change in the service period over which the upfront license fee related to this collaboration is being recognized. In the first quarter of 2011, Firmenich elected in accordance with our agreement to extend the service period of the collaboration an additional year. Additionally, in the first quarter of 2010, we earned two development milestones and cost reimbursements totaling approximately $1.3 million and $594,000, respectively, related to the Firmenich Sweet Taste Program collaboration. These changes were partially offset by reduced revenues of approximately $2.7 million in the aggregate under six other collaborations where the research and development funding periods reached their conclusions during either the year ended December 31, 2010 or during the three months ended March 31, 2011. The reductions in revenue were entirely the result of reduced research and development funding under these collaborations. The collaborations that reached the conclusion of their research and development periods were the collaboration with The Coca-Cola Company, or Coca-Cola, the coffee and coffee whitener collaboration with Nestlé, the collaboration with Ajinomoto, the original collaboration with Nestlé, the collaboration with Campbell and the collaboration with Solae. The collaboration agreement with Ajinomoto and the original collaboration with Nestlé have both entered the commercial phase. Research and development payments, upfront fees, milestone payments, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Campbell, Firmenich, Kraft, Nestlé and PepsiCo accounted for 100% of total revenue for the six months ended June 30, 2011. Research and development payments, upfront fees, milestone payments, royalty revenues and cost reimbursements under collaborations with Ajinomoto, Campbell, Coca-Cola, Firmenich, Nestlé and Solae accounted for 100% of total revenue for the six months ended June 30, 2010.
Salaries and Personnel. Our expenses for research and development personnel, including consultants, were $6.6 million and $5.6 million for the six months ended June 30, 2011 and 2010, respectively. The increase of $1.0 million was primarily due to increases in payroll expenses of approximately $854,000 and employee benefits-related expenses of approximately $129,000. The increase in payroll expenses and employee benefits-related expenses is due to an increase in headcount. Our research and development staff increased from an average of 76 for the six months ended June 30, 2010 to an average of 90 for the six months ended June 30, 2011. The increase in headcount resulted primarily from the hiring of additional personnel in the third and fourth quarters of 2010 to support additional research efforts. The increase in headcount was also attributable to the reclassification, effective January 1, 2011, of certain employees from General and Administrative to Research and Development due to a change in the nature of the employees responsibilities.
Operating activities used cash of $7.7 million for the six months ended June 30, 2011 and provided cash of $5.6 million for the six months ended June 30, 2010. The primary driver of this change was a net decrease in our deferred revenues in 2011 as compared to a net increase in 2010. In 2011, the decrease in our deferred revenues used cash of $6.4 million, while the increase in our deferred revenues in 2010 provided cash of $9.2 million. The decrease in deferred revenues in 2011 was due to the recognition of revenue from upfront payments from PepsiCo and Firmenich during the six months ended June 30, 2011. The increase in deferred revenues in 2010 was due to the receipt of two upfront payments. We received $8.0 million from Firmenich in the first quarter of 2010 and $7.5 million from PepsiCo in the second quarter of 2010. The primary driver in 2011 was partially offset by a net decrease in our net loss for the six months ended June 30, 2011 as compared to the six months ended June 30, 2010. Our net loss decreased $2.0 million to $4.4 million for the six months ended June 30, 2011 compared to $6.5 million for the six months ended June 30, 2010. Non-cash net expenses increased $135,000 to $3.7 million for the six months ended June 30, 2011 from $3.5 million for the six months ended June 30, 2010. Net changes in other assets provided cash of $843,000 during the six months ended June 30, 2011 and used cash of $767,000 during the six months ended June 30, 2010. Additionally, net changes in operating liabilities other than deferred revenue used cash of $1.4 million during the six months ended June 30, 2011 and provided cash of $135,000 during the six months ended June 30, 2010.
Financing activities provided cash of $966,000 and $19.2 million for the six months ended June 30, 2011 and 2010, respectively. Cash provided by financing activities in the six months ended June 30, 2011 reflects net proceeds from the issuance or sale of common stock from the employee stock purchase program and the exercRead the The complete Report
