Metabolix Announces First Quarter 2014 Financial Results

           Metabolix Announces First Quarter 2014 Financial Results

PR Newswire

CAMBRIDGE, Mass., May 14, 2014

CAMBRIDGE, Mass., May 14, 2014 /PRNewswire/ --Metabolix, Inc. (NASDAQ: MBLX),
an advanced biomaterials company focused on sustainable solutions for the
plastics and chemicals industries, today reported financial results for the
three months ended March 31, 2014.

"Securing financing for the execution of our business plan remains our highest
priority, and we are working every day toward achieving this goal," said
Joseph Shaulson, president and CEO of Metabolix. "We plan to use this capital
to build an intermediate-scale specialty polymers business based on our PHA
biopolymer additives, which will serve as the foundation for our longer-range
plans and the future growth of our business.

"At the same time, we are making progress on the strategic priorities we
outlined earlier this year," Shaulson continued. "We continue to see great
promise in performance additive applications for our products as we intensify
our efforts with customers and work toward establishing manufacturing
capability in 2015," Shaulson concluded.

FIRST QUARTER 2014 FINANCIAL OVERVIEW

Metabolix manages its finances with an emphasis on cash flow and deploys its
financial resources in a disciplined manner to achieve its key strategic
objectives and to maximize value from its technology and product portfolio.
The Company ended the first quarter of 2014 with $10.4 million in unrestricted
cash and investments. The Company's net cash used in operating activities
during the first quarter of 2014 was $9.0 million as compared to $8.5 million
in the first quarter of 2013. Unrestricted cash and investments were an
estimated $8.1 million at the end of April 2014.

Metabolix requires significant additional funding. As previously announced,
the Company intends to raise $50 to $60 million over the next 12 to 15 months.
This financing may be secured in phases. However, if the Company is unable to
raise additional funds by the end of June 2014, it will be forced to delay,
scale back or otherwise modify its business and manufacturing plans, sales and
marketing efforts, research and development activities and other operations,
and/or pursue strategic alternatives.

The Company's present capital resources are not sufficient to fund its planned
operations for a twelve month period, and therefore, raise substantial doubt
about its ability to continue as a going concern. The accompanying condensed
consolidated financial statements have been prepared on a basis which assumes
that the Company will continue as a going concern.

The Company reported a net loss of $8.2 million or $0.23 per share for the
first quarter of 2014 compared to a net loss of $6.8 million or $0.20 per
share for the first quarter of 2013.

Total revenue in the first quarter of 2014 was $1.1 million as compared to
$1.9 million for the comparable quarter in 2013. The first quarter revenue in
2014 consisted primarily of revenue from product sales and government
grants.Biopolymer product orders of $0.6 million were shipped and billed
during the first quarter of 2014. The Company recognized $0.5 million in
product revenue during the first quarter of 2014, primarily from product
shipments made during the fourth quarter of 2013, as compared to $0.8 million
in product revenue recognized during the first quarter of 2013.

Cost of product revenue was $0.7 million during the quarter ended March 31,
2014 compared to $0.6 million for the comparable period in 2013.

Research and development expenses were $4.9 million for the first quarter of
2014 and for the same period in 2013. Selling, general and administrative
expenses were $3.6 million and $3.3 million for the first quarters of 2014 and
2013, respectively.

Conference Call Information

Metabolix management will host a conference call today at 4:30 p.m. (ET) to
discuss the results of the first quarter. The Company also will provide an
update on the business and answer questions from the investment community. A
live webcast of the call with slides can be accessed through the Company's
website at http://www.metabolix.comin the investor relations section. To
participate in the call, dial toll-free 877-709-8155 or 201-689-8881
(international).

To listen to a telephonic replay of the conference call, dial toll-free
877-660-6853 or 201-612-7415 (international) and enter pass code 13579894. The
replay will be available beginning at 7:30 p.m. (ET) on Wednesday, May 14,
2014 and will last through 11:59 p.m. (ET) on Wednesday, May 28, 2014. In
addition, the webcast will be archived on the Company's website in the
investor relations section.

About Metabolix

Metabolix, Inc. is an advanced biomaterials company focused on sustainable
solutions for the plastics and chemicals industries. The Company is developing
and commercializing a family of high-performance biopolymers targeted at
applications for performance additives that can improve performance and/or
reduce cost in other material systems such as PVC, PLA and coated paper.
Metabolix also is developing platforms for biobased chemicals based on its
novel "FAST" recovery process and for co-producing plastics, chemicals and
energy from crops. Metabolix has established an industry-leading intellectual
property portfolio that, together with its knowledge of advanced industrial
practice, provides a foundation for industry collaborations.

