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Transcept Pharmaceuticals Inc. (TSPT) filed Quarterly Report for the period ended 2011-09-30.
Transcept Pharmaceuticals Inc. has a market cap of $107.6 million; its shares were traded at around $7.95 with and P/S ratio of 8.6.
This is the annual revenues and earnings per share of TSPT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TSPT.
Highlight of Business Operations:
Our only source of revenue has been the receipt in August 2009 of a $25.0 million non-refundable license fee received pursuant to our Collaboration Agreement with Purdue. Through June 30, 2011, we recognized revenue from the license fee ratably over an estimated 24-month period beginning in August 2009 and ending in July 2011. This represented the estimated period during which we had significant participatory obligations under the Collaboration Agreement. In the quarter ended September 30, 2011, we re-assessed the estimated time period over which the remaining $1.04 million of deferred revenue at June 30, 2011 will be recognized. We currently estimate that we will fulfill our participatory obligations under the Collaboration Agreement in November 2011, resulting in monthly revenue recognition of approximately $208,000. Thus, we recognized $625,000 of revenue in the quarter ended September 30, 2011. Our ability to generate additional near term revenue is dependent upon our ability to license the development and commercialization of Intermezzo® outside the United States and the receipt of milestone and royalty payments under our Collaboration Agreement with Purdue, which payments are dependent upon the regulatory approval by the FDA of Intermezzo®.Through June 30, 2011, we recognized revenue from the $25 million non-refundable license fee ratably over an estimated 24-month period beginning in August 2009 and ending in July 2011. This represented the estimated period during which we had significant participatory obligations under the Collaboration Agreement. In the quarter ended September 30, 2011, we re-assessed the estimated time period over which the remaining $1.04 million of deferred revenue at June 30, 2011 will be recognized. We currently estimate that we will fulfill our participatory obligations under the Collaboration Agreement in November 2011, resulting in monthly revenue recognition of approximately $208,000. Thus, we recognized $625,000 of revenue in the quarter ended September 30, 2011.
The revenue recognized in connection with the license fee during the three and nine months ended September 30, 2011 and 2010 was $0.6 million and $6.9 million, respectively. Revenue recognized in connection with the license fee during the three and nine months ended September 30, 2010 was $3.1 million and $9.4 million, respectively.
Revenue for both periods relates to recognition of a portion of the $25.0 million non-refundable license fee we received from Purdue in connection with our entry into the Collaboration Agreement. Through June 30, 2011, we recognized revenue from the $25 million non-refundable license fee ratably over an estimated 24-month period beginning in August 2009 and ending in July 2011. This represented the estimated period during which we had significant participatory obligations under the Collaboration Agreement. In the quarter ended September 30, 2011, we re-assessed the estimated time period over which the remaining $1.04 million of deferred revenue at June 30, 2011 will be recognized. We currently estimate that we will fulfill our participatory obligations under the Collaboration Agreement in November 2011, resulting in monthly revenue recognition of approximately $208,000. Thus, we recognized $625,000 of revenue in the quarter ended September 30, 2011.
Net cash used in operating activities was $13.14 million for the nine months ended September 30, 2011, compared to $13.67 million for the nine months ended September 30, 2010. Net cash used in operating activities for both periods consisted primarily of our net loss adjusted for noncash items such as depreciation, amortization, stock-based compensation charges and noncash interest expense, as well as net changes in working capital, which included $6.9 million and $9.4 million of revenue recognition for the nine months ended September 30, 2011 and 2010, respectively, resulting in a decrease in deferred revenue in both periods.
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