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Maxygen Inc (MAXY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Maxygen Inc

CIK: 1068796 Ticker: MAXY

Exhibit 99.1

 

  

Maxygen, Inc.

411 Borel Avenue

Suite 616

San Mateo, CA 94402

650.241.2292 main

650.257.5892 fax

www.maxygen.com

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Maxygen Reports Fourth Quarter and Year End 2012 Financial Results

SAN MATEO, Calif., March 12, 2013 — Maxygen, Inc. (Nasdaq: MAXY), a biopharmaceutical company, today announced financial and business results for the quarter and year ended December 31, 2012.

Fourth Quarter 2012 Financial Results

Maxygen reported a net loss of $1.8 million, or $0.06 per basic and diluted share, for the fourth quarter of 2012, compared to $2.2 million, or $0.08 per basic and diluted share, for the same period in 2011. The net loss for the fourth quarter of 2012 reflects a loss before income taxes of $0.9 million and income tax expense of $0.9 million. The net loss for the fourth quarter of 2011 primarily reflects a loss from continuing operations before income taxes of $2.8 million, plus a net tax benefit of $559,000. The net tax benefit consists of a $1.2 million tax benefit reported within continuing operations, partially offset by a $593,000 tax expense recorded within discontinued operations.

Maxygen had no revenue in the fourth quarter of 2012, compared to total revenue of $3,000 for the same period in 2011, which consisted of miscellaneous licensing fees.

Total operating expenses from continuing operations for the fourth quarter of 2012 were $1.8 million, compared to operating expenses of $2.8 million for the same period in 2011. The decrease in operating expenses primarily reflects a decrease in stock based compensation expense, salaries and related costs, and accounting fees.

The fourth quarter of 2012 included a $790,000 gain associated with the sale of substantially all remaining shares of Codexis, Inc. common stock.

At December 31, 2012, Maxygen held approximately $82.8 million in cash, cash equivalents and short-term investments. At December 31, 2012, Maxygen had 27,512,340 shares of common stock outstanding, which excludes 285,596 shares underlying unvested restricted stock awards.

Full Year 2012 Results

Maxygen reported net income of $20.1 million, or $0.74 per basic share and $0.73 per diluted share, for the year ended December 31, 2012, compared to $51.4 million, or $1.80 per basic and diluted share, for the prior year.

Total revenues for 2012 were $30.0 million, compared to total revenues from continuing operations of $561,000 for the same period in 2011. Revenue in the 2012 period consisted primarily of the $30.0 million payment received in May 2012 from Bayer in connection with the sale of certain hematology assets in July 2008. Revenue in the 2011 period consisted primarily of the final payment Maxygen received in July 2011 from Altravax, Inc. in connection with its acquisition of substantially all of Maxygen’s vaccine assets in January 2010.


The following information was filed by Maxygen Inc (MAXY) on Tuesday, March 12, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (loss)
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Asset Sales And Distributions And Licensing Transactions
Basis Of Presentation And Significant Accounting Policies (policy)
Basis Of Presentation And Significant Accounting Policies (tables)
Cash Distribution (narrative) (details)
Cash Equivalents And Investments
Cash Equivalents And Investments (details)
Cash Equivalents And Investments (tables)
Commitments
Commitments (narratives) (details)
Discontinued Operations
Discontinued Operations (gain On Sale Of Equity Interest) (details)
Discontinued Operations (narrative) (details)
Discontinued Operations (summarized Operating Results) (details)
Discontinued Operations (tables)
Fair Value
Fair Value (narrative) (details)
Fair Value (schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (details)
Fair Value (tables)
Guarantees And Indemnifications
Guarantees And Indemnifications (narratives) (details)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narratives) (details)
Income Taxes (net Operating Losses And Tax Credit Carryforwards) (details)
Income Taxes (provision For Income Taxes) (details)
Income Taxes (statutory Income Tax Rate Reconciliation) (details)
Income Taxes (tables)
Income Taxes (unrecognized Tax Benefits Reconciliation) (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Related Party Transactions
Related Party Transactions (details)
Repurchases Of Common Stock
Repurchases Of Common Stock (narrative) (details)
Repurchases Of Common Stock (schedule Of Repurchases Of Common Stock) (details)
Repurchases Of Common Stock (tables)
Restructuring Charges
Restructuring Charges (narratives) (details)
Segment And Geographic Information
Segment And Geographic Information (details)
Segment And Geographic Information (narratives) (details)
Segment And Geographic Information (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Stockholders' Equity (schedule Of Activiites Of All Equity Plans) (details)
Stockholders' Equity (tables)
Summary Of Significant Accounting Polices
Summary Of Significant Accounting Policies (activity Related To Restricted Stock) (details)
Summary Of Significant Accounting Policies (combined Activity Under Stock Option Plans And Agreements) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (outstanding And Exercisable Options By Exercise Price Range) (details)
Summary Of Significant Accounting Policies (reconciliation Of Equity Attributable To Non-controlling Interests) (details)
Summary Of Significant Accounting Policies (schedule Of Accumulated Other Comprehensive Income (loss)) (details)
Summary Of Significant Accounting Policies (schedule Of Comprehensive Income (loss)) (details)
Summary Of Significant Accounting Policies (schedule Of Earnings Per Share) (details)
Summary Of Significant Accounting Policies (schedule Of Share-based Compensation By Plan) (details)
Summary Of Significant Accounting Policies (schedule Of Stock Option Assumptions) (details)
Summary Of Significant Accounting Policies (schedule Of Stock-based Compensation) (details)

Material Contracts, Statements, Certifications & more

Maxygen Inc provided additional information to their SEC Filing as exhibits

Ticker: MAXY
CIK: 1068796
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-103219
Submitted to the SEC: Tue Mar 12 2013 4:37:49 PM EST
Accepted by the SEC: Tue Mar 12 2013
Period: Monday, December 31, 2012
Industry: Commercial Physical And Biological Research

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