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Senomyx’s Fourth Quarter and Full Year 2009 Financials

Posted: February 8, 2010

Senomyx has reported a 39% increase in its revenue for the fourth quarter of 2009 to $4.9 million (2008: $3.5 million). This increase was primarily due to revenue related to the company’s 2009 sweet enhancer collaboration with Firmenich. Meanwhile, Senomyx’s revenues for the year ended Dec. 31, 2009, were $15.5 million, down from last year’s $17.2 million. The company recently announced Firmenich’s decision to continue commercial development of Senomyx’s S6973 sucrose enhancer. In addition, Nestlé and Ajinomoto have launched new commercial products containing Senomyx flavor ingredients. Elsewhere, the company is poised to conclude development activities for its S6821 bitter blocker by the end of 2010 in preparation for regulatory filings.

Discovery and Development

After the recent GRAS recognition of its S6973 sucrose enhancer, the company is currently assessing new sucrose enhancers with desirable physical properties that can be used in an even wider variety of applications. It also continues with its efforts to discover enhancers of fructose and Rebaudioside-A. In addition, the company is evaluating S0812, a bitter blocker and is collaborating with soy technology and ingredient company, Solae, on the discovery and development of bitter blockers that modulate and control bitterness in certain soy-based products. Similarly, taste tests are being conducted on enhancers of sodium chloride to identify flavor ingredients that allow a significant reduction of sodium; preliminary taste tests are also ongoing on subset of cooling flavors (identified in 2009) in a quest to identify novel cooling flavors that do not have the limitations of currently available agents.

The Future

Of 2010, Senomyx’s vice president and CFO Tony Rogers said, “We are providing financial guidance for 2010. We expect $20 million to $24 million in revenue, including approximately $2 million in commercial revenue. This commercial revenue projection does not include revenue related to our S6973 sucrose enhancer. The remaining portion of our revenue projection is anticipated to come from research funding under existing collaborations, extensions of existing collaborations, new collaborations, and achievement of milestones.”