Acacia Research Reports Second Quarter Results.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--July 29, 2003 Acacia acacia (əkā`shə), any plant of the large leguminous genus Acacia, often thorny shrubs and trees of the family Leguminosae (pulse family). Research Corporation (Nasdaq:ACTG ACTG Acting ACTG AIDS Clinical Trial Group ACTG Actuating/Actuator )(Nasdaq:CBMX) today reported results for the three months ended June June: see month. 30, 2003. Acacia Research Corporation comprises two operating groups, the Acacia Technologies
Acacia Research Corporation Consolidated Financial Results Consolidated revenues for the second quarter of 2003 were $25,000 versus $438,000 in the comparable 2002 period. Second quarter 2003 revenues were primarily comprised of Digital Media Transmission ("DMT See DSL. ") license fees recognized by the Acacia Technologies group and service and maintenance contract revenue recognized by the CombiMatrix group related to a DNA microarray DNA microarray A small solid support, usually a membrane or glass slide, on which sequences of DNA are fixed in an orderly arrangement. DNA microarrays are used for rapid surveys of the expression of many genes simultaneously, as the sequences contained on a synthesizer synthesizer Machine that electronically generates and modifies sounds, frequently with the use of a digital computer, for use in the composition of electronic music and in live performance. system sold to Keio University Keio University (慶應義塾大学 Keiō gijuku daigaku School of Medicine in the first quarter of 2003. The second quarter 2003 consolidated net loss was $6,774,000 versus a consolidated net loss of $9,701,000 in the comparable 2002 period. Included in the second quarter 2003 consolidated net loss are non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. totaling $1,382,000, comprised of non-cash stock compensation amortization charges of $776,000, a non-cash write down of our investment in ADX ADX Average Directional Movement Index ADX Automatic Data Exchange Adx Adrenodoxin ADX Adrenalectomized ADX Accumulation/Distribution Index ADX Air Defense Exercise ADX Administrative Maximum Facility ADX Address Cross Reference Corporation of $207,000 and non-cash amortization of patents totaling $399,000. Non-cash stock compensation amortization charges and non-cash amortization of patents totaled $2,143,000 and $564,000, respectively, in the comparable 2002 period. Consolidated research and development expenses, comprised of costs incurred by the CombiMatrix group, decreased to $2,158,000 from $5,026,000 in the comparable 2002 period, primarily due to the CombiMatrix group's completion of several research and development projects in the third and fourth quarters of 2002 pursuant to its agreements with Roche Diagnostics Roche Diagnostics Division is a subsidiary of Hoffmann-La Roche which manufactures equipment and reagents for research and medical diagnostic applications. Internally, it is organized into six major business areas: Roche Applied Science, Roche Centralized Diagnostics, Roche , GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) ("Roche n. 1. Rock. "), resulting in a reduction of related research and development expenses during 2003, as compared to 2002. Consolidated marketing, general and administrative expenses decreased to $3,552,000 from $5,516,000 in the comparable 2002 period, primarily due to a reduction in professional fees related to Acacia Research Corporation's recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and merger transactions completed in December December: see month. 2002, a reduction in corporate legal expenses, and a reduction in overhead due to reduced general and administrative personnel compared to the prior year quarter. The decrease was partially offset by an increase in costs related to Acacia Technologies group's ongoing DMT patent commercialization and enforcement efforts, including increased legal and engineering costs related to new patent claims and the identification of potential licensees of our DMT technology. Minority interests in the net losses of subsidiaries decreased to $24,000 from $4,104,000 in the comparable 2002 period, due to Acacia Research Corporation's acquisition of 100% of the ownership interests in CombiMatrix Corporation in December 2002. Financial Condition Total consolidated assets were $95,639,000 as of June 30, 2003 compared to $97,071,000 as of December 31, 2002. Cash and cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments on a consolidated basis totaled $55,103,000 as of June 30, 2003 compared to $54,688,000 as of December 31, 2002. During the second quarter of 2003, CombiMatrix Corporation received total cash payments of $5,808,000 consisting of $4,500,000 related to the completion of certain milestones and $308,000 related to the delivery of prototype products and services pursuant to its agreements with Roche and an up-front up-front or up·front Informal adj. 1. Straightforward; frank. 