San Diego-based Senomyx Inc. (Nasdaq: SNMX) ended the first quarter of 2014 with a net loss of $0.05 per share, compared to $0.07 per share for the quarter ended March 31, 2013.
Total revenues were $8.2 million for the first quarter ended March 31, 2014, compared to $7.5 million for the first quarter ended March 31, 2013. The increase primarily resulted from $1.3 million of development milestones earned in the first quarter of 2014 related to the Sweet Taste Program. This increase was partially offset by a decrease in development revenues related to Senomyx's Cooling Taste Program, as research funding under the Company's collaboration with Firmenich expired in June 2013.
At March 31, Senomyx, which uses proprietary taste science technologies to discover, develop and commercialize novel flavor ingredients for the food, beverage, and ingredient supply industries, held $31.6 million in cash, cash equivalents and investments available-for-sale.
Research, development and patents expenses, including stock-based compensation expenses, were $7.0 million for the first quarter of 2014 compared to $7.4 million in the first quarter of 2013. The primary factor for the decrease from 2013 to 2014 was reduced outside services costs for safety studies to support regulatory filings.
Selling, general and administrative expenses, including stock-based compensation expenses, were $3.1 million for the first quarter of 2014 and $3.0 million for the first quarter of 2013. The increase was primarily due to increased non-cash stock-based compensation expenses in 2014 resulting from a higher fair value for stock options granted in 2014 based on the higher price of Senomyx's common stock.
"Financial results for the first quarter of 2014 met or exceeded management expectations and we are on-track to achieve our financial guidance," said Senomyx Tony Rogers, senior vice president and CFO.
For the full year 2014, Senomyx continues to expect total revenues of $32 million to $35 million, of which approximately $10 million are commercial revenues. The company said total operating expenses should be around $44 million to $46 million, of which approximately $6 million are non-cash, stock-based compensation expenses. In addition, the company expects a net loss of $10 million to $12 million on the year.
4767 Nexus Centre Drive
San Diego, CA 92121