Genta Incorporated
Selected Condensed Consolidated Statement of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2008 2007 2008 2007
Product sales - net $ - $ 267 $ 363 $ 580
Cost of goods sold 23 22 102 90
Gross margin (23 ) 245 261 490
Operating expenses:
Research and development 3,845 1,247 19,991 13,491
Selling, general and administrative 1,918 3,995 10,452 16,865
Settlement of office lease obligation - - 3,307 -
Reduction in liability for settlement of litigation - (1,640 ) (340 ) (4,240 )
Total operating expenses 5,763 3,602 33,410 26,116
Amortization of deferred financing costs and debt discount (6,789 ) - (11,229 ) -
Fair value - conversion feature liability 40,000 - (460,000 ) -
Fair value - warrant liability 800 - (2,000 ) -
All other income/(expense), net (631 ) 139 (1,435 ) 836
Income/(loss) before income taxes 27,594 (3,218 ) (507,813 ) (24,790 )
Income tax benefit 1,975 1,470 1,975 1,470
Net income/(loss) $ 29,569 $ (1,748 ) $ (505,838 ) $ (23,320 )
Net income/(loss) per basic common share $ 0.26 $ (0.06 ) $ (9.10 ) $ (0.79 )
Net income/(loss) per diluted common share $ 0.02 $ (0.06 ) $ (9.10 ) $ (0.79 )
Shares used in computing net income/(loss)
per basic common share 114,599 30,621 55,576 29,621
per diluted common share 1,670,074 30,621 55,576 29,621
Selected Condensed Consolidated Balance Sheet Data
December 31
2008 December 31
Unaudited 2007
Cash, cash equivalents and marketable securities
$ 4,908 $ 7,813
Working (deficit)/capital (5,220 ) 877
Total assets 12,693 29,293
Total stockholders' (deficit)/equity (4,864 ) 2,931
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