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 |
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For the quarterly period ended June 30, 2002 |
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or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 0-21937
CERUS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
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68-0262011 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
2411 Stanwell Dr.
Concord, California 94520
(Address of principal executive offices, including zip code)
(925) 288-6000
(Registrant’s telephone number, including area code)
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 July 31, 2002, there were 15,786,801 shares of the registrant’s common stock outstanding.
CERUS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
THREE MONTHS ENDED JUNE 30, 2002
TABLE OF CONTENTS
2
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CERUS CORPORATION
UNAUDITED
(in thousands)
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June 30, |
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December
31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
26,491 |
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$ |
64,503 |
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Short-term investments |
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66,783 |
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58,958 |
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Accounts receivable from a related party |
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5,028 |
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26 |
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Other current assets |
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2,752 |
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1,573 |
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Total current assets |
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101,054 |
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125,060 |
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Furniture and equipment, net of depreciation |
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6,274 |
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3,012 |
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Other assets |
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218 |
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188 |
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Total assets |
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$ |
107,546 |
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$ |
128,260 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable to a related party |
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$ |
8,410 |
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$ |
5,029 |
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Accounts payable |
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3,655 |
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3,220 |
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Accrued expenses |
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6,473 |
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7,247 |
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Deferred revenue |
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789 |
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927 |
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Current portion of capital lease obligations |
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33 |
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31 |
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Total current liabilities |
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19,360 |
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16,454 |
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Capital lease obligations, less current portion |
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34 |
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51 |
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Redeemable convertible preferred stock |
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5,000 |
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5,000 |
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Total stockholders’ equity |
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83,152 |
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106,755 |
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Total liabilities and stockholders’ equity |
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$ |
107,546 |
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$ |
128,260 |
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See notes to condensed financial statements.
3
CERUS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
(in thousands, except per share data)
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Three
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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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Revenue: |
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Milestone and development funding, related parties |
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$ |
5,000 |
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$ |
1,021 |
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$ |
5,002 |
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$ |
1,866 |
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Development funding, other |
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36 |
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224 |
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139 |
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450 |
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Government grants and cooperative agreements |
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613 |
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314 |
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1,011 |
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687 |
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Total revenue |
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5,649 |
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1,559 |
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6,152 |
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3,003 |
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Operating expenses: |
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Research and development |
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14,484 |
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12,086 |
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26,405 |
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23,404 |
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General and administrative |
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3,024 |
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2,658 |
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5,826 |
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5,037 |
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Total operating expenses |
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17,508 |
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14,744 |
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32,231 |
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28,441 |
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Loss from operations |
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(11,859 |
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(13,185 |
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(26,079 |
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(25,438 |
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Interest income, net |
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575 |
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1,210 |
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1,248 |
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2,398 |
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Loss before provision for income taxes |
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(11,284 |
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(11,975 |
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(24,831 |
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(23,040 |
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