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United States Securities and Exchange Commission
 Washington, D.C. 20549
 
 Form 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2007
 Commission file number 000-28401
 MAXYGEN, INC.
 (Exact name of registrant as specified in its charter)
 Delaware
    
    77-0449487(State of incorporation)
    
    (I.R.S. Employer Identification No.)
 515 Galveston Drive
Redwood City, California 94063  (Address of principal executive offices, including zip code)
 (650) 298-5300  (Registrants telephone number, including area code)
 
  þ o
  o þ o
  o þ




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##### 



MAXYGEN, INC.
FORM 10-Q
QUARTER ENDED MARCH 31, 2007
  Part I
    
    FINANCIAL INFORMATIONItem 1:
    
    Financial Statements:Condensed Consolidated Balance Sheets as of December 31, 2006
and March 31, 2007
    
    
    1Condensed Consolidated Statements of Operations for the three
month periods ended March 31, 2006 and 2007
    
    
    2Condensed Consolidated Statements of Cash Flows for the three month
periods ended March 31, 2006 and 2007
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2:
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 3:
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    20Item 4:
    
    Controls and Procedures
    
    
    20Part II
    
    OTHER INFORMATIONItem 1:
    
    Legal Proceedings
    
    
    21Item 1A:
    
    Risk Factors
    
    
    21Item 2:
    

Unregistered
Sales of Equity Securities and Use of Proceeds
    
    
    35Item 3:
    

Defaults
Upon Senior Securities
    
    
    36Item 4:
    

Submission
of Matters to a Vote of Security Holders
    
    
    36Item 5:
    

Other
Information
    
    
    36Item 6:
    

Exhibits
    
    
    36SIGNATURES
    
    
    37EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1
    i




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Forward Looking Statements
  
    
    our ability to develop products suitable for commercialization;
    
    our predicted development and commercial timelines for any of our potential products,
including the timing of any commencement of clinical trials of any product candidate and
the progress of such clinical trials;
    
    our liquidity and future financial performance;
    
    the establishment, development and maintenance of any manufacturing or collaborative
relationships;
    
    the effectiveness of our MolecularBreeding directed evolution platform and other
technologies and processes;
    
    our ability to protect our intellectual property portfolio and rights;
    
    our ability to identify and develop new potential products;
    
    the attributes of any products we may develop; and
    
    our business strategies and plans.
   ii




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PartI  Financial Information
 
 Item 1. Financial Statements
 MAXYGEN, INC.
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share amounts)
 December 31,
    
    
    March 31,2006
    
    
    2007(Note 1)
    
    
    (unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    46,504
    
    
    $
    26,379Short-term investments
    
    
    133,384
    
    
    
    137,357Accounts receivable and other receivables
    
    
    4,099
    
    
    
    2,944Prepaid expenses and other current assets
    
    
    3,133
    
    
    
    2,906Total current assets
    
    
    187,120
    
    
    
    169,586Property and equipment, net
    
    
    3,262
    
    
    
    3,182Goodwill
    
    
    12,192
    
    
    
    12,192Long-term investments
    
    
    2,988
    
    
    
    12,991Deposits and other long-term assets
    
    
    85
    
    
    
    85Total assets
    
    $
    205,647
    
    
    $
    198,036LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    2,435
    
    
    $
    2,450Accrued compensation
    
    
    4,708
    
    
    
    2,951Other accrued liabilities
    
    
    2,954
    
    
    
    4,214Deferred revenue
    
    
    1,527
    
    
    
    171Taxes payable
    
    
    140
    
    
    
    Total current liabilities
    
    
    11,764
    
    
    
    9,786Non-current deferred revenue
    
    
    4,066
    
    
    
    Other long-term liabilities
    
    
    18
    
    
    
    36Commitments and contingenciesStockholders equity:Preferred stock, $0.0001 par value, 5,000,000 shares
authorized, no shares issued and outstanding at
December 31, 2006 and March 31, 2007
    
    
    
    
    
