Dyax (DYAX)

Contractual Obligations

        Contractual obligations represent future cash commitments and liabilities under agreements with third parties, and exclude contingent liabilities for which we cannot reasonably predict future payment. The following chart represents our total contractual obligations, including principal and interest, at December 31, 2008, aggregated by type (in thousands):

(1)

These amounts represent projected future principal and interest payments to Cowen Healthcare based on our current LFRP projections, which are subject to uncertainties based on the timing and amounts of the receipt of cash under the LFRP. See Notes to the Financial Statements, Note 8 of Item 8 "Financial Statements and Supplementary Data".

(2)

These amounts are net of contractually committed sublease income.

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(3)

These amounts exclude any royalties and milestones that may become due in connection with the development or commercialization of our product candidates. Since the prospect of development and commercialization of any product candidate is uncertain, we believe the timing and amount of any potential future royalties and other milestones are not currently calculable in any manner that would fairly present future obligations.

(4)

These amounts represent the cash commitment due on research, development and manufacturing contracts. We will not owe any royalties or milestones in connection with these contracts.

        In addition, we have received a €825,000 grant from the Walloon region of Belgium. The grant includes specific criteria regarding employment and investment levels that need to be met. The employment criteria were met in 2006. The investment criteria were not fully met as of December 31, 2008. Pursuant to the closure of the Liege facility in 2008, we have refunded approximately $162,000 as of December 31, 2008 and are working with the Walloon region to determine what portion of the residual balance will need to be refunded. The residual balance as of December 31, 2008 was approximately $983,000.

Contractual Obligations

        Contractual obligations represent future cash commitments and liabilities under agreements with third parties, and exclude contingent
liabilities for which we cannot reasonably predict future payment. The following chart represents our total contractual obligations, including principal and interest, at December 31, 2008,
aggregated by type (in thousands):

(1)

These
amounts represent projected future principal and interest payments to Cowen Healthcare based on our current LFRP projections, which are subject to
uncertainties based on the timing and amounts of the receipt of cash under the LFRP. See Notes to the Financial Statements, Note 8 of Item 8 "Financial Statements and Supplementary
Data".

(2)

These
amounts are net of contractually committed sublease income.

44

HREF="#bg12501a_main_toc">Table of Contents

(3)

These
amounts exclude any royalties and milestones that may become due in connection with the development or commercialization of our product candidates.
Since the prospect of development and commercialization of any product candidate is uncertain, we believe the timing and amount of any potential future royalties and other milestones are not currently
calculable in any manner that would fairly present future obligations.

(4)

These
amounts represent the cash commitment due on research, development and manufacturing contracts. We will not owe any royalties or milestones in
connection with these contracts.

        In
addition, we have received a €825,000 grant from the Walloon region of Belgium. The grant includes specific criteria regarding employment and
investment levels that need to be met. The employment criteria were met in 2006. The investment criteria were not fully met as of December 31, 2008. Pursuant to the closure of the Liege
facility in 2008, we have refunded approximately $162,000 as of December 31, 2008 and are working with the Walloon region to determine what portion of the residual balance will need to be
refunded. The residual balance as of December 31, 2008 was approximately $983,000.

Contractual Obligations

        Contractual obligations represent future cash commitments and liabilities under agreements with third parties, and exclude contingent
liabilities for which we cannot reasonably predict future payment. The following chart represents our total contractual obligations, including principal and interest, at December 31, 2008,
aggregated by type (in thousands):

(1)

These
amounts represent projected future principal and interest payments to Cowen Healthcare based on our current LFRP projections, which are subject to
uncertainties based on the timing and amounts of the receipt of cash under the LFRP. See Notes to the Financial Statements, Note 8 of Item 8 "Financial Statements and Supplementary
Data".

(2)

These
amounts are net of contractually committed sublease income.

44

HREF="#bg12501a_main_toc">Table of Contents

(3)

These
amounts exclude any royalties and milestones that may become due in connection with the development or commercialization of our product candidates.
Since the prospect of development and commercialization of any product candidate is uncertain, we believe the timing and amount of any potential future royalties and other milestones are not currently
calculable in any manner that would fairly present future obligations.

(4)

These
amounts represent the cash commitment due on research, development and manufacturing contracts. We will not owe any royalties or milestones in
connection with these contracts.

        In
addition, we have received a €825,000 grant from the Walloon region of Belgium. The grant includes specific criteria regarding employment and
investment levels that need to be met. The employment criteria were met in 2006. The investment criteria were not fully met as of December 31, 2008. Pursuant to the closure of the Liege
facility in 2008, we have refunded approximately $162,000 as of December 31, 2008 and are working with the Walloon region to determine what portion of the residual balance will need to be
refunded. The residual balance as of December 31, 2008 was approximately $983,000.

Contractual Obligations

        Contractual obligations represent future cash commitments and liabilities under agreements with third parties, and exclude contingent liabilities which we cannot reasonably predict future payment. The following chart represents our total contractual obligations, including principal and interest, at December 31, 2007, aggregated by type (in thousands):

(1)

These amounts represent projected future payments to Paul Royalty based on our current LFRP projections, with interest calculated using the effective interest method. See Footnote 6 "Long-term Obligations" of Item 8 "Financial Statements and Supplementary Data".

(2)

These amounts are net of contractually committed sublease income.

(3)

These amounts exclude any royalties and milestones that we may owe in connection with the development or commercialization of any of our product candidates. Since the prospect of development and commercialization of any particular product candidate is uncertain, we believe the timing and amounts of any potential royalties and other milestones are not currently calculable in any manner that would fairly present purchase obligations.

(4)

These amounts represent the cash commitment due on research, development and manufacturing contracts. We will not owe any royalties or milestones in connection with these contracts.

45

        In addition, we have received a €825,000 grant from the Walloon region of Belgium. This amount translates to $1.2 million and $1.1 million at December 31, 2007 and 2006, respectively. This grant includes specific criteria regarding employment and investment levels that need to be met. The criteria required to be met in 2006 have successfully been met. The remaining criteria have not been met as of December 31, 2007. If we do not meet all criteria, we will be required to refund all or a portion of amounts received under this grant. As of December 31, 2005, the Company had received the entire grant amount of €825,000.

Contractual Obligations

        Contractual obligations represent future cash commitments and liabilities under agreements with third parties, and exclude contingent liabilities which we cannot
reasonably predict future payment. The following chart represents our total contractual obligations, including principal and interest, at December 31, 2007, aggregated by type (in thousands):

(1)

These
amounts represent projected future payments to Paul Royalty based on our current LFRP projections, with interest calculated using the effective interest method. See
Footnote 6 "Long-term Obligations" of Item 8 "Financial Statements and Supplementary Data".

(2)

These
amounts are net of contractually committed sublease income.

(3)

These
amounts exclude any royalties and milestones that we may owe in connection with the development or commercialization of any of our product candidates. Since the prospect of
development and commercialization of any particular product candidate is uncertain, we believe the timing and amounts of any potential royalties and other milestones are not currently calculable in
any manner that would fairly present purchase obligations.

(4)

These
amounts represent the cash commitment due on research, development and manufacturing contracts. We will not owe any royalties or milestones in connection with these contracts.

45

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        In addition, we have received a €825,000 grant from the Walloon region of Belgium. This amount translates to $1.2 million and $1.1 million at
December 31, 2007 and 2006, respectively. This grant includes specific criteria regarding employment and investment levels that need to be met. The criteria required to be met in 2006 have
successfully been met. The remaining criteria have not been met as of December 31, 2007. If we do not meet all criteria, we will be required to refund all or a portion of amounts received under
this grant. As of December 31, 2005, the Company had received the entire grant amount of €825,000.