Bioplastics maker and sustainable energy company Metabolix on Tuesday reported a net loss of $9.6 million for the third quarter of 2011, a $400,000 improvement from the same time period last year.
Metabolix's net cash used for operating activities during Q3 2011 was $7.8 million, up from $7.1 million for the comparable quarter in 2010.
Unrestricted cash and investments at September 30, 2011, totaled $87.2 million. The company said it continued to have no debt.
Total revenue in the third quarter of 2011 was $0.5 million, compared to $46,000 in the same period of 2010. During the three months ended September 30, 2011, revenue was earned primarily from government research grants, the company said.
The quarter-over-quarter increase in revenue was primarily generated from work performed on Metabolix's new Renewable Enhanced Feedstocks for Advanced Biofuels and Bioproducts grant and its existing Blow Molded Bioproducts from Renewable Plastics grant.
Revenue for the nine months ended September 30, 2011, totaled $1 million compared to $0.3 million in the same period of 2010, with the increase also primarily generated from work performed on the government grants, as well as royalties earned under a licensing agreement with Tepha, Inc.
Total operating expenses were $10.0 million as compared to $10.1 million Q3 2010, the company said.