For more information, please visit www.metabolix.com. (MBLX-E)

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements in this release do not constitute guarantees of
future performance. Investors are cautioned that statements in this press
release which are not strictly historical, including, without limitation,
statements regarding the Company's business plans and strategies; expectations
for establishing commercial PHA biopolymer manufacturing; expected market
demand and commercialization plans for the Company's PHA biopolymer products;
expected future financial results and cash requirements; plans for obtaining
additional funding; plans and expectations that depend on the Company's
ability to continue as a going concern; and expectations for future research,
product development and collaborations constitute forward-looking statements.
Such forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated, including the risks and uncertainties detailed
inMetabolix'sfilings with theSecurities and Exchange Commission, including
its 10-K for the year endedDecember 31, 2013filed onMarch 28,
2014.Metabolixassumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.

Metabolix Inquiries:

Lynne H. Brum, (617) 682-4693, LBrum@metabolix.com

(FINANCIAL TABLES FOLLOW)



METABOLIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED
(in thousands, except share and per share data)
                                                    Three Months Ended
                                                    March 31,
                                                    2014          2013
Revenue:
Product revenue                                   $ 539         $ 790
Grant revenue                                       467           724
Research and development revenue                    -             380
License fee and royalty revenue                     63            49
         Total revenue                              1,069         1,943
Costs and expenses:
Cost of product revenue                             695           557
Research and development expenses                   4,900         4,859
Selling, general, and administrative expenses       3,634         3,312
         Total costs and expenses                   9,229         8,728
         Loss from operations                       (8,160)       (6,785)
Other income (expense), net:
Interest income, net                                5             10
Other income, net                                   1             12
         Total other income (expense), net          6             22
         Net loss                                 $ (8,154)     $ (6,763)
Net loss per share:
         Basic                                    $ (0.23)      $ (0.20)
         Diluted                                  $ (0.23)      $ (0.20)
Number of shares used in per share calculations:
         Basic                                      34,806,797    34,353,277
         Diluted                                    34,806,797    34,353,277



METABOLIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands)
                                                     March 31,    December 31,
                                                     2014         2013
Assets
    Cash, cash equivalents and short-term          $ 10,418     $ 19,209
    investments
    Inventory                                        3,756        4,074
    Other current assets                             1,840        1,948
    Restricted cash                                  619          619
    Property and equipment, net                      700          793
    Other assets                                     95           95
        Total assets                               $ 17,428     $ 26,738
Liabilities and Stockholders' Equity
    Accounts payable and accrued liabilities       $ 3,121      $ 5,471
    Short-term deferred revenue                      770          669
    Current portion of deferred rent                 14           55
    Other long-term liabilities                      148          145
        Total liabilities                            4,053        6,340
        Total stockholders' equity                   13,375       20,398
        Total liabilities and stockholders'        $ 17,428     $ 26,738
        equity



METABOLIX, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
(in thousands)
                                                  Three Months Ended March 31,
                                                      2014            2013
Cash flows from operating activities
Net loss                                          $   (8,154)      $  (6,763)
Adjustments to reconcile net loss to cash used
in operating activities:
Depreciation                                         191             295
Charge for 401(k) company common stock match          169             180
Stock-based compensation                              785             863
Changes in operating assets and liabilities:
           Deferred revenue                           101             (95)
           Inventory                                  318             (420)
           Accounts payable                           (74)            (1,141)
           Accrued expenses                           (2,371)         (937)
           Other operating assets and                 70              (480)
           liabilities
                      Net cash used in operating      (8,965)         (8,498)
                      activities
Cash flows from investing activities
Purchase of property and equipment                    (100)           (64)
Purchase of investments                               (1,508)         (5,015)
Proceeds from sale and maturity of short-term         6,206           19,520
investments
                      Net cash provided               4,598           14,441
                      byinvesting activities
Cash flows from financing activities
Proceeds from options exercised                       300             5
                      Net cash provided by            300             5
                      financing activities
Effect of exchange rate changes on cash and cash      (25)            (8)
equivalents
Net increase (decrease) in cash and cash              (4,092)         5,940
equivalents
Cash and cash equivalents at beginning of period      7,698           14,572
Cash and cash equivalents at end of period        $   3,606        $  20,512



SOURCE Metabolix, Inc.

Website: http://www.metabolix.com
 
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