MAP PHARMACEUTICALS, INC. (MAPP, Financial) filed Quarterly Report for the period ended 2011-09-30.
Map Pharmaceuticals Inc. has a market cap of $423.1 million; its shares were traded at around $13.91 with and P/S ratio of 7.8.
In February 2011, Allergan paid us an upfront payment of $60.0 million, out of which $3.9 million and $41.5 million were recognized as collaboration revenue for the three and nine months ended September 30, 2011, respectively. The remaining $18.5 million is deferred and will be amortized as collaboration revenue over the estimated obligation periods.
During the third quarter ended September 30, 2011, the FDA accepted for filing our LEVADEX NDA. As a result, pursuant to the terms of our Collaboration Agreement with Allergan, we received a milestone payment of $20.0 million from Allergan. We have determined that the achievement of this milestone was substantive and we recorded the $20.0 million milestone payment as collaboration revenue on our condensed consolidated statements of operations for the three months ended September 30, 2011.
For the three months ended September 30, 2011 compared to the same period in 2010, the increase in sales, general and administrative expenses was due primarily to an increase of $1.0 million in personnel-related expenses including stock-based compensation, and an increase of $0.9 million in professional services, including LEVADEX-related market research activities.
For the nine months ended September 30, 2011 compared to the same period in 2010, the increase in sales, general and administrative expenses was due primarily to an increase of $2.1 million in personnel-related expenses including stock-based compensation, and an increase of $1.5 million in professional services, including LEVADEX-related market research activities.
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Map Pharmaceuticals Inc. has a market cap of $423.1 million; its shares were traded at around $13.91 with and P/S ratio of 7.8.
Highlight of Business Operations:
In February 2011, Allergan paid us an upfront payment of $60.0 million, out of which $3.9 million and $41.5 million were recognized as collaboration revenue for the three and nine months ended September 30, 2011, respectively. The remaining $18.5 million is deferred and will be amortized as collaboration revenue over the estimated obligation periods.In February 2011, Allergan paid us an upfront payment of $60.0 million, out of which $3.9 million and $41.5 million were recognized as collaboration revenue for the three and nine months ended September 30, 2011, respectively. The remaining $18.5 million is deferred and will be amortized as collaboration revenue over the estimated obligation periods.
During the third quarter ended September 30, 2011, the FDA accepted for filing our LEVADEX NDA. As a result, pursuant to the terms of our Collaboration Agreement with Allergan, we received a milestone payment of $20.0 million from Allergan. We have determined that the achievement of this milestone was substantive and we recorded the $20.0 million milestone payment as collaboration revenue on our condensed consolidated statements of operations for the three months ended September 30, 2011.
For the three months ended September 30, 2011 compared to the same period in 2010, the increase in sales, general and administrative expenses was due primarily to an increase of $1.0 million in personnel-related expenses including stock-based compensation, and an increase of $0.9 million in professional services, including LEVADEX-related market research activities.
For the nine months ended September 30, 2011 compared to the same period in 2010, the increase in sales, general and administrative expenses was due primarily to an increase of $2.1 million in personnel-related expenses including stock-based compensation, and an increase of $1.5 million in professional services, including LEVADEX-related market research activities.
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