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Exelixis Reports Increase in Q4 Revenues; R&D Spending Swells

NEW YORK, March 21 - Exelixis on Wednesday said that increased corporate collaborations helped boost fourth-quarter revenue to $12.8 million from $7.1 million posted during the same time last year.


For the period ended Dec. 31, R&D spending also rose, to $21.8 million from $13.3. million year over year. The company said that staff increases and facility expansions designed to support new partnerships and boost drug-discovery efforts helped spur the surge.


Exelixis also reported a widened pro forma net loss, which jumped to $12.7 million, or $.26 per share, from $7.7 million, or $.18 per share in the year-ago period. These figures excluded non-cash charges. Net loss including those charges were $18.3 million, or $.38 per share, compared with $48 million, or $1.13 per share on year ago.


Exelixis said it has roughly $227.7 million in cash and investments as of Dec. 31, some $109.6 million of it through its acquisition of Genomica. Exelixis had $112.6 million in cash and investments one year ago and said it expects its cash balance in 2002 to exceed $154 million.


Looking forward, the company said it anticipates revenues to increase between 20 percent and 25 percent in the current year. Operating expenses, excluding non-cash charges, will also swell in 2002 between 40 percent and 50 percent year over year.

Exelixis said it expects its cash-burn rate in 2002 to grow to between $68 million and $73 million, driven largely by investments in drug discovery, including clinical development, manufacturing, and "support of a worldwide research infrastructure." The firm burned approximately $41.5 million in 2001.