UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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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
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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 0-29889
Rigel Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3248524 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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240 East Grand Avenue |
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94080 |
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South San Francisco, CA |
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(Zip Code) |
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(Address of principal executive offices) |
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(650) 624-1100 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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. Yes ý No o
As of August 1, 2002, there were 45,510,736 shares of the Registrant’s common stock outstanding.
RIGEL PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2002
INDEX
RIGEL PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
(in thousands, except share and per share amounts)
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June 30, |
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December 31, |
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(unaudited) |
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(Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
20,077 |
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$ |
11,488 |
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Available-for-sale securities |
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25,574 |
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21,927 |
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Accounts receivable |
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1,763 |
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1,153 |
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Prepaid expenses and other current assets |
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5,449 |
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1,965 |
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Total current assets |
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52,863 |
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36,533 |
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Property and equipment, net |
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9,524 |
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8,440 |
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Other assets |
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1,669 |
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1,475 |
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$ |
64,056 |
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$ |
46,448 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,706 |
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$ |
1,952 |
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Accrued compensation |
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836 |
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671 |
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Accrued liabilities |
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5,233 |
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1,104 |
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Deferred revenue |
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3,778 |
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3,264 |
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Capital lease obligations |
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3,704 |
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3,171 |
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Total current liabilities |
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16,257 |
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10,162 |
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Capital lease obligations |
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3,465 |
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4,243 |
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Long-term portion of deferred revenue |
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1,333 |
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2,240 |
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Other long-term liabilities |
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431 |
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862 |
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Commitments |
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Stockholders’ equity: |
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Common stock,
$0.001 par value; 100,000,000 shares authorized; |
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45 |
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38 |
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Additional paid-in capital |
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140,579 |
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109,095 |
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Deferred stock compensation |
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(1,467 |
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(2,452 |
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Accumulated other comprehensive (loss) income |
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15 |
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44 |
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Accumulated deficit |
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(96,602 |
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(77,784 |
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Total stockholders’ equity |
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42,570 |
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28,941 |
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$ |
64,056 |
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$ |
46,448 |
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Note (1) The balance sheet at December 31, 2001 has been derived from the audited financial statements at that date included in the Company’s Form 10-K for the fiscal year ended December 31, 2001.
See accompanying notes.
2
RIGEL PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
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Three Months Ended |
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Six Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Contract revenues from collaborations |
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$ |
4,337 |
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$ |
3,123 |
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$ |
8,435 |
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$ |
6,317 |
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Costs and expenses: |
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Research and development |
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12,066 |
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8,787 |
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22,157 |
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14,764 |
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General and administrative |
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2,761 |
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1,933 |
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5,205 |
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3,894 |
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