| Cash Flow for Maxygen Inc. (MAXY) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (49,315) | (16,482) | (18,436) | 9,342 | (32,456) | | Depreciation & Amortization | 1,671 | 2,294 | 3,530 | 6,160 | 6,387 | | Deferred Income Taxes | - | - | - | - | - | | Operating Losses | - | (16,662) | (16,083) | (55,770) | 5,167 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (4,777) | 1,977 | (5,003) | 1,793 | 168 | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | - | 25 | (216) | 909 | | Increase in Payables | 436 | 895 | 902 | 113 | 159 | | Increase in Other Current Liabilities | 8,524 | 366 | 5,171 | 5,711 | (5,930) | | Decrease in Other Working Capital | (5,593) | (2,343) | - | - | - | | Other Non-Cash Items | 7,204 | 7,068 | - | - | - | | Net Cash from Continuing Operations | (41,400) | (22,104) | (29,877) | (34,349) | (25,228) | | Net Cash from Discontinued Operations | - | - | - | 2,863 | - | | Cash from Operating Activities | (41,400) | (22,104) | (29,877) | (31,486) | (25,228) | | | | Sale of Property, Plant, Equipment | - | - | - | 61,197 | - | | Sale of Short Term Investments | 247,590 | 171,587 | 209,767 | 143,813 | 192,622 | | | Purchase of Property, Plant, Equipment | (1,469) | (1,488) | (2,240) | - | (3,234) | | Acquisitions | - | 17,662 | (2,617) | (2,559) | - | | Purchase of Short Term Investments | (179,619) | (146,046) | (188,635) | (166,482) | (207,699) | | Other Investment Changes, Net | - | (1,000) | - | (1,395) | (2,851) | | Cash from Investing Activities | 66,502 | 40,715 | 16,275 | 34,574 | (21,162) | | | Issuance of Debt | - | - | 1,229 | 2,696 | - | | Issuance of Capital Stock | 5,142 | 1,008 | 1,102 | 4,335 | 2,675 | | | Repayment of Debt | - | - | (115) | (445) | (617) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | - | - | - | 9,970 | (1,850) | | Cash from Financing Activities | 5,142 | 1,008 | 2,216 | 16,556 | 208 | | | | Effect of Exchange Rate Changes | 382 | (55) | 2,089 | (582) | - | | Net Change in Cash | 30,626 | 19,564 | (9,297) | 19,062 | (46,182) | | | Cash at Beginning of Year | 46,504 | 26,940 | 36,237 | 21,353 | 67,611 | | Cash at End of Period | 77,130 | 46,504 | 26,940 | 40,415 | 21,429 | | | |
