Attached files
Exhibit 99.1
ITEM 6. | SELECTED FINANCIAL DATA |
The consolidated statements of operations data for the years ended December 31, 2008, 2007, and 2006 and the consolidated balance sheet data as of December 31, 2008 and 2007 have been derived from our audited consolidated financial statements included elsewhere in this annual report. The statements of operation data for the years ended December 31, 2005 and 2004 and the balance sheet data as of December 31, 2006, 2005 and 2004 have been derived from our audited financial statements not included in this annual report. The following selected financial data should be read in conjunction with our Managements Discussion and Analysis of Financial Condition and Results of Operations and consolidated financial statements and related notes to those statements included elsewhere in this annual report.
As further discussed in Note 1 in our Notes to Consolidated Financial Statements included as Exhibit 99.3 in this Current Report on Form 8-K, our consolidated financial statements for the years ended December 31, 2008 and 2007 have been adjusted for the retrospective application of Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (FSP APB 14-1). Consolidated financial statements prior to December 31, 2007 were not impacted by the adoption of FSP APB 14-1.
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Consolidated Statements of Operations Data: |
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Product revenue |
$ | 8,108 | $ | 4,627 | $ | 2,170 | $ | | $ | | ||||||||||
Development grant revenue |
1,730 | | | | | |||||||||||||||
Total revenue |
9,838 | $ | 4,627 | $ | 2,170 | $ | | $ | | |||||||||||
Product cost of sales |
13,383 | 12,736 | 10,959 | | | |||||||||||||||
Development cost of sales |
1,984 | | | | | |||||||||||||||
Total cost of sales |
15,367 | 12,736 | 10,959 | $ | | $ | | |||||||||||||
Gross margin (deficit) |
(5,529 | ) | (8,109 | ) | (8,789 | ) | | | ||||||||||||
Operating expenses: |
||||||||||||||||||||
Research and development(1) |
19,629 | 16,131 | 19,419 | 26,770 | 12,470 | |||||||||||||||
Selling, general and administrative(1) |
27,669 | 22,436 | 21,111 | 5,660 | 1,597 | |||||||||||||||
Total operating expenses |
47,298 | 38,567 | 40,530 | 32,430 | 14,067 | |||||||||||||||
Operating loss |
(52,827 | ) | (46,676 | ) | (49,319 | ) | (32,430 | ) | (14,067 | ) | ||||||||||
Other income |
34 | | | | | |||||||||||||||
Interest income |
1,220 | 3,782 | 2,815 | 1,662 | 121 | |||||||||||||||
Interest expense |
(7,283 | ) | (5,560 | ) | (95 | ) | | | ||||||||||||
Net loss |
(58,856 | ) | (48,454 | ) | (46,599 | ) | (30,768 | ) | (13,946 | ) | ||||||||||
Accretion to redemption value of Series B and Series C redeemable convertible preferred stock |
| | | (122 | ) | (3,235 | ) | |||||||||||||
Net loss attributable to common stockholders |
$ | (58,856 | ) | $ | (48,454 | ) | $ | (46,599 | ) | $ | (30,890 | ) | $ | (17,181 | ) | |||||
Basic and diluted net loss per share attributable to common stockholders(2) |
$ | (2.00 | ) | $ | (1.71 | ) | $ | (1.71 | ) | $ | (1.63 | ) | $ | (7.51 | ) | |||||
Shares used to compute basic and diluted net loss per share attributable to common stockholders(2) |
29,487 | 28,313 | 27,236 | 18,944 | 2,286 | |||||||||||||||
As of December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Consolidated Balance Sheet Data: |
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Cash and marketable securities |
$ | 27,068 | $ | 64,323 | $ | 54,508 | $ | 50,525 | $ | 27,229 | ||||||||||
Working capital |
17,062 | 58,844 | 52,126 | 43,939 | 25,705 | |||||||||||||||
Total assets |
43,882 | 76,388 | 64,553 | 56,726 | 29,358 | |||||||||||||||
Long term obligations |
48,354 | 38,009 | 2,118 | | | |||||||||||||||
Redeemable convertible preferred stock |
| | | | 76,974 | |||||||||||||||
Total stockholders equity (deficit) |
(19,468 | ) | 29,932 | 56,828 | 49,412 | (49,310 | ) |
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(1) | For the years ended December 31, 2004 and 2005, certain prior period amounts have been reclassified to conform to current period presentation. The separate display of stock-based compensation expenses associated with research and development and selling, general, and administrative have been reclassified as components of research and development and selling, general, and administrative expenses. |
(2) | See Note 2 of the notes to our consolidated financial statements for a description of the method used to compute basic and diluted net loss per share attributable to common stockholders. |
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