METABOLIX, INC. (MBLX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Metabolix, Inc. has a market cap of $330.18 million; its shares were traded at around $12.44 with and P/S ratio of 231.71.
Research and development expenses, including cost of revenue, were $6,168 and $6,008 for the three months ended March 31, 2010 and 2009, respectively. The increase of $160 was primarily due to an increase in employee compensation and related benefit expense partially offset by a decrease in depreciation. Employee compensation and related benefit expenses increased to $3,280 for the three months ended March 31, 2010 compared to $2,879 for the respective period in 2009. The increase of $401 was primarily attributable to annual salary and bonus increases and an increase in stock-based compensation expense, resulting from annual employee stock option awards issued in February 2010. Depreciation expense declined to $407 during the three months ended March 31, 2010 from $589 during the three months ended March 31, 2009 as a result of reaching full depreciation on equipment and facility improvements at our pre-commercial manufacturing facility at the end of 2009.
Selling, general, and administrative expenses were $3,869 and $3,714 for the three months ended March 31, 2010 and 2009, respectively. The increase of $155 is primarily due to an increase in employee compensation and related benefit expense partially offset by overall cost reductions resulting from effective cost management. Employee compensation and related benefit expense increased to $2,507 for the three months ended March 31, 2010 compared to $2,213 for the respective period in 2009.
Other income (net) was $55 and $352 for the three months ended March 31, 2010 and 2009, respectively. Other income (net) during both periods consisted of investment income. The overall decrease of $297 was primarily due to a decline in investment income earned on our U.S. Treasury and government agency debt investments.
Our cash and cash equivalents at March 31, 2010 were held for working capital purposes. We do not enter into investments for trading or speculative purposes. The primary objective of our investment activities is to preserve our capital. As of March 31, 2010 we had restricted cash of $622. Restricted cash consists of $522 held in connection with the lease agreements for our Cambridge Massachusetts facilities and $100 held in connection with our corporate credit card program. Short-term investments are made in accordance with our corporate investment policy, as approved by our Board of Directors. Investments are limited to high quality corporate debt, U.S. Treasury bills and notes, bank debt obligations, municipal debt obligations and asset-backed securities. The policy establishes maturity limits, concentration limits, and liquidity requirements. At March 31, 2010, we were in compliance with this policy.
Net cash of $12,215 was provided by investing activities during the three months ended March 31, 2010, compared to net cash of $4,193 used in investing activities for the respective period in 2009. Net cash used for investing activities, during the three months ended March 31, 2010, included $94 used to purchase equipment and $7,541 used to purchase short-term investments, partially offset by $19,879 provided by the sale and maturity of short-term investments.
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Metabolix, Inc. has a market cap of $330.18 million; its shares were traded at around $12.44 with and P/S ratio of 231.71.
Highlight of Business Operations:
Total revenue was $180 and $261 for the three months ended March 31, 2010 and 2009, respectively. During the three months ended March 31, 2010 we recognized $150 of research and development revenue compared to $6 for the respective period in 2009. Research and development revenue was derived primarily from the delivery of product samples to potential customers. The increase was caused by several larger shipments of sample material shipped to customers in late 2009 for which revenue recognition was deferred until customer acceptance occurred during the first three months of 2010. There was no grant revenue earned during the first three months of 2010 because we had only one active grant, the Blow Molded Bioproducts from Renewable Plastics grant, and there was no billable activity related to this grant during the period. During the first three months of 2009 grant revenue primarily consisted of revenue derived from the Integrated Bio-Engineered Chemicals grant, which was completed during the fourth quarter of 2009.Research and development expenses, including cost of revenue, were $6,168 and $6,008 for the three months ended March 31, 2010 and 2009, respectively. The increase of $160 was primarily due to an increase in employee compensation and related benefit expense partially offset by a decrease in depreciation. Employee compensation and related benefit expenses increased to $3,280 for the three months ended March 31, 2010 compared to $2,879 for the respective period in 2009. The increase of $401 was primarily attributable to annual salary and bonus increases and an increase in stock-based compensation expense, resulting from annual employee stock option awards issued in February 2010. Depreciation expense declined to $407 during the three months ended March 31, 2010 from $589 during the three months ended March 31, 2009 as a result of reaching full depreciation on equipment and facility improvements at our pre-commercial manufacturing facility at the end of 2009.
Selling, general, and administrative expenses were $3,869 and $3,714 for the three months ended March 31, 2010 and 2009, respectively. The increase of $155 is primarily due to an increase in employee compensation and related benefit expense partially offset by overall cost reductions resulting from effective cost management. Employee compensation and related benefit expense increased to $2,507 for the three months ended March 31, 2010 compared to $2,213 for the respective period in 2009.
Other income (net) was $55 and $352 for the three months ended March 31, 2010 and 2009, respectively. Other income (net) during both periods consisted of investment income. The overall decrease of $297 was primarily due to a decline in investment income earned on our U.S. Treasury and government agency debt investments.
Our cash and cash equivalents at March 31, 2010 were held for working capital purposes. We do not enter into investments for trading or speculative purposes. The primary objective of our investment activities is to preserve our capital. As of March 31, 2010 we had restricted cash of $622. Restricted cash consists of $522 held in connection with the lease agreements for our Cambridge Massachusetts facilities and $100 held in connection with our corporate credit card program. Short-term investments are made in accordance with our corporate investment policy, as approved by our Board of Directors. Investments are limited to high quality corporate debt, U.S. Treasury bills and notes, bank debt obligations, municipal debt obligations and asset-backed securities. The policy establishes maturity limits, concentration limits, and liquidity requirements. At March 31, 2010, we were in compliance with this policy.
Net cash of $12,215 was provided by investing activities during the three months ended March 31, 2010, compared to net cash of $4,193 used in investing activities for the respective period in 2009. Net cash used for investing activities, during the three months ended March 31, 2010, included $94 used to purchase equipment and $7,541 used to purchase short-term investments, partially offset by $19,879 provided by the sale and maturity of short-term investments.
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