2. Paid or due in advance: up-front cash. adv. payment of $1,000,000 pursuant to its agreement with Toppan Printing Corporation ("Toppan"), which have been recorded as deferred revenues. Total cash payments received from Roche since the inception of our relationship in July July: see month. 2001 total $23,294,000. Total consolidated deferred revenues at June 30, 2003 were $18,110,000, comprised of $16,558,000 for the CombiMatrix group and $1,552,000 for the Acacia Technologies group. In May 2003, Acacia Research Corporation completed a private placement of approximately 2.4 million units of its Acacia Research-CombiMatrix common stock and warrants at a price of $2.20 per unit. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $4,875,000 from the private placement were attributed to the CombiMatrix group. Acacia Technologies Group (A Division of Acacia Research Corporation) Financial Results DMT license fee revenues for the second quarter of 2003 were $19,000 versus no license fee revenues in the comparable 2002 period. Since November November: see month. 2002, the Acacia Technologies group has entered into 27 license agreements for its DMT technology, 13 of which were executed in the second quarter of 2003. All of the Acacia Technologies group's DMT license agreements provide for recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. license fee payments to be made by the respective licensees over the term of the licenses. The second quarter 2003 division net loss was $1,577,000 versus $3,806,000 in the comparable 2002 period. Included in the second quarter 2003 division net loss are non-cash charges totaling $332,000, comprised of a non-cash write down of our investment in ADX Corporation of $207,000 and non-cash amortization of patents totaling $125,000. Non-cash amortization of patents totaled $465,000 in the comparable 2002 period. Marketing, general and administrative expenses decreased to $1,453,000 from $2,589,000 in the comparable 2002 period, primarily due to a reduction in professional fees related to Acacia Research Corporation's recapitalization and merger transactions completed in December 2002, a reduction in corporate legal expenses, and a reduction in overhead due to reduced general and administrative personnel compared to the prior year quarter. The decrease was partially offset by an increase in costs related to Acacia Technologies group's ongoing DMT patent commercialization and enforcement efforts, including increased legal and engineering costs related to new patent claims and the identification of potential licensees of our DMT technology. Financial Condition Total assets for the Acacia Technologies group were $42,919,000 as of June 30, 2003 compared to $47,212,000 as of December 31, 2002. Cash and cash equivalents and short-term investments totaled $35,840,000 as of June 30, 2003 compared to $39,792,000 as of December 31, 2002. CombiMatrix Group (A Division of Acacia Research Corporation) Financial Results Revenues for the second quarter of 2003 were $6,000 versus $438,000 in the comparable 2002 period. Second quarter 2003 revenues were comprised of service and maintenance contract revenue related to a DNA microarray synthesizer system sold to Keio University School of Medicine in the first quarter of 2003. The second quarter 2003 division net loss was $5,197,000 versus a division net loss of $5,895,000 in the comparable 2002 period. Included in the second quarter 2003 division net loss are non-cash charges totaling $1,050,000, comprised of non-cash stock compensation amortization charges of $776,000 and non-cash amortization of patents totaling $274,000. Non-cash stock compensation amortization charges and non-cash amortization of patents totaled $2,135,000 and $99,000, respectively, in the comparable 2002 period. Research and development costs incurred by the CombiMatrix group decreased to $2,158,000 from $5,026,000 in the comparable 2002 period, primarily due to the CombiMatrix group's completion of several research and development projects in the third and fourth quarters of 2002 pursuant to its agreements with Roche, resulting in a reduction of related research and development expenses during 2003, as compared to 2002. Marketing, general and administrative expenses decreased to $2,099,000 from $2,927,000 in the comparable 2002 period, primarily due to a reduction in corporate legal expenses and professional fees related to Acacia Research Corporation's recapitalization and merger transactions completed in December 2002. Minority interests in the net losses of subsidiaries decreased to $24,000 from $3,979,000 in the comparable 2002 period, due to Acacia Research Corporation's acquisition of 100% of the ownership interests in CombiMatrix Corporation in December 2002. Financial