    
    Common stock, $0.0001 par value: 100,000,000 shares
authorized, 36,157,910 and 36,731,497 shares issued and
outstanding at December 31, 2006 and March 31, 2007,
respectively
    
    
    4
    
    
    
    4Additional paid-in capital
    
    
    411,195
    
    
    
    417,221Accumulated other comprehensive loss
    
    
    (696
    )
    
    
    (642
    )Accumulated deficit
    
    
    (220,704
    )
    
    
    (228,369
    )Total stockholders equity
    
    
    189,799
    
    
    
    188,214Total liabilities and stockholders equity
    
    $
    205,647
    
    
    $
    198,036
  1




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MAXYGEN, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share amounts)
 Three months endedMarch 31,2006
    
    
    2007(unaudited)Collaborative research and development revenue
    
    $
    4,067
    
    
    $
    7,597Revenue from related party
    
    
    
    
    
    
    556Grant revenue
    
    
    898
    
    
    
    939Total revenues
    
    
    4,965
    
    
    
    9,092Operating expenses:Research and development
    
    
    13,262
    
    
    
    14,600General and administrative
    
    
    4,318
    
    
    
    4,331Total operating expenses
    
    
    17,580
    
    
    
    18,931Loss from operations
    
    
    (12,615
    )
    
    
    (9,839
    )Interest income and other income (expense), net
    
    
    1,893
    
    
    
    2,174Net loss
    
    $
    (10,722
    )
    
    $
    (7,665
    )Basic and diluted loss per share
    
    $
    (0.30
    )
    
    $
    (0.21
    )Shares used in basic and diluted per share calculation
    
    
    35,973
    
    
    
    36,586
  2




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MAXYGEN, INC.
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Three months endedMarch 31,2006
    
    
    2007(unaudited)Operating activitiesNet loss
    
    $
    (10,722
    )
    
    $
    (7,665
    )Adjustments to reconcile loss from continuing operations to
net cash used in operating activities:Depreciation and amortization
    
    
    619
    
    
    
    477Non-cash stock compensation
    
    
    1,483
    
    
    
    1,852Changes in operating assets and liabilities:Accounts receivable and other receivables
    
    
    2,237
    
    
    
    1,155Prepaid expenses and other current assets
    
    
    (506
    )
    
    
    228Deposits and other assets
    
    
    (7
    )
    
    
    Accounts payable
    
    
    1,653
    
    
    
    15Accrued compensation
    
    
    (1,585
    )
    
    
    (1,757
    )Other accrued liabilities
    
    
    102
    
    
    
    1,276Taxes payable
    
    
    
    
    
    
    (140
    )Deferred revenue
    
    
    (856
    )
    
    
    (5,422
    )Net cash used in operating activities
    
    
    (7,582
    )
    
    
    (9,981
    )Investing activitiesPurchases of available-for-sale securities
    
    
    (17,939
    )
    
    
    (70,007
    )Maturities of available-for-sale securities
    
    
    36,053
    
    
    
    56,090Acquisition of property and equipment
    
    
    (376
    )
    
    
    (397
    )Net cash provided by (used in) investing activities
    
    
    17,738
    
    
    
    (14,314
    )Financing activitiesProceeds from issuance of common stock
    
    
    396
    
    
    
    4,174Net cash provided by financing activities
    
    
    396
    
    
    
    4,174Effect of exchange rate changes on cash and cash equivalents
    
    
    15
    
    
    
    (4
    )Net increase (decrease) in cash and cash equivalents
    
    
    10,567
    
    
    
    (20,125
    )Cash and cash equivalents at beginning of period
    
    
    26,940
    
    
    
    46,504Cash and cash equivalents at end of period
    
    $
    37,507
    
    
    $
    26,379
  3




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MAXYGEN, INC.
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited)
 1. Basis of Presentation and Significant Accounting Policies
 Basis of Presentation
    Principles of Consolidation
    4




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Revenue Recognition
     5




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Loss Per Common Share
   Three months endedMarch 31,2006
    
