Senomyx Inc. (SNMX, Financial) filed Quarterly Report for the period ended 2009-03-31.
SENOMYX is a leading company using proprietary taste receptor technologies to discover and develop novel flavor ingredients in the savory sweet salt bitter and cooling areas. Senomyx has entered into product discovery and development collaborations with seven of the world's leading food beverage and ingredient supply companies: Ajinomoto Co. Inc. Cadbury plc Campbell Soup Company The Coca-Cola Company Firmenich SA Nestle SA and Solae. Nestle is currently marketing products that contain one of Senomyx's flavor ingredients. Senomyx Inc. has a market cap of $78.8 million; its shares were traded at around $2.57 with and P/S ratio of 4.6.
Facilities and Depreciation. Our facilities and depreciation expenses were $1.5 million and $1.4 million for the three months ended March 31, 2009 and 2008, respectively. The increase of $9,000 was primarily attributable to an increase in depreciation expense of $15,000 primarily due to depreciation expense on instrumentation and equipment used in research and development activities. This increase was partially offset by a decrease in facilities expenses of approximately $7,000 due to reduced maintenance expenses.
Liquidity and Capital Resources Since our inception, we have financed our business primarily through private and public placements of stock, research and development payments under our product discovery and development collaborations and interest income. As of March 31, 2009 we had received in excess of $170.9 million in proceeds from the sales of common and preferred stock. In addition, we had received $87.9 million in non-refundable license fees, research and development payments, cost reimbursements and milestone payments from our collaboration agreements, and $12.1 million in interest income. As of March 31, 2009, over the remaining life of our current collaboration agreements, we expect to receive an additional $10.3 million in non-refundable research and development payments from our collaborators. We may not receive these payments if the collaborations are terminated or amended. In addition, we may receive payments in the event we achieve research or development milestones and royalty payments in the event our collaborators commercialize products incorporating our flavor ingredients.
At March 31, 2009, we had $32.9 million in cash, cash equivalents and investments available-for-sale as compared to $40.1 million at December 31, 2008, a decrease of $7.2 million. This overall decrease resulted primarily from the use of cash to fund our operations and to purchase capital equipment, partially offset by the receipt of proceeds of $376,000 from purchases of stock from the employee stock purchase plan and from the issuance of common stock through the exercise of employee stock options.
Operating activities used cash of $7.5 million for the three months ended March 31, 2009 and for the three months ended March 31, 2008. Our net loss increased $2.5 million to $7.3 million for the three months ended March 31, 2009 compared to $4.8 million for the three months ended March 31, 2008. Non-cash income decreased $386,000 to $9,000 for the three months ended March 31, 2009 from $395,000 for the three months ended March 31, 2008. Non-cash expenses decreased $104,000 to $2.1 million for the three months ended March 31, 2009 from $2.2 million for the three months ended March 31, 2008. The decrease in non-cash expenses was primarily due to decreases in stock-based compensation for both employees and non-employees and in depreciation expense. Net changes in other assets used cash of $963,000 during the three months ended March 31, 2009 and provided cash of $281,000 during the three months ended March 31, 2008. Additionally, net decreases in operating liabilities over the three months ended March 31, 2009 and 2008 used cash of $1.3 million and $4.8 million, respectively.
Financing activities provided cash of $376,000 and $662,000 for the three months ended March 31, 2009 and 2008, respectively. Cash provided by financing activities in the three months ended March 31, 2009 and 2008 reflects the net proceeds from the issuance or sale of common stock of $376,000 and $662,000, respectively, primarily pursuant to purchases of stock from the employee stock purchase program and the exercise of employee and non-employee stock options.
Read the The complete ReportSNMX is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
SENOMYX is a leading company using proprietary taste receptor technologies to discover and develop novel flavor ingredients in the savory sweet salt bitter and cooling areas. Senomyx has entered into product discovery and development collaborations with seven of the world's leading food beverage and ingredient supply companies: Ajinomoto Co. Inc. Cadbury plc Campbell Soup Company The Coca-Cola Company Firmenich SA Nestle SA and Solae. Nestle is currently marketing products that contain one of Senomyx's flavor ingredients. Senomyx Inc. has a market cap of $78.8 million; its shares were traded at around $2.57 with and P/S ratio of 4.6.
Highlight of Business Operations:
Salaries and Personnel. Our expenses for research and development personnel, including consultants, were $3.1 million and $3.3 million for the three months ended March 31, 2009 and 2008, respectively. The decrease of $182,000 was primarily due to decreases in payroll expenses of approximately $76,000 and travel-related expenses of approximately $70,000. Our research and development staff decreased from an average of 96 for the three months ended March 31, 2008 to an average of 95 for the three months ended March 31, 2009.Facilities and Depreciation. Our facilities and depreciation expenses were $1.5 million and $1.4 million for the three months ended March 31, 2009 and 2008, respectively. The increase of $9,000 was primarily attributable to an increase in depreciation expense of $15,000 primarily due to depreciation expense on instrumentation and equipment used in research and development activities. This increase was partially offset by a decrease in facilities expenses of approximately $7,000 due to reduced maintenance expenses.
Liquidity and Capital Resources Since our inception, we have financed our business primarily through private and public placements of stock, research and development payments under our product discovery and development collaborations and interest income. As of March 31, 2009 we had received in excess of $170.9 million in proceeds from the sales of common and preferred stock. In addition, we had received $87.9 million in non-refundable license fees, research and development payments, cost reimbursements and milestone payments from our collaboration agreements, and $12.1 million in interest income. As of March 31, 2009, over the remaining life of our current collaboration agreements, we expect to receive an additional $10.3 million in non-refundable research and development payments from our collaborators. We may not receive these payments if the collaborations are terminated or amended. In addition, we may receive payments in the event we achieve research or development milestones and royalty payments in the event our collaborators commercialize products incorporating our flavor ingredients.
At March 31, 2009, we had $32.9 million in cash, cash equivalents and investments available-for-sale as compared to $40.1 million at December 31, 2008, a decrease of $7.2 million. This overall decrease resulted primarily from the use of cash to fund our operations and to purchase capital equipment, partially offset by the receipt of proceeds of $376,000 from purchases of stock from the employee stock purchase plan and from the issuance of common stock through the exercise of employee stock options.
Operating activities used cash of $7.5 million for the three months ended March 31, 2009 and for the three months ended March 31, 2008. Our net loss increased $2.5 million to $7.3 million for the three months ended March 31, 2009 compared to $4.8 million for the three months ended March 31, 2008. Non-cash income decreased $386,000 to $9,000 for the three months ended March 31, 2009 from $395,000 for the three months ended March 31, 2008. Non-cash expenses decreased $104,000 to $2.1 million for the three months ended March 31, 2009 from $2.2 million for the three months ended March 31, 2008. The decrease in non-cash expenses was primarily due to decreases in stock-based compensation for both employees and non-employees and in depreciation expense. Net changes in other assets used cash of $963,000 during the three months ended March 31, 2009 and provided cash of $281,000 during the three months ended March 31, 2008. Additionally, net decreases in operating liabilities over the three months ended March 31, 2009 and 2008 used cash of $1.3 million and $4.8 million, respectively.
Financing activities provided cash of $376,000 and $662,000 for the three months ended March 31, 2009 and 2008, respectively. Cash provided by financing activities in the three months ended March 31, 2009 and 2008 reflects the net proceeds from the issuance or sale of common stock of $376,000 and $662,000, respectively, primarily pursuant to purchases of stock from the employee stock purchase program and the exercise of employee and non-employee stock options.
Read the The complete ReportSNMX is in the portfolios of Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