Condition Total assets for the CombiMatrix group were $52,909,000 as of June 30, 2003 compared to $49,973,000 as of December 31, 2002. Cash and cash equivalents and short-term investments totaled $19,263,000 as of June 30, 2003 compared to $14,896,000 as of December 31, 2002. During the second quarter of 2003, CombiMatrix Corporation received total cash payments of $5,808,000 consisting of $4,500,000 related to the completion of certain milestones and $308,000 related to the delivery of prototype products and services pursuant to its agreements with Roche and an up-front payment of $1,000,000 pursuant to its agreement with Toppan, which have been recorded as deferred revenues. Total cash payments received from Roche since the inception of the relationship in July 2001 total $23,294,000. Total deferred revenues at June 30, 2003 were $16,558,000. In May 2003, Acacia Research Corporation completed a private placement of approximately 2.4 million units of its Acacia Research-CombiMatrix common stock and warrants at a price of $2.20 per unit. Net proceeds of approximately $4,875,000 from the private placement were attributed to the CombiMatrix group. Business Highlights Business highlights of the second quarter include: Acacia Technologies group: -- In May 2003, the Acacia Technologies group licensed its DMT technology to LodgeNet LodgeNet Entertainment Corporation (NASDAQ: LNET) is an American company that provides interactive television and broadband services to hotels in the United States and Canada. The company is headquartered in Sioux Falls, South Dakota. Entertainment Corporation ("LodgeNet"), the industry-leader for hotel video-on-demand The ability to deliver a movie, sports event or other video program to a TV set whenever the customer requests it. Video-on-demand (VOD) typically refers to free and paid programs from the cable TV companies or the telephone companies that offer video over DSL lines. . LodgeNet provides on-demand movies and other services to 5,700 hotel properties with 960,000 rooms serving 260 million guests annually. The Acacia Technologies group will receive recurring quarterly licensing fees from LodgeNet, commencing in the third quarter of 2003 and ending upon the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the DMT patents, for each of its digital rooms. LodgeNet has deployed digital services in 300,000 of its rooms and plans to have digital services installed in over 40% of its 960,000 rooms by the end of 2003. CombiMatrix group: -- In April 2003, the CombiMatrix group's Japanese subsidiary sold a DNA microarray synthesizer to Nihon Gene Research Laboratory ("NGRL NGRL National Germplasm Resources Laboratory (USDA) "). Under the terms of the agreement, NGRL purchased a CombiMatrix custom slide bio-chip synthesizer and entered into a multi-year agreement to purchase bio-chips that will be used to provide contract research services in Japan. CombiMatrix and NGRL also entered into a co-development and research agreement to investigate various aspects of genetic analysis. -- In April 2003, CombiMatrix designed and fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: the first microarray See micro array. microarray - A technique for performing many DNA experiments in parallel. Nothing to do with computers. based on the SARS (Severe Acute Respiratory Syndrome) coronavirus coronavirus /co·ro·na·vi·rus/ (ko-ro´nah-vi?rus) any virus belonging to the family Coronaviridae. Coronavirus /Co·ro·na·vi·rus/ (ko-ro´nah-vi?rus genome genome: see genetics. genome all the genetic content contained within an organism. An organism's genome is made up of molecules of deoxyribonucleic acid (DNA) that form long strands that are tightly wound into chromosomes, which are found in the . The first microarrays were fabricated within 48 hours of publication of the coronavirus genome sequence believed to be responsible for SARS, underscoring CombiMatrix's ability to rapidly design and build custom microarrays. Due to the public health and economic implications of SARS, CombiMatrix made the decision to provide a limited number of the new SARS microarrays to key government and academic researchers at no cost. -- In May 2003, CombiMatrix produced pools of small interfering RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic molecules directed at specific genes of the SARS coronavirus. CombiMatrix is collaborating with the National Institute of Allergy allergy, hypersensitive reaction of the body tissues of certain individuals to certain substances that, in similar amounts and circumstances, are innocuous to other persons. Allergens, or allergy-causing substances, can be airborne substances (e.g. and Infectious Diseases infectious diseases: see communicable diseases. , a division of the National Institutes of Health, and the U.S. Army Medical Research Institute of Infectious Diseases to conduct the initial