RMBSFN
| Condensed Consolidated Balance Sheets | ||||||||||
| (In thousands) | ||||||||||
| (Unaudited) | ||||||||||
| March 31, | December 31, | |||||||||
| 2009 | 2008 (1) | |||||||||
|
ASSETS |
||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 125,838 | $ | 116,241 | ||||||
| Marketable securities | 222,090 | 229,612 | ||||||||
| Accounts receivable | 1,187 | 1,503 | ||||||||
| Prepaids and other current assets | 7,765 | 8,486 | ||||||||
| Deferred taxes | 209 | 88 | ||||||||
| Total current assets | 357,089 | 355,930 | ||||||||
| Restricted cash | 637 | 632 | ||||||||
| Deferred taxes, long-term | 1,641 | 1,857 | ||||||||
| Intangible assets, net | 7,988 | 7,244 | ||||||||
| Property and equipment, net | 19,734 | 22,290 | ||||||||
| Goodwill | 4,454 | 4,454 | ||||||||
| Other non-current assets | 3,749 | 4,963 | ||||||||
| Total assets | $ | 395,292 | $ | 397,370 | ||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 15,054 | $ | 6,374 | ||||||
| Accrued payroll and related benefits | 9,340 | 9,859 | ||||||||
| Accrued litigation expenses | 7,295 | 14,265 | ||||||||
| Other accrued liabilities | 3,003 | 3,816 | ||||||||
| Convertible notes | 128,034 | - | ||||||||
| Deferred revenue | 1,745 | 1,787 | ||||||||
| Total current liabilities | 164,471 | 36,101 | ||||||||
| Long-term liabilities: | ||||||||||
| Convertible notes | - | 125,474 | ||||||||
| Other long-term liabilities | 2,574 | 2,854 | ||||||||
| Total long-term liabilities | 2,574 | 128,328 | ||||||||
| Total stockholders' equity: | 228,247 | 232,941 | ||||||||
| Total liabilities and stockholders' equity | $ | 395,292 | $ | 397,370 | ||||||
| (1) Convertible notes have been adjusted as a result of the retrospective adoption of FSP APB 14-1 | ||||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (In thousands, except per share amounts) | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2009 | 2008 | ||||||||
| Revenue: | |||||||||
| Royalty revenue | $ | 26,169 | $ | 33,093 | |||||
| Contract revenue | 1,165 | 6,645 | |||||||
| Total revenue | 27,334 | 39,738 | |||||||
| Costs and expenses: | |||||||||
| Cost of contract revenue (1) | 2,183 | 7,233 | |||||||
| Research and development (1) | 17,837 | 21,502 | |||||||
| Marketing, general and administrative (1) | 37,156 | 33,321 | |||||||
| Costs (recovery) of restatement and related legal activities | (13,639 | ) | 912 | ||||||
| Total costs and expenses | 43,537 | 62,968 | |||||||
| Operating loss | (16,203 | ) | (23,230 | ) | |||||
| Interest income and other income (expense), net | 1,440 | 4,595 | |||||||
| Interest expense (2) | (2,670 | ) | (2,888 | ) | |||||
| Interest and other income (expense), net | (1,230 | ) | 1,707 | ||||||
| Loss before income taxes | (17,433 | ) | (21,523 | ) | |||||
| Benefit from income taxes | (7 | ) | (7,169 | ) | |||||
| Net loss | $ | (17,426 | ) | $ | (14,354 | ) | |||
| Net loss per share: | |||||||||
| Basic | $ | (0.17 | ) | $ | (0.14 | ) | |||
| Diluted | $ | (0.17 | ) | $ | (0.14 | ) | |||
| Weighted-Average Shares used in computing per share amounts: | |||||||||
| Basic | 104,376 | 104,683 | |||||||
| Diluted | 104,376 | 104,683 | |||||||
|
(1) Total stock-based compensation expense for the three month periods ended March 31, 2009 and March 31, 2008 are presented as follows: |
|||||||||
|
|
|||||||||
| Three Months Ended March 31, | |||||||||
| 2009 | 2008 | ||||||||
|
Cost of contract revenue |
$ | 390 | $ | 1,918 | |||||
| Research and development | $ | 2,740 | $ | 3,904 | |||||
| Marketing, general and administrative | $ | 5,289 | $ | 4,707 | |||||
| (2) Non-cash interest expense is a result of the adoption of FSP APB 14-1 | |||||||||
