MIDDLEBROOK PHARMACEUTICALS, INC. - Annual Report (10-K) Item 6. Selected Financial Data


Item 6.	*Selected Financial Data*

The following selected financial information has been derived from the audited financial statements. The information below is not necessarily indicative of results of future operations and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K and the financial statements and related notes thereto included in Item 8 of this Form 10-K in order to fully understand factors that may affect the comparability of the information presented below.


	For the Years Ended December 31,
	2005			2004			2003			2002			2001

Statements of Operations Data
Total revenue	$	16,847,690		$	11,358,032		$	3,625,000		$	—		$	—

Cost and expenses:
Cost of product sales		562,009			169,854			—			—			—
Research and development		39,729,441			33,642,930			16,594,629			10,855,130			5,295,308
Selling, general and administrative		10,515,302			12,219,409			6,427,453			3,323,879			1,958,602

Total expenses		50,806,752			46,032,193			23,022,082			14,179,009			7,253,910

Loss from operations		(33,959,062	)		(34,674,161	)		(19,397,082	)		(14,179,009	)		(7,253,910	)
Interest income (expense), net		954,193			669,448			88,565			102,629			69,334
Beneficial conversion feature — deemed interest		—			—			(1,666,667	)		—			—
Other income or (expense)		16,292			—			—			(47,615	)		—

Net loss		(32,988,577	)		(34,004,713	)		(20,975,184	)		(14,123,995	)		(7,184,576	)
Accretion of issuance costs of mandatorily redeemable convertible preferred stock		—			—			(209,173	)		(73,925	)		(37,594	)
Beneficial conversion feature — deemed dividend to preferred shareholders		—			—			(20,907,620	)		—			—

Net loss applicable to common stockholders	$	(32,988,577	)	$	(34,004,713	)	$	(42,091,977	)	$	(14,197,920	)	$	(7,222,170	)

Basic and diluted net loss per share	$	(1.20	)	$	(1.50	)	$	(7.58	)	$	(16.37	)	$	(12.59	)

Shares used in computing net loss per share, basic and diluted		27,421,516			22,684,410			5,554,773			867,239			573,699

Balance Sheet Data at Year-End:
Unrestricted cash, cash equivalents and marketable securities	$	29,431,058		$	30,051,937		$	65,087,122		$	4,059,911		$	16,472,049
Total assets		57,796,892			61,142,140			84,174,843			9,058,523			18,575,075
Long-term debt, including current portion		1,567,412			2,577,387			2,440,588			1,730,934			1,089,882
Mandatorily redeemable convertible preferred stock		—			—			—			28,439,295			25,391,170
Accumulated deficit		(111,095,308	)		(78,106,731	)		(44,102,018	)		(23,126,834	)		(9,002,839	)
Total stockholders’ equity (deficit)		33,342,011			39,738,379			70,149,920			(22,701,459	)		(8,701,660	)

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