SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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ý 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 September 30, 2002 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 000-28347 |
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TULARIK INC. |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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94-3148800 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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Two
Corporate Drive |
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(Address of principal executive offices) (Zip code) |
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(650) 825-7000 |
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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 October 31, 2002, 54,895,216 shares of the Registrant’s common stock were outstanding.
TULARIK INC.
INDEX
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results Of Operations |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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2
Item 1. Unaudited Financial Statements
TULARIK INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
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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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$ |
69,355 |
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$ |
109,392 |
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Short-term investments |
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105,706 |
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107,197 |
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Prepaid expenses and other current assets |
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5,881 |
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6,832 |
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Total current assets |
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180,942 |
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223,421 |
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Property and equipment, net |
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31,940 |
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34,011 |
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Other investments |
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3,000 |
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25,337 |
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Restricted investments |
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4,275 |
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2,008 |
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Other assets |
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5,359 |
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5,405 |
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Goodwill |
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3,100 |
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3,100 |
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Total assets |
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$ |
228,616 |
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$ |
293,282 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,557 |
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$ |
4,855 |
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Accrued compensation and related liabilities |
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2,509 |
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3,039 |
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Accrued liabilities |
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5,971 |
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5,388 |
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Current portion of long-term debt and capital lease obligations |
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6,516 |
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6,685 |
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Deferred revenue |
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12,025 |
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14,211 |
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Total current liabilities |
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29,578 |
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34,178 |
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Long-term debt and capital lease obligations |
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9,433 |
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10,801 |
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Long-term portion of deferred revenue |
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14,067 |
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12,083 |
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Other non-current liabilities |
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2,864 |
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1,999 |
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Total liabilities |
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55,942 |
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59,061 |
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Commitments |
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Minority interest in Cumbre Inc. |
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26,250 |
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26,250 |
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Stockholders’ equity: |
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Convertible preferred stock; $.001 par value; 5,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock; $.001 par value; 145,000,000 shares authorized; 50,851,204 and 49,890,865 shares issued and outstanding at September 30, 2002 and December 31, 2001, respectively |
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51 |
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50 |
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Additional paid-in capital |
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394,458 |
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387,484 |
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Notes receivable from stockholders |
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(60 |
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(230 |
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Deferred compensation, net |
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(89 |
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(351 |
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Other comprehensive loss |
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(1,493 |
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(125 |
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Cumulative translation adjustment |
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637