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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2014 FINANCIAL RESULTS
Date:7/31/2014

period.  In addition, Senomyx will have the right to supply these flavor ingredients directly to PepsiCo. 

Intellectual Property:  Senomyx continues to be diligent in seeking protection for its intellectual property.  As of June 30, 2014, the Company is the owner or exclusive licensee of 438 issued patents and several hundred pending patent applications in the U.S., Europe, and elsewhere related to proprietary taste science technologies.  

Financial Review:At June 30, 2014, Senomyx held $33.6 million in cash, cash equivalents and investments available-for-sale.

Total revenues were $7.3 million for the second quarter ended June 30, 2014 and $7.7 million for the second quarter ended June 30, 2013.  Total revenues for the six months ended June 30, 2014 were $15.5 million compared to $15.1 million for the six months ended June 30, 2013.

Development revenues were $5.9 million for the second quarter of 2014 and $6.2 million for the second quarter of 2013.  The decrease was primarily attributable to a change in the service period over which the upfront license fee related to the PepsiCo Sweet Taste Program collaboration is being recognized in accordance with PepsiCo's election in May 2014 to extend the service period of the collaboration an additional two years to August 2016.  There was no impact on cash flow since the $30 million upfront license payment was received in 2010.  This decrease was partially offset by a $500,000 increase in development milestone revenues related to the Cooling Taste Program.

Development revenues for the six months ended June 30, 2014 were $12.7 million compared to $12.2 million for the six months ended June 30, 2013.  The increase primarily resulted from $1.8 million of development milestones earned in 2014, partially offset by a decrease in revenues from development cost reimbursements and a decrease in revenues related to the Cooling Ta
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