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ARRAY BIOPHARMA INC.
Statements of Operations and Comprehensive Loss
(Amounts in Thousands, Except Per Share Data)
Years Ended June 30,
2012
2011
2010
Revenue
License and milestone revenue
$
71,249
$
53,426
$
32,485
Collaboration revenue
13,886
18,475
21,395
Total revenue
85,135
71,901
53,880
Operating expenses
Cost of revenue
24,261
28,916
28,322
Research and development for proprietary drug
discovery
56,719
63,498
72,488
General and administrative
15,202
16,261
17,121
Total operating expenses
96,182
108,675
117,931
Loss from operations
(11,047)
(36,774)
(64,051)
Other income (expense)
Realized gains on auction rate securities, net
-
1,891
1,305
Loss on early repayment of long-term debt, net
(942)
(6,340)
-
Interest income
32
406
864
Interest expense
(11,624)
(15,507)
(15,749)
Total other income (expense), net
(12,534)
(19,550)
(13,580)
Loss before income taxes
(23,581)
(56,324)
(77,631)
Income tax benefit
-
-
-
Net loss
$
(23,581) $
(56,324) $
(77,631)
Change in unrealized gains (losses) on marketable
securities
(4)
(5,525)
2,294
Comprehensive loss
$
(23,585) $
(61,849) $
(75,337)
Weighted average shares outstanding - basic and
diluted
70,619
55,447
50,216
Net loss per share attributable to Array Biopharma
common stockholders - basic and diluted
$
(0.33) $
(1.02) $
(1.55)
See accompanying notes to the financial statements
F-6
ARRAY BIOPHARMA INC.
Statements of Stockholders' Deficit
(All Numbers in Thousands)
Accumulated
Additional
Other
Preferred Stock
Common Stock
Paid-in
Comprehensive
Accumulated
Shares
Amounts
Shares
Amounts
Capital
Warrants
Income (Loss)
Deficit
Total
Balance as of July 1, 2009
-
-
48,125
48
312,349
23,869
3,234
(413,201)
(73,701)
Issuance of common stock under
stock option and employee stock
purchase plans
-
-
797
1
1,175
-
-
-
1,176
Share-based compensation expense
-
-
-
-
5,372
-
-
-
5,372
Issuance of common stock for cash,
net of offering costs
-
-
3,302
3
10,970
-
-
-
10,973
Issuance of common stock warrants
-
-
-
-
-
12,427
-
-
12,427
Payment of employee bonus with
stock
-
-
1,000
1
2,411
-
-
-
2,412
Recognition of unrealized gain out of
accumulated other comprehensive
income to earnings
-
-
-
-
-
-
(915)
-
(915)
Change in unrealized gain on
marketable securities
-
-
-
-
-
-
3,209
-
3,209
Net loss
-
-
-
-
-
-
-
(77,631)
(77,631)
Balance as of June 30, 2010
-
-
53,224
53
332,277
36,296
5,528
(490,832)
(116,678)
Issuance of common stock under
stock option and employee stock
purchase plans
-
-
606
1
1,490
-
-
-
1,491
Share-based compensation expense
-
-
-
-
3,328
-
-
-
3,328
Issuance of common stock for cash,
net of offering costs
-
-
1,910
2
5,777
-
-
-
5,779
Repricing of warrants for common
stock
-
-
-
-
-
3,089
-
-
3,089
Payment of employee bonus with
stock
1,280
1
3,981
-
3,982
Issuance of Series B preferred stock
from debt repayment
10
30,000
-
30,000
Reclassification of unrealized gain out
of accumulated other
comprehensive income to earnings
-
-
-
-
-
-
(2,706)
-
(2,706)
Change in unrealized gain on
marketable securities
-
-
-
-
-
-
(2,819)
-
(2,819)
Net loss
-
-
-
-
-
-
-
(56,324)
(56,324)
Balance as of June 30, 2011
10
30,000
57,020
57
346,853
39,385
3
(547,156)
(130,858)
Issuance of common stock under
stock option and employee stock
purchase plans
-
-
581
1
1,168
-
-
-
1,169
Share-based compensation expense
-
-
-
-
2,351
-
-
-
2,351
Issuance of common stock for cash,
net of offering costs
-
-
25,936
26
63,122
-
-
-
63,148
Conversion of preferred stock to
common
(7)
(21,946)
7,414
7
21,939
-
-
-
-
Payment of employee bonus with
stock
-
-
1,113
1
1,968
-
-
-
1,969
Change in unrealized gain on
marketable securities
-
-
-
-
-
-
(4)
-
(4)
Net loss
-
-
-
-
-
-
-
(23,581)
(23,581)
Balance as of June 30, 2012
3
8,054
92,064
92
437,401
39,385
(1)
(570,737)
(85,806)
See accompanying notes to the financial statements
F-7