screening of the siRNA samples against the SARS coronavirus. -- In May 2003, CombiMatrix entered into a multi-year strategic alliance with Toppan to develop and manufacture microarrays utilizing CombiMatrix's proprietary electrochemical electrochemical /elec·tro·chem·i·cal/ (-kem´i-k'l) pertaining to interaction or interconversion of chemical and electrical energies. e·lec·tro·chem·i·cal adj. detection approach. Under the terms of the agreement, Toppan paid CombiMatrix an upfront fee of $1.0 million and will make additional development and milestones payments. CombiMatrix and Toppan will co-develop semiconductor microarrays for applications in life sciences research and development as well as diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler . -- In June 2003, CombiMatrix launched Express Track(sm), a drug discovery program which integrates advanced bioinformatic design applications with CombiMatrix's proprietary chip-based synthesis technologies to rapidly produce pools of siRNA molecules. The initial focus of Express Track(sm) is common viral diseases viral diseases Diseases caused by viruses. Long-term immunity usually follows viral childhood diseases (see chickenpox). The common cold recurs into adulthood because many different viruses cause its symptoms, and immunity against one does not protect against others. . -- In June 2003, CombiMatrix entered into a license agreement with Nanomaterials Discovery Corporation ("NDC NDC National Drug Code NDC NATO Defense College NDC National Documentation Centre (National Hellenic Research Foundation, Athens, Greece) NDC National Dairy Council NDC National Democratic Congress ") based on CombiMatrix's platform technology. Under the terms of the agreement, NDC will have a license to use CombiMatrix's microarray technology to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: and accelerate its own nano-material discovery program. CombiMatrix will share in the revenue from the commercialization of any newly discovered materials. CombiMatrix will also receive a license to intellectual property owned by NDC. -- In June 2003, CombiMatrix began collaborating with the research group of Dr. Bonaventura Clotet, M.D., Ph.D., of the Retrovirology Laboratory irsiCaixa, a leading research and treatment center for AIDS in Europe, to conduct the initial efficacy screening of pooled siRNA compounds against Human Immunodeficiency immunodeficiency Defect in immunity that impairs the body's ability to resist infection. The immune system may fail to function for many reasons. Immune disorders caused by a genetic defect are usually evident early in life. Virus, Type-1. A conference call is scheduled for today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern). Paul R. Ryan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Acacia Research Corporation, Robert "Chip" Harris, President, and Amit Kumar, Ph.D., CEO of CombiMatrix Corporation will host the call. To listen to the presentation by phone, dial (800) 838-4403 for domestic callers and (973) 317-5319 for international callers. A replay of the audio presentation will be available for 30 days at (800) 428-6051 for domestic callers and (973) 709-2089 for international callers, both of whom will need to enter the code 301111 when prompted. The call is being webcast by CCBN CCBN Central Coast Bancorp CCBN Charles County Business Network and can be accessed at Acacia Research Corporation's website at www.acaciaresearch.com. ABOUT ACACIA RESEARCH CORPORATION Acacia Research Corporation comprises two operating groups, Acacia Technologies Group and CombiMatrix Group. The CombiMatrix group is developing a platform technology to rapidly produce customizable active biochips, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations Noun 1. gene mutation - (genetics) a mutation due to an intramolecular reorganization of a gene point mutation genetic science, genetics - the branch of biology that studies heredity and variation in organisms and proteins. CombiMatrix's technology has a wide range of applications including DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. synthesis/diagnostics, drug discovery, and immunochemical im·mu·no·chem·is·try n. The chemistry of immunologic phenomena, as of antigen-antibody reactions. im detection. CombiMatrix's Express Track(sm) drug discovery program is a systems biology Systems biology, a field of study in the biosciences, focuses on the systematic study of complex interactions in biological systems. Particularly from 2000 onwards, the term is used widely in the biosciences, and in a variety of contexts. approach, using its technology, to target common viral diseases with siRNA compounds. The Acacia Technologies group licenses its DMT and V-Chip technologies to media and electronics companies. The DMT technology covers the transmission and receipt of digital audio and digital video content, commonly known as audio on-demand, video on-demand, and audio/video streaming, and is supported by 5 U.S. and 17 international patents. Acacia Research-Acacia Technologies (Nasdaq:ACTG) and Acacia Research-CombiMatrix (Nasdaq:CBMX) are both classes of common stock issued by Acacia Research Corporation and are intended to reflect the performance of the respective operating groups and are not issued by the operating groups. Information about Acacia Research Corporation and the Acacia Technologies group is available at www.acaciaresearch.com. Information about the CombiMatrix group is available at www.combimatrix.