Synta Pharmaceuticals Inc. (SNTA, Financial) filed Quarterly Report for the period ended 2012-09-30.
Synta Pharmaceuticals, Inc. has a market cap of $479.6 million; its shares were traded at around $7.44 with and P/S ratio of 63.2.
The $16 million non-refundable upfront license payment was being recognized ratably using the time-based model over the estimated performance period through June 2012. In the fourth quarter of 2011, upon notification of Roches election to terminate the Roche Agreement, the Company accelerated the recognition of approximately $2.1 million of remaining deferred revenue from the upfront payment because the Company had no remaining substantial performance obligations. Under the Roche Agreement, the Company recognized $0 and $1.1 million of license revenue in the three months ended September 30, 2012 and 2011, respectively, and $0 and $3.4 million in the nine months ended September 30, 2012 and 2011, respectively.
In 2012 as compared to 2011, grant revenue decreased by $0.5 million. In March 2011, we received a grant from the DoD in the approximate amount of $1 million, for the development of STA-9584 in advanced prostate cancer. We conducted work on this study during the one year grant period from April 2011 through March 2012. We recognized $0 and $0.5 million of grant revenue under this grant in the three months ended September 30, 2012 and 2011, respectively, and $1 million of grant revenue during the one year grant period.
In 2012 as compared to 2011, license and milestone revenue under the Roche Agreement decreased by $3.4 million. Roche terminated the Roche Agreement effective February 16, 2012. In the fourth quarter of 2011, upon notification of Roches election to terminate the Roche Agreement, we accelerated the recognition of approximately $2.1 million of remaining deferred revenue from the upfront payment because we had no remaining significant performance obligations.
In 2012 as compared to 2011, grant revenue decreased by $0.6 million. In March 2011, we received a grant from the DoD in the approximate amount of $1 million, for the development of STA-9584 in advanced prostate cancer. We conducted work on this study during the one year grant period from April 2011 through March 2012. We recognized $0.1 million and $0.7 million of grant revenue under this grant in the nine months ended September 30, 2012 and 2011, respectively, and $1 million of grant revenue during the one year grant period.
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Synta Pharmaceuticals, Inc. has a market cap of $479.6 million; its shares were traded at around $7.44 with and P/S ratio of 63.2.
Highlight of Business Operations:
In March 2011, the Company received a grant from the Department of Defense, in the approximate amount of $1 million, for the development of STA-9584 in advanced prostate cancer. The Company conducted work on this study during the one year grant period from April 2011 through March 2012. Reimbursements were based on actual costs agreed upon in the proposal (salary, fringe benefits, overhead, and direct costs such as materials and subcontractors). The Company recognized $0 and $521,000 of grant revenue under this grant in the three months ended September 30, 2012 and 2011, respectively, and $147,000 and $732,000 of grant revenue under this grant in the nine months ended September 30, 2012 and 2011, respectively, and $1 million of grant revenue during the one year grant period.The $16 million non-refundable upfront license payment was being recognized ratably using the time-based model over the estimated performance period through June 2012. In the fourth quarter of 2011, upon notification of Roches election to terminate the Roche Agreement, the Company accelerated the recognition of approximately $2.1 million of remaining deferred revenue from the upfront payment because the Company had no remaining substantial performance obligations. Under the Roche Agreement, the Company recognized $0 and $1.1 million of license revenue in the three months ended September 30, 2012 and 2011, respectively, and $0 and $3.4 million in the nine months ended September 30, 2012 and 2011, respectively.
In 2012 as compared to 2011, grant revenue decreased by $0.5 million. In March 2011, we received a grant from the DoD in the approximate amount of $1 million, for the development of STA-9584 in advanced prostate cancer. We conducted work on this study during the one year grant period from April 2011 through March 2012. We recognized $0 and $0.5 million of grant revenue under this grant in the three months ended September 30, 2012 and 2011, respectively, and $1 million of grant revenue during the one year grant period.
In 2012 as compared to 2011, license and milestone revenue under the Roche Agreement decreased by $3.4 million. Roche terminated the Roche Agreement effective February 16, 2012. In the fourth quarter of 2011, upon notification of Roches election to terminate the Roche Agreement, we accelerated the recognition of approximately $2.1 million of remaining deferred revenue from the upfront payment because we had no remaining significant performance obligations.
In 2012 as compared to 2011, grant revenue decreased by $0.6 million. In March 2011, we received a grant from the DoD in the approximate amount of $1 million, for the development of STA-9584 in advanced prostate cancer. We conducted work on this study during the one year grant period from April 2011 through March 2012. We recognized $0.1 million and $0.7 million of grant revenue under this grant in the nine months ended September 30, 2012 and 2011, respectively, and $1 million of grant revenue during the one year grant period.
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