Friday, August 18, 2017 3:23:00 PM
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SNMX NEWS >>>> Financial Results:
Commercial revenues increased 24% to $2.8 million in the second quarter ended June 30, 2017. For the six months ended June 30, 2017, commercial revenues increased 25% to $5.5 million. These improvements primarily resulted from higher direct sales of flavor ingredients to flavor houses and higher royalties from sweet taste boosting ingredients
Financial Outlook:
Senomyx ended the second quarter 2017 with no debt and $11.2 million in cash, an increase of $1.1 million during the second quarter. In addition, the Company is scheduled to receive $14.0 million in committed development funding in the future.
For the third quarter of 2017, the Company expects:
Revenues to be at least $4.7 million, of which at least $2.9 million are commercial revenues; and
Net loss not to exceed $3.2 million or $0.07 per share
Senomyx completed a good first half of 2017 highlighted by significant direct sales growth and continued progress in advancing siratose, our natural high intensity sweetener. In the second quarter, we exceeded our financial guidance and ended the quarter well-positioned to meet our key annual commercial revenue business development and R&D goals.
More specifically during the first half of 2017, we grew direct sales well over twice that of the first half of 2016. We also continue to increase our pipeline of collaboration candidates for our natural sweet taste program and importantly the number of term sheet proposals under discussion. We remain confident in our ability to begin adding collaborators to our syndicate during 2017.
During the second quarter following a thorough evaluation process, the company engaged an advisor to pursue strategic options related to certain flavor ingredient assets. Our Board of Directors routinely considers a broad range of strategic alternatives and opportunities with the goal of maximizing stockholder value.
Securing non-dilutive funding to support the development of siratose, future natural product discoveries and the growth of our direct sales is a priority for the Company. We believe the steps taken by the Board combined with new collaboration funding and direct sales revenue growth will be critical factors in supporting our funding needs.
In the first quarter we introduced our new natural high intensity sweetener under the common or usual name of siratose. This normal sweetener is a minor component of Luo Han Guo also known as monk fruit.
The discovery of siratose which exists in less than 1% of the monk fruit plant was facilitated by our proprietary taste science technologies allowing us to identify sweet tasting components of hundreds of plants and other natural sources that cannot be identified through traditional human taste testing methods alone.
Based on our comprehensive screening along with our physical property and sensory evaluations, we believe that siratose offers benefits of our currently available natural high intensity sweeteners.
Siratose has demonstrated greater potency and a better sweet taste quality profile than other natural high intensity sweeteners that we've evaluated. In addition siratose has shown improved stability and low pH products, such as carbonated beverages, and increased solubility making it easier to work with compared to all known steviol based sweeteners.
SNMX NEWS >>>> Financial Results:
Commercial revenues increased 24% to $2.8 million in the second quarter ended June 30, 2017. For the six months ended June 30, 2017, commercial revenues increased 25% to $5.5 million. These improvements primarily resulted from higher direct sales of flavor ingredients to flavor houses and higher royalties from sweet taste boosting ingredients
Financial Outlook:
Senomyx ended the second quarter 2017 with no debt and $11.2 million in cash, an increase of $1.1 million during the second quarter. In addition, the Company is scheduled to receive $14.0 million in committed development funding in the future.
For the third quarter of 2017, the Company expects:
Revenues to be at least $4.7 million, of which at least $2.9 million are commercial revenues; and
Net loss not to exceed $3.2 million or $0.07 per share
Senomyx completed a good first half of 2017 highlighted by significant direct sales growth and continued progress in advancing siratose, our natural high intensity sweetener. In the second quarter, we exceeded our financial guidance and ended the quarter well-positioned to meet our key annual commercial revenue business development and R&D goals.
More specifically during the first half of 2017, we grew direct sales well over twice that of the first half of 2016. We also continue to increase our pipeline of collaboration candidates for our natural sweet taste program and importantly the number of term sheet proposals under discussion. We remain confident in our ability to begin adding collaborators to our syndicate during 2017.
During the second quarter following a thorough evaluation process, the company engaged an advisor to pursue strategic options related to certain flavor ingredient assets. Our Board of Directors routinely considers a broad range of strategic alternatives and opportunities with the goal of maximizing stockholder value.
Securing non-dilutive funding to support the development of siratose, future natural product discoveries and the growth of our direct sales is a priority for the Company. We believe the steps taken by the Board combined with new collaboration funding and direct sales revenue growth will be critical factors in supporting our funding needs.
In the first quarter we introduced our new natural high intensity sweetener under the common or usual name of siratose. This normal sweetener is a minor component of Luo Han Guo also known as monk fruit.
The discovery of siratose which exists in less than 1% of the monk fruit plant was facilitated by our proprietary taste science technologies allowing us to identify sweet tasting components of hundreds of plants and other natural sources that cannot be identified through traditional human taste testing methods alone.
Based on our comprehensive screening along with our physical property and sensory evaluations, we believe that siratose offers benefits of our currently available natural high intensity sweeteners.
Siratose has demonstrated greater potency and a better sweet taste quality profile than other natural high intensity sweeteners that we've evaluated. In addition siratose has shown improved stability and low pH products, such as carbonated beverages, and increased solubility making it easier to work with compared to all known steviol based sweeteners.
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