    
    2007Net loss
    
    $
    (10,722
    )
    
    $
    (7,665
    )Basic and diluted:Weighted-average shares used in computing basic
and diluted loss per share
    
    
    35,973
    
    
    
    36,586Basic and diluted loss per common share
    
    $
    (0.30
    )
    
    $
    (0.21
    )
  Accumulated Other Comprehensive Loss
  December 31, 
2006
    
    
    March 31, 
2007Unrealized gain on available-for-sale securities
    
    $
    46
    
    
    $
    45Unrealized losses on available-for-sale securities
    
    
    (108
    )
    
    
    (48
    )Foreign currency translation adjustments
    
    
    (634
    )
    
    
    (639
    )Accumulated other comprehensive loss
    
    $
    (696
    )
    
    $
    (642
    )
 6




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Recent Accounting Pronouncements
     Stock-Based Compensation
  7




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Stock Options
   Three months ended
    
    Three months endedMarch 31, 2006
    
    March 31, 2007U.S.
    
    Danish
    
    U.S.
    
    DanishEmployees
    
    Employees
    
    Employees
    
    EmployeesExpected dividend yield
    
    0.0%
    
    0.0%
    
    0.0%
    
    0.0%Risk-free interest rate rangeOptions
    
    4.3%
    
    4.34%
    
    4.64%
    
    4.76%Risk-free interest rate rangeESPP
    
    3.2% to 4.36%
    
    
    
    4.74% to 5.09%
    
    Expected lifeOptions
    
    5.13 years
    
    2.4 years
    
    5.7 years
    
    2.4 yearsExpected lifeESPP
    
    0.92 years
    
    
    
    0.94 years
    
    Expected volatilityOptions
    
    56.42%
    
    44.38%
    
    52.96%
    
    45.28%Expected volatilityESPP
    
    42.97%
    
    
    
    48.31%
  8




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Valuation and Expense Information under SFAS 123(R)
  Three
    
    
    Threemonths
    
    
    monthsended
    
    
    endedMarch 31,
    
    
    March 31,2006
    
    
    2007Research and development
    
    $
    605,538
    
    
    $
    617,691General and administrative
    
    
    877,861
    
    
    
    1,234,267Stock-based compensation expense before income taxes
    
    
    1,483,399
    
    
    
    1,851,958Income tax benefit
    
    
    
    
    
    
    Total stock-based compensation expense after income taxes
    
    $
    1,483,399
    
    
    $
    1,851,958
  2. Cash Equivalents and Investments
   Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueMoney market funds
    
    $
    26,379
    
    
    $
    
    
    
    $
    
    
    
    $
    26,379Commercial paper
    
    
    67,527
    
    
    
    25
    
    
    
    
    
    
    
    67,552Corporate bonds
    
    
    14,063
    
    
    
    
    
    
    
    (2
    )
    
    
    14,061U.S. government agency securities
    
    
    68,761
    
    
    
    20
    
    
    
    (46
    )
    
    
    68,735Total
    
    
    176,730
    
    
    
    45
    
    
    
    (48
    )
    
    
    176,727Less amounts classified as cash
equivalents
    
    
    (26,379
    )
    
    
    
    
    
    
    
    
    
    
    (26,379
    )Total investments
    
    $
    150,351
    
    
    $
    45
    
    
    $
    (48
    )
    
    $
    150,348
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Gross
    
    
    GrossAmortized
    
    
    Unrealized
    
    
    Unrealized
    
    
    EstimatedCost
    
    
    Gains
    
    
    Losses
    
    
    Fair ValueMoney market funds
    
    $
    45,258
    
    
    $
    
    
    
    $
    
    
    
    $
    25,258Commercial paper
    
    
    20,082
    
    
    
    2
    
    
    
    (7
    )
    
    
    20,077Corporate bonds
    
    
    57,459
    
    
    
    16
    
    
    
    (101
    )
    
    
    57,374U.S. government agency securities
    
    
    60,139
    
    
    
