SECURITIES AND EXCHANGE COMMISSION
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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
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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
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Anika Therapeutics, Inc. |
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(Exact Name of Registrant as Specified in Its Charter) |
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Massachusetts |
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04-3145961 |
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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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236 West Cummings Park, Woburn, Massachusetts |
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01801 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (781) 932-6616 |
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Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.
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 last 90 days. Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date.
At August 7, 2002 there were 9,934,280 outstanding shares of Common Stock, par value $.01 per share.
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Balance Sheets
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June 30, |
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December
31, |
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ASSETS |
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(Unaudited) |
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Current assets: |
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Cash and equivalents |
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$ |
7,477,859 |
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$ |
9,064,977 |
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Short-term marketable securities |
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4,500,000 |
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3,994,401 |
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Accounts receivable, net of reserves of $25,000 |
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2,228,694 |
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2,240,929 |
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Inventories |
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2,786,648 |
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3,726,982 |
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Prepaid expenses and other current assets |
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455,603 |
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540,476 |
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Total current assets |
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17,448,804 |
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19,567,765 |
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Property and equipment, at cost |
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9,572,235 |
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9,530,047 |
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Less: accumulated depreciation |
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(7,126,819 |
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(6,583,175 |
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2,445,416 |
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2,946,872 |
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Long-term deposits |
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143,060 |
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148,160 |
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Notes receivable from officers |
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178,000 |
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253,000 |
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Total assets |
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$ |
20,215,280 |
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$ |
22,915,797 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
765,938 |
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$ |
954,585 |
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Accrued expenses |
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1,740,923 |
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1,842,399 |
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Deferred revenue |
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566,010 |
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15,001 |
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Total current liabilities |
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3,072,871 |
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2,811,985 |
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Stockholders’ equity: |
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Redeemable convertible preferred stock, $.01 par value; 750,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Undesignated preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Common stock, $.01 par value; 30,000,000 shares authorized, 9,991,943 shares issued |
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99,919 |
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99,919 |
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Additional paid-in capital |
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31,640,234 |
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31,640,234 |
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Treasury stock (at cost, 57,663 shares) |
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(279,756 |
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(279,756 |
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Accumulated deficit |
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(14,317,988 |
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(11,356,585 |
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Total stockholders’ equity |
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17,142,409 |
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20,103,812 |
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Total liabilities and stockholders’ equity |
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$ |
20,215,280 |
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$ |
22,915,797 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
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Quarter Ended June 30, |
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Six Months Ended June 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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Product revenue |
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$ |
3,415,877 |
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$ |
2,919,034 |
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$ |
5,800,594 |
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$ |
5,097,652 |
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License revenue |
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5,000 |
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— |
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10,000 |
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— |
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Total revenue |
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3,420,877 |
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2,919,034 |
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5,810,594 |
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5,097,652 |
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Cost of product revenue |
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2,201,318 |
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2,109,049 |
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4,288,732 |
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4,077,997 |
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Gross profit |
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1,219,559 |
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809,985 |
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1,521,862 |
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1,019,655 |
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Operating expenses: |
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Research and development |
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1,050,426 |
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921,325 |
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2,140,300 |
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2,269,195 |
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Selling, general and administrative |
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1,388,837 |
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1,858,790 |
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2,468,332 |
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3,247,364 |
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Litigation settlement costs |
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— |
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886,480 |
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— |
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950,716 |
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Total operating expenses |
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2,439,263 |
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3,666,595 |
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4,608,632 |
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6,467,275 |
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Loss from operations |
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(1,219,704 |
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(2,856,610 |
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(3,086,770 |
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(5,447,620 |
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Interest income, net |
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62,508 |
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206,202 |
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125,367 |
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478,781 |
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Net loss |
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$ |
(1,157,196 |
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$ |
(2,650,408 |
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$ |
(2,961,403 |
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$ |
(4,968,839 |
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Basic and diluted net loss per common share |
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$ |
(0.12 |
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$ |
(0.27 |
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$ |
(0.30 |
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$ |
(0.50 |
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Shares used to calculate basic and diluted net loss per common share |
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9,934,280 |
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9,934,280 |
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9,934,280 |
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9,934,280 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Six Months Ended
(Unaudited)