TPTX » Topics » Equity Method of Accounting for Investments in Common Stock

These excerpts taken from the TPTX 10-K filed Mar 31, 2008.

Equity Method of Accounting for Investments in Common Stock

        We account for our investment in OXIS International, Inc. ("OXIS") under the equity method of accounting following Accounting Principles Bulletin No. 18. An impairment charge would be required if we determined that any reduction in the OXIS market value over the carrying value was other than temporary. For the year ended December 31, 2007, we recorded an impairment charge of $1.9 million. See Note 4.

F-9


TorreyPines Therapeutics, Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2007

1. Organization and Summary of Significant Accounting Policies (Continued)

Equity Method of Accounting for Investments in Common Stock



        We account for our investment in OXIS International, Inc. ("OXIS") under the equity method of accounting following Accounting Principles Bulletin
No. 18. An impairment charge would be required if we determined that any reduction in the OXIS market value over the carrying value was other than temporary. For the year ended
December 31, 2007, we recorded an impairment charge of $1.9 million. See Note 4.



F-9








TorreyPines Therapeutics, Inc.



Notes to Consolidated Financial Statements (Continued)



December 31, 2007



1. Organization and Summary of Significant Accounting Policies (Continued)




This excerpt taken from the TPTX 10-K filed Mar 29, 2007.

Equity Method of Accounting for Investments in Common Stock

The Company accounts for its investment in OXIS International, Inc. (“OXIS”) under the equity method of accounting following Accounting Principles Bulletin No. 18. An impairment charge would be required if the Company determined that any reduction in the OXIS market value over the carrying value was other than temporary. As of December 31, 2006 no such charge was considered necessary.

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