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , recent and forthcoming Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
ACACIA RESEARCH CORPORATION
SUMMARY FINANCIAL INFORMATION
(In thousands, except share and per share information)
(Unaudited)
CONSOLIDATED BALANCE SHEET INFORMATION
June 30, December 31,
2003 2002
Total Assets $ 95,639 $ 97,071
Total Liabilities $ 25,658 $ 19,041
Minority Interests $ 1,784 $ 2,171
Total Stockholders' Equity $ 68,197 $ 75,859
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30, 2003 June 30, 2002
Revenues:
License fee income $ 19 $ --
Product revenue -- 274
Grant and contract revenue 6 164
Total revenues 25 438
Operating expenses:
Cost of sales -- 253
Research and development expenses 2,158 5,026
Non-cash stock compensation expense --
research and development 280 692
Marketing, general and administrative
expenses 3,552 5,516
Non-cash stock compensation expense --
marketing, general and administrative 496 1,451
Amortization of patents 399 564
Total operating expenses 6,885 13,502
Operating loss (6,860) (13,064)
Total other (expense) income (4) (816)
Loss from continuing operations before
income taxes and minority interests (6,864) (13,880)
Benefit for income taxes 66 75
Loss from continuing operations before
minority interests (6,798) (13,805)
Minority interests 24 4,104
Net loss $(6,774) $ (9,701)
Loss per common share:
Attributable to the Acacia Technologies
group:
Net loss $(1,577) $(3,806)
Basic and diluted per share (0.08) (0.19)
Attributable to the CombiMatrix group:
Net loss $(5,197) $(5,895)
Basic and diluted per share (0.21) (0.26)
Weighted average shares -- basic and diluted:
Acacia Research -- Acacia Technologies
stock 19,640,808 19,640,808
Acacia Research -- CombiMatrix stock 24,183,340 22,950,551
{Note: 2002 share and per share information gives effect to Acacia
Research Corporation's recapitalization transaction as of January 1,
2002.}
ACACIA TECHNOLOGIES GROUP
(A Division of Acacia Research Corporation)
SUMMARY FINANCIAL INFORMATION
(In thousands, except share and per share information)
(Unaudited)
GROUP BALANCE SHEET INFORMATION
June 30, December 31,
2003 2002
Total Assets $ 42,919 $ 47,212
Total Liabilities $ 4,750 $ 5,183
Minority Interests $ 1,130 $ 1,487
Total Stockholders' Equity $ 37,039 $ 40,542
GROUP STATEMENTS OF OPERATIONS
Three Months Ended
June 30, 2003 June 30, 2002
Revenues:
License fee income $ 19 $ --
Total revenues 19 --
Operating expenses:
Marketing, general and administrative
expenses 878 2,349
Non-cash stock compensation --
marketing, general and administrative -- 8
Legal expenses -- patents 575 240
Amortization of patents 125 465
Total operating expenses 1,578 3,062
Operating loss (1,559) (3,062)
Total other (expense) income (49) (905)
Loss from continuing operations before
income taxes and minority interests (1,608) (3,967)
Benefit for income taxes 31 36
Loss from continuing operations before
minority interests (1,577) (3,931)
Minority interests -- 125
Division net loss $(1,577) $(3,806)
COMBIMATRIX GROUP
(A Division of Acacia Research Corporation)
SUMMARY FINANCIAL INFORMATION
(In thousands, except share and per share information)
(Unaudited)
GROUP BALANCE SHEET INFORMATION
June 30, December 31,
2003 2002
Total Assets $ 52,909 $ 49,973
Total Liabilities $ 21,097 $ 13,972
Minority Interests $ 654 $ 684
Total Stockholders' Equity $ 31,158 $ 35,317
GROUP STATEMENTS OF OPERATIONS
Three Months Ended
June 30, 2003 June 30, 2002
Revenues:
Product revenue $ -- $ 274
Grant and contract revenue 6 164
Total revenues 6 438
Operating expenses:
Cost of sales -- 253
Research and development expenses 2,158 5,026
Non-cash compensation expense --
research and development 280 692
Marketing, general and administrative
expenses 2,099 2,927
Non-cash compensation expense --
marketing, general and administrative 496 1,443
Amortization of patents 274 99
Total operating expenses 5,307 10,440
Operating loss (5,301) (10,002)
Total other income 45 89
Loss from operations before income
taxes and minority interests (5,256) (9,913)
Benefit for income taxes 35 39
Loss from operations before
minority interests (5,221) (9,874)
Minority interests 24 3,979
Division net loss $(5,197) $(5,895)
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