Receptos
Aug 7, 2013

Receptos Reports Second Quarter 2013 Financial Results

- Phase 2 trials of RPC1063 continue to enroll patients globally -

- Company capitalized to complete current Phase 2 trials -

- Additional Phase 1 results of RPC1063 to be presented at ECTRIMS -

- Conference Call Today at 5 p.m. Eastern Time -

SAN DIEGO, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases, today provided development program updates and announced financial results for the second quarter ended June 30, 2013.

"We continue to execute on our Phase 2 trials of RPC1063 in relapsing multiple sclerosis and ulcerative colitis," said Faheem Hasnain, Chief Executive Officer of Receptos. "As a result of our successful IPO in the second quarter, we are now well capitalized to drive these programs forward. We look forward to data next year on both trials, as well as making progress with our pipeline programs."

Development Program Updates

RPC1063 in Relapsing Multiple Sclerosis

RPC1063 in Ulcerative Colitis

RPC4046 in Eosiniphilic Esophagitis

Oral GLP-1 Receptor Positive Allosteric Modulator Program

Financial highlights for the three months ended June 30, 2013

Conference Call Today at 5 p.m. Eastern Time (2:00 p.m. Pacific Time)

The Receptos management team will host a teleconference and webcast to discuss the second quarter 2013 financial results and recent business highlights. The live call may be accessed by phone by calling (866) 757-6808 (domestic) or (760) 536-5211 (international), participant code 14394984. The webcast can be accessed live on the Investor Relations section of the Receptos website at www.receptos.com and will be archived for 14 days following the call. A replay of the call will be available by phone by calling (855) 859-2056, participant code 14394984.

Forward-Looking Statements

Statements contained in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  The words "expects," "believes," "anticipates," "may," "intends," "plans," "potential" and similar expressions are intended to identify forward-looking statements.  These forward-looking statements do not constitute guarantees of future performance.  Investors are cautioned that forward-looking statements, including without limitation statements regarding  the sufficiency of the Company's capital position over future periods, the ability of the Company to undertake certain development activities (such as clinical trial enrollment and the conduct of clinical trials) and accomplish certain development goals (such as the availability of clinical trial results), and the safety, efficacy, projected development timeline and therapeutic and commercial potential for RPC1063, RPC 4046 and the GLP-1 positive allosteric modulator program, 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.  These forward-looking statements are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include without limitation risks associated with the process of discovering, developing and commercializing drug candidates that are safe and effective for use as human therapeutics. These and other risks regarding the Company's financial position and research and development programs are described in detail in the Company's SEC filings, including the Company's Quarterly Reports on Form 10-Q and the Registration Statement on Form S-1 which was declared effective on May 8, 2013. All forward-looking statements contained in this release speak only as of the date on which they were first made by the Company, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after such date.

About Receptos

Receptos is a biopharmaceutical company developing therapeutic candidates for the treatment of immune and metabolic diseases. The Company's lead program, RPC1063, is a sphingosine 1-phosphate 1 receptor (S1P1R) small molecule modulator candidate for immune indications, including relapsing multiple sclerosis (RMS) and inflammatory bowel disease (IBD). The Company is also developing RPC4046, an anti-interleukin-13 (IL-13) antibody for an allergic/immune-mediated orphan disease, eosinophilic esophagitis (EoE). Receptos has established expertise in high resolution protein crystal structure determination, biology and drug discovery for G-protein-coupled receptors (GPCRs).

RECEPTOS, INC.
Consolidated Financial Results
(In thousands, except per share amounts)
         
  Three months ended
June 30,
Six months ended
June 30,
  2012 2013 2012 2013
         
Collaborative revenue  $1,690 $1,238 $3,015 $2,726
Operating expenses:        
Research and development  4,279 9,441 8,677 17,461
General and administrative  761 1,589 1,586 2,651
         
Total operating expenses  5,040 11,030 10,263 20,112
         
Loss from operations  (3,350) (9,792) (7,248) (17,386)
Other income (expense) 1 (126) (3) (125)
         
Net loss and comprehensive loss  (3,349) (9,918) (7,251) (17,511)
Preferred stock deemed dividend   --   --   --  (2,056)
         
Net loss attributable to common stockholders  ($3,349) ($9,918) ($7,251) ($19,567)
         
Net loss per common share, basic and diluted  ($2.67) ($0.98) ($6.14) ($3.27)
         
Shares used to compute net loss per common share, basic and diluted  1,254 10,151 1,180 5,982
     
Consolidated Balance Sheet Data
(In thousands)
  December 31,  June 30,
  2012 2013
     
Cash and cash equivalents  $5,427 $91,146
Working capital  71  83,422
Total assets  6,903  92,596
Long-term debt  --   4,824
Total liabilities   7,070  13,476
Common stock and additional paid-in capital   7,606  144,220
Total stockholders' (deficit) equity  (39,983)  79,120
CONTACT: Media and Investor Contact:

         Graham K. Cooper

         Chief Financial Officer, Receptos

         (858) 652-5708

         gcooper@receptos.com

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Source: Receptos, Inc.

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