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Senomyx Announces Fourth Quarter And Full Year 2012 Financial Results And Initiation Of New Direct Sales Strategy
Date:3/15/2013

elated to proprietary taste science technologies.  

Financial Review:The Company has modified the presentation of its statements of operations.  Historically, commercial revenues have been presented net of related direct costs, which to date have been comprised of royalty payments related to certain in-licensed technologies.  Effective with these 2012 financial results and for previous periods to which these results are compared, the related direct costs will be reported as a component of operating expenses defined as cost of commercial revenues.  This modification does not have an impact on cash flow or net results.  The financial results described below reflect this modification.

Total revenues were $31.3 million for 2012 compared to $31.6 million for 2011.  Total revenues were $8.2 million for the fourth quarter of 2012 compared to $8.6 million for the fourth quarter of 2011.

Development revenues were $27.0 million in 2012 compared to $28.2 million in 2011.  Development revenues were $6.7 million in the fourth quarter of 2012 compared to $7.7 million in the fourth quarter of 2011.  The decrease in the fourth quarter is primarily due to lower upfront license fee revenues recognized in 2012 compared to 2011.  Specifically, the Company recognized approximately $200,000 and $900,000 in the fourth quarter of 2012 and 2011, respectively, related to the $20 million in license payments under the 2009 Sweet Program collaboration with Firmenich.  There was no impact to cash flow as the license payments were received prior to 2011.

Commercial revenues were $4.3 million for 2012 compared to $3.4 million for 2011.  Commercial revenues were $1.5 million for the fourth quarter of 2012 compared to $940,000 for the fourth quarter of 2011. These increases resulted from higher commercial revenues related to our Savory Taste and Sweet Taste programs, as well as royalties from sales relat
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