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XenoPort Inc. Reports Operating Results (10-Q)

May 07, 2009 | About:
insider

XenoPort Inc. (XNPT) filed Quarterly Report for the period ended 2009-03-31.

XenoPort Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the body's natural nutrient transporter mechanisms to improve the therapeutic benefits of existing drugs. XenoPort Inc. has a market cap of $421.8 million; its shares were traded at around $15.46 with and P/S ratio of 10.

Highlight of Business Operations:

Net cash used in operating activities was $8.9 million and $14.6 million in the three months ended March 31, 2009 and 2008, respectively. The net cash used in operating activities in the three months ended March 31, 2009 primarily reflected the non-cash changes in operating assets and liabilities and, to a lesser extent, our net loss, partially offset by non-cash stock-based compensation. The net cash used in operating activities in the three months ended March 31, 2008 primarily reflected our net loss and, to a lesser extent, a decrease in deferred revenue in connection with our agreements with GSK and Xanodyne.

Net cash provided by (used in) investing activities was $(8.9) million and $45.1 million in the three months ended March 31, 2009 and 2008, respectively. The net cash used in investing activities for the three months ended March 31, 2009 was primarily related to the purchases of investments, partially offset by proceeds from maturities of investments. The net cash provided by investing activities for the three months ended March 31, 2008 was primarily related to the proceeds from sales and maturities of investments, partially offset by purchases of investments.

Net cash provided by financing activities was $0.4 million and $0.6 million in the three months ended March 31, 2009 and 2008, respectively. The net cash provided by financing activities for the three months ended March 31, 2009 and 2008 primarily reflected proceeds from issuance of common stock and exercise of stock options.

We contract for the conduct of certain manufacturing activities with a contract manufacturer in Europe. We made payments in the aggregate of $0.9 million and $0.5 million during the three months ended March 31, 2009 and 2008, respectively, to this European contract manufacturer. We are exposed to fluctuations in foreign exchange rates in connection with these agreements. To date, the effect of this exposure to these fluctuations in foreign exchange rates has not been material, and we do not expect it to be material in the foreseeable future. We do not hedge our foreign currency exposures. We have not used derivative financial instruments for speculation or trading purposes.

Read the The complete ReportXNPT is in the portfolios of Lee Ainslie.

Rating: 2.0/5 (1 vote)

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