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: |
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September 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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Commission File Number: 000-31145 |
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VERSICOR INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-3278032 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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34790 Ardentech Court, Fremont, California 94555 |
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(Address of principal executive offices) (Zip Code) |
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(510) 739-3000 |
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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 report(s) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o.
On November 7, 2002, there were 26,377,770 common shares outstanding of the registrant’s only class of common stock.
The Exhibit Index begins on page 35.
VERSICOR INC.
Quarterly Report on Form 10-Q
For the Nine Months Ended September 30, 2002
INDEX
1
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED FINANCIAL STATEMENTS
VERSICOR INC.
(unaudited)
(in thousands)
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September
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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$ |
35,914 |
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$ |
31,349 |
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Marketable securities |
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36,881 |
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32,419 |
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Employee notes receivable |
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— |
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13 |
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Prepaid expenses and other current assets |
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1,916 |
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1,624 |
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Total current assets |
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74,711 |
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65,405 |
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Property and equipment, net |
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4,869 |
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5,197 |
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Other assets |
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105 |
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95 |
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Total assets |
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$ |
79,685 |
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$ |
70,697 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,477 |
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$ |
4,335 |
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Accrued liabilities |
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9,116 |
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6,278 |
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Current portion of term loan payable |
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3,500 |
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3,950 |
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Deferred revenue |
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635 |
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1,561 |
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Total current liabilities |
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16,728 |
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16,124 |
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Term loan payable |
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873 |
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1,004 |
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Deferred revenue |
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500 |
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500 |
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Other long-term liabilities |
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244 |
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175 |
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Total liabilities |
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18,345 |
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17,803 |
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Stockholders’ equity: |
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Common stock |
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26 |
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23 |
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Additional paid-in capital |
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202,262 |
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160,163 |
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Deferred stock compensation |
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(1,520 |
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(3,567 |
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Accumulated other comprehensive income |
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72 |
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98 |
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Accumulated deficit |
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(139,500 |
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(103,823 |
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Total stockholders’ equity |
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61,340 |
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52,894 |
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Total liabilities and stockholders’ equity |
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$ |
79,685 |
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$ |
70,697 |
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The accompanying notes are an integral part of the condensed financial statements.
2
VERSICOR INC.
(unaudited)
(in thousands, except per share amounts)
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Three Months Ended |
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Nine Months Ended |
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September
30, |
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September
30, |
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September
30, |
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September
30, |
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Revenues: |
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Collaborative research and development and contract services |
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$ |
1,519 |
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$ |
1,554 |
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$ |
4,563 |
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$ |
4,594 |
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License fees and milestones |
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— |
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9 |
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258 |
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276 |
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Total revenues |
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1,519 |
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1,563 |
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4,821 |
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4,870 |
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Operating expenses: |
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Research and development - non-cash stock compensation expense |
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173 |
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544 |
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592 |
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1,739 |
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Research and development - other |
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12,572 |
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8,665 |
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34,218 |
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21,624 |
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Total research and development |
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12,745 |
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9,209 |
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34,810 |
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23,363 |
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General and administrative - non-cash stock compensation expense |
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387 |
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32 |
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1,259 |
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2,141 |
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General and administrative - other |
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1,756 |
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1,458 |
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5,421 |
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4,262 |
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Total general and administrative |
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2,143 |
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1,490 |
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6,680 |
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6,403 |
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Total operating expenses |
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