NUPATHE INC. (PATH) [Rocket]

In millions, except per share items	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06
	10-K	10-K	10-K	10-K	S-1	S-1
Revenues	0.0	0.7	11.3	8.8	7.8	3.2
Revenue growth	-100.0%	-94.3%	28.3%	13.6%	141.9%
Cost of goods sold	0.0	0.0	22.6	17.6	15.5	6.4
Gross profit	0.0	0.7	-11.3	-8.8	-7.8	-3.2
Gross margin		100.0%	-100.0%	-100.0%	-100.0%	-100.0%
Selling, general and administrative	9.4	4.8	3.1	3.1	1.9	1.4
Research and development	12.4	17.1
EBITDA [+]	-21.7	-21.1	-14.4	-11.8
EBITDA growth	2.9%	46.9%	21.6%	22.8%	111.0%
EBITDA margin		-3252.2%	-127.3%	-134.3%	-124.3%	-142.5%
Depreciation and amortization	0.1	0.0	0.1	0.0
EBIT [+]	-21.8	-21.2	-14.5	-11.9	-9.6	-4.6
EBIT growth	3.0%	46.6%	21.5%	23.3%	111.0%
EBIT margin		-3259.4%	-127.8%	-134.9%	-124.3%	-142.5%
Non-recurring items				5.5
Interest expense, net [+]	1.4	3.7	1.3	0.1	0.0	0.6
Interest expense	1.5	3.7	1.3	0.3	0.0	0.6
Interest income	0.1	0.0	0.0	0.2
Pre-tax income	-23.2	-24.9	-15.7	-17.5	-9.7	-5.2
Income taxes	0.0	-0.5	-0.2	0.0	0.0	0.0
Tax rate	0.2%	2.0%	1.0%	0.0%	0.0%	0.0%
Net income	-23.2	-26.9	-15.6	-17.5	-10.8	-5.6
Net margin		-4136.9%	-137.9%	-198.6%	-139.2%	-173.2%

Basic EPS [+]	($1.58)	($4.39)	($40.83)	($45.88)	($29.38)	($16.25)
Growth	-63.9%	-89.3%	-11.0%	56.2%	80.8%
Diluted EPS [+]	($1.58)	($4.39)	($40.83)	($45.88)	($29.38)	($16.25)
Growth	-63.9%	-89.3%	-11.0%	56.2%	80.8%


Shares outstanding (basic) [+]	14.6	6.1	0.4	0.4	0.4	0.3
Growth	138.8%	1504.6%	0.0%	3.8%	7.5%
Shares outstanding (diluted) [+]	14.6	6.1	0.4	0.4	0.4	0.3
Growth	138.8%	1504.6%	0.0%	3.8%	7.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.