    28
    
    
    
    
    
    
    
    60,167Total
    
    
    182,938
    
    
    
    46
    
    
    
    (108
    )
    
    
    182,876Less amounts classified as cash
equivalents
    
    
    (46,504
    )
    
    
    
    
    
    
    
    
    
    
    (46,504
    )Total investments
    
    $
    136,434
    
    
    $
    46
    
    
    $
    (108
    )
    
    $
    136,372
   Amortized
    
    
    EstimatedCost
    
    
    Fair ValueDue within one year
    
    $
    137,352
    
    
    $
    137,356Due after one year through two years
    
    
    12,999
    
    
    
    12,992$
    150,351
    
    
    $
    150,348
 3. Derivatives and Financial Instruments
     10




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4. Litigation
 In
re Initial Public Offering Securities Litigation
 In re Initial Public Offering Securities Litigation
    11




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5. Commitments
   For the remainder of 2007
    
    $
    7,382
 Year endingDecember 31,2008
    
    $
    2,7572009
    
    
    199Thereafter
    
    
    Total commitments beyond current year
    
    $
    2,956
 6. Guarantees and Indemnifications
    12




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7. Related Party Transactions
   8. Income Taxes
    
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
 The following discussion should be read in conjunction with our condensed consolidated
financial statements and the related notes and other financial information appearing elsewhere in
this report. This report contains forward-looking statements that involve risks and uncertainties.
Our actual results may differ materially from those indicated in forward-looking statements. See
Forward-Looking Statements and Risk Factors.
 Executive Summary
  13




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Critical Accounting Policies and Estimates
  15




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Results of Operations
 Revenues
     Research and Development Expenses
    16




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Three months endedMarch 31,2006
    
    
    2007Collaborative projects funded by third parties(1)
    
    $
    2,070
    
    
    $
    2,238Government grants
    
    
    846
    
    
    
    932Internal projects
    
    
    10,346
    
    
    
    11,430Total
    
    $
    13,262
    
    
    $
    14,600
 
 (1)
    
    Research and development expenses related to collaborative projects funded by third
parties may be less than the reported revenues due to the amortization of non-refundable up-front
payments, as well as a portion of the collaborative research and development revenue that is
charged for general and administrative expenses.   17




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General and Administrative Expenses
   Interest Income and Other Income (Expense), Net
  Recent Accounting Pronouncements
    18




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Liquidity and Capital Resources
       Payments Due by PeriodMoreLess than
    
    
    1-3
    
    
    4-5
    
    
    than 5Contractual Obligations
    
    Total
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    YearsOperating lease obligations
    
    $
    2,702
    
    
    $
    1,331
    
    
    $
    1,371
    
    
    $
    
    
    
    $
    Purchase obligations
    
    
    7,636
    
    
    
    6,051
    
    
    
    1,585
    
    
    
    
    
    
    
    Total
    
    $
    10,338
    
    
    $
    7,382
    
    
    $
    2,956
    
    
    $
    
    
    
    $
    
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Item 3. Quantitative And Qualitative Disclosures About Market Risk
 Market risk management
  
 Item 4. Controls and Procedures
 Evaluation of Controls and Procedures
  Changes in Internal Control
  Limitations on the Effectiveness of Controls
  20




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Part II  Other Information
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
 A restated description of the risk factors
 associated with our business is set forth below. This description includes any material changes to and supersedes the description of
the risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2006.
 You should carefully consider the risks described below, together with all of the other
information included in this report, in considering our business and prospects. The risks and
uncertainties described below are not the only ones facing our company. Additional risks and
uncertainties not presently known to us or that we currently deem immaterial also may impair our
business operations. If any of the following risks actually occur, our business could be harmed. In
such case, the trading price of our common stock could decline, and you may lose all or part of
your investment.
 We have a history of net losses. We expect to continue to incur net losses and may not achieve
or maintain profitability.
  We are an early stage company deploying unproven technologies. If we do not develop
commercially successful products, we may be forced to cease operations.
  21




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Drug development is a long, expensive and uncertain process and may not result in the
development of any commercially successful products.
      22




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Our clinical development strategy, which relies on third party contract research
organizations, exposes us to additional risk.
  Our revenues, expenses and operating results are subject to fluctuations that may cause our
stock price to decline.
  
    
    termination of research and development contracts with collaborators or government
research grants, which may not be renewed or replaced;
    
    the success rate of our development or discovery efforts leading to milestones and
royalties;
    
    timing of licensing fees or the achievement of milestones under new or existing
licensing and collaborative arrangements;
    
    timing of expenses, particularly with respect to contract manufacturing,
preclinical studies and clinical trials;
    
    the timing and willingness of collaborators to commercialize our products, which
would result in royalties to us; and
    
    general and industry specific economic conditions, which may affect our
collaborators research and development expenditures.
   Our potential products are subject to a lengthy and uncertain regulatory process. If our
potential products are not approved, we will not be able to commercialize those products.
  23




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
    
    a drug candidate may not be safe or effective;
    
    regulatory officials may not find the data from preclinical testing and clinical trials sufficient;
    
    the FDA and other regulatory agencies might not approve of
the manufacturing processes, product characterization and
specifications, or our third-party manufacturer's facilities; or
    
    the FDA and other regulatory agencies may change its approval policies or adopt new
regulations.
   24




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Our current and future product candidates could take a long time to gain regulatory approval,
or may never gain approval, which could reduce or eliminate our revenue by delaying or terminating
the potential commercialization of our product candidates.
    
    
    deficiencies in the conduct of the clinical trials;
    
    negative or inconclusive results from the clinical trials that necessitate
additional clinical studies;
    
    difficulties or delays in identifying and enrolling patients who meet trial
eligibility criteria;
    
    delays in obtaining or maintaining required approvals from institutions, review
boards or other reviewing entities at clinical sites;
    
    inadequate supply or deficient quality of product candidate materials necessary for
the conduct of the clinical trials;
    
    the occurrence of unacceptable toxicities or unforeseen adverse side effects,
especially as compared to currently approved drugs intended to treat the same
indications;
    
    our lack of financial resources to continue the development of a product candidate;
    
    future legislation or administrative action or changes in FDA policy or the policy
of foreign regulatory agencies during the period of product development, clinical
trials and FDA regulatory review; or
    
    other reasons that are internal to the businesses of our collaborative partners,
which they may not share with us.
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Our manufacturing strategy, which relies on third-party manufacturers, exposes us to
additional risks.
     The manufacturing of our product candidates presents technological, logistical and regulatory
risks, each of which may adversely affect our potential revenues.
  26




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
    
    before we can obtain approval of any of our products or product candidates for the
treatment of a particular disease or condition, we must demonstrate to the
satisfaction of the FDA and other governmental authorities that the drug manufactured
for commercial use is comparable to the drug manufactured for clinical trials and that
the manufacturing facility complies with applicable laws and regulations;
    
    it may not be technically feasible to scale up an existing manufacturing process to
meet demand or such scale-up may take longer than anticipated; and
    
    failure to comply with strictly enforced GMP regulations and similar foreign
standards may result in delays in product approval or withdrawal of an approved
product from the market.
  We may need additional capital in the future. If additional capital is not available, we may
have to curtail or cease operations.
   If our collaborations are not successful, we may not be able to effectively develop and market
some of our products.
   27




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Any conflicts with our collaborators could harm our business.
   Any inability to adequately protect our proprietary technologies could harm our competitive
position.
   28




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Litigation or other proceedings or third party claims of intellectual property infringement
could require us to spend time and money and could require us to shut down some of our operations.
   29




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Budget or cash constraints may force us to delay or terminate our efforts to develop certain
products and could prevent us from executing our business plan, meeting our stated timetables and
commercializing our potential products as quickly as possible.
   Our revenues are substantially dependent on a limited number of collaborative arrangements and
government grants, and our inability to establish or maintain collaborations or grants would
adversely impact our revenues, financial position and results of operation.
  Other biological products may compete with our products.
   30




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Many potential competitors who have greater resources and experience than we do may develop
products and technologies that make ours obsolete.
     Legislative actions, recent and potential new accounting pronouncements and higher compliance
costs are likely to adversely impact our future financial position and results of operations.
  31




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If we do not attract and retain key employees, our business could be impaired.
  The operation of international locations may increase operating expenses and divert management
attention.
  
    
    regulatory requirements that may limit or prevent the offering of our products in
local jurisdictions;
    
    local legal and governmental limitations on company-wide employee benefit
practices, such as the operation of our employee stock option plan in local
jurisdictions;
    
    government limitations on research and/or research involving genetically engineered
products or processes;
    
    difficulties in staffing and managing foreign operations;
    
    currency exchange risks; and
    
    potentially adverse tax consequences.
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Acquisitions could result in dilution, operating difficulties and other harmful consequences.
  
    
    diversion of management time (both ours and that of the acquired company) from
focus on operating the businesses to issues of integration during the period of
negotiation through closing and further diversion of such time after closing;
    
    decline in employee morale and retention issues resulting from changes in
compensation, reporting relationships, future prospects, or the direction of the
business;
    
    the need to integrate each companys accounting, management information, human
resource and other administrative systems to permit effective management and the lack
of control if such integration is delayed or not implemented; and
    
    the need to implement controls, procedures and policies appropriate for a larger
public company in companies that before acquisition had been smaller, private
companies.
   Our stock price has been, and may continue to be, extremely volatile, and an investment in our
stock could decline in value.
  
    
    our failure to meet our publicly announced revenue and/or expense projections
and/or product development timetables;
    
    adverse or inconclusive results or delays in preclinical development or clinical trials;
    
    any material amendment or termination of our collaborative agreements;
    
    any decisions to discontinue or delay development programs or clinical trials;
    
    announcements regarding data related to our products or
competing products, new technological innovations or new products by us or our competitors;
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
    
    conditions or trends in the biotechnology and life science industries;
    
    changes in the market valuations of other biotechnology or life science companies;
    
    developments in domestic and international governmental policy or regulations;
    
    announcements by us or our competitors of significant acquisitions, strategic
partnerships, joint ventures or capital commitments;
    
    changes in general economic, political and market conditions, such as recessions,
interest rate changes, terrorist acts and other factors;
    
    developments in or challenges relating to patent or other proprietary rights; and
    
    sales of our common stock or other securities in the open market.
  Substantial sales of shares may adversely impact the market price of our common stock.
  If we or our collaborators receive regulatory approval for our drug candidates, we will be
subject to ongoing FDA obligations and continued regulatory review, and we may also be subject to
additional FDA post-marketing obligations, all of which may result in significant expense and limit
our ability to commercialize our potential drugs.
  We may be subject to costly product liability claims and may not have adequate insurance.
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We
currently have no product marketing or commercialization capabilities.
  The coverage and reimbursement status of newly approved drugs is uncertain and failure to
obtain adequate coverage and reimbursement could limit our ability to market any drugs we may
develop and decrease our ability to generate revenue.
  Some of our existing stockholders can exert control over us, and may not make decisions that
are in the best interests of all stockholders.
  Our facilities in California are located near an earthquake fault, and an earthquake or other
types of natural disasters or resource shortages could disrupt our operations and adversely affect
our results.
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6.
Exhibits
  31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
200231.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
200232.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
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Signatures
  MAXYGEN, INC.May 8, 2007
    By:
    /s/ Russell J. HowardRussell J. HowardChief Executive OfficerMay 8, 2007
    By:
    /s/ Lawrence W. BriscoeLawrence W. BriscoeChief Financial Officer 37




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Exhibit
Index
 31.1
    
    Certification of Chief Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 200231.2
    
    Certification of Chief Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 200232.1
    
    Certification of Chief Executive Officer and Chief Financial Officer pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002