SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the quarterly period ended June 30, 2002 |
||
|
|
|
|
|
OR |
||
|
|
|
|
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
|
For the transition period from to |
||
|
|
|
|
|
Commission File Number: 0-28298 |
||
ONYX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
94-3154463 |
|
(State or other
jurisdiction of |
|
(IRS Employer ID Number) |
|
|
|
|
|
3031 Research Drive |
||
|
Richmond, California 94806 |
||
|
(Address of principal executive offices) |
||
|
|
||
|
(510) 222-9700 |
||
|
(Registrant's telephone number including area code) |
||
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý Yes o No
The number of outstanding shares of the registrant’s Common Stock, $0.001 par value, was 21,594,876 as of August 5, 2002.
ONYX PHARACEUTICALS, INC
INDEX
2
ONXY PHARMACEUTICALS, INC.
(In thousands)
|
|
|
June 30, |
|
December
31, |
|
||
|
|
|
(Unaudited) |
|
(Note 1) |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
32,809 |
|
$ |
39,568 |
|
|
Marketable securities |
|
23,066 |
|
18,898 |
|
||
|
Other current assets |
|
1,937 |
|
900 |
|
||
|
Total current assets |
|
57,812 |
|
59,366 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
3,052 |
|
3,597 |
|
||
|
Notes receivable from related parties |
|
275 |
|
319 |
|
||
|
Other assets |
|
2,370 |
|
2,500 |
|
||
|
|
|
$ |
63,509 |
|
$ |
65,782 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
1,058 |
|
$ |
671 |
|
|
Accrued liabilities |
|
859 |
|
1,079 |
|
||
|
Accrued clinical trials and related expenses |
|
7,885 |
|
6,810 |
|
||
|
Accrued compensation |
|
503 |
|
672 |
|
||
|
Deferred revenue |
|
552 |
|
1,465 |
|
||
|
Total current liabilities |
|
10,857 |
|
10,697 |
|
||
|
|
|
|
|
|
|
||
|
Commitments |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock |
|
22 |
|
19 |
|
||
|
Additional paid-in capital |
|
187,412 |
|
168,092 |
|
||
|
Accumulated other comprehensive income |
|
14 |
|
98 |
|
||
|
Accumulated deficit |
|
(134,796 |
) |
(113,124 |
) |
||
|
Total stockholders’ equity |
|
52,652 |
|
55,085 |
|
||
|
|
|
$ |
63,509 |
|
$ |
65,782 |
|
See accompanying notes.
3
ONXY PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three
Months Ended |
|
Six Months
Ended |
|
||||||||
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
||||
|
Contract revenue from related parties |
|
$ |
707 |
|
$ |
5,259 |
|
$ |
1,537 |
|
$ |
9,910 |
|
|
Contract and other revenue |
|
— |
|
83 |
|
— |
|
168 |
|
||||
|
Total revenue |
|
707 |
|
5,342 |
|
1,537 |
|
10,078 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Research and development |
|
11,357 |
|
10,288 |
|
21,106 |
|
19,673 |
|
||||
|
General and administrative |
|
1,549 |
|
1,831 |
|
2,942 |
|
3,563 |
|
||||
|
Total operating expenses |
|
12,906 |
|
12,119 |
|
24,048 |
|
23,236 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss from operations |
|
(12,199 |
) |
(6,777 |
) |
(22,511 |
) |
(13,158 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest income, net |
|
320 |
|
888 |
|
664 |
|
2,026 |
|
||||
|
Other income |
|
— |
|
— |
|
175 |
|
— |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net loss |
|
$ |
(11,879 |
) |
$ |
(5,889 |
) |
$ |
(21,672 |
) |
$ |
(11,132 |
) |
|
|
|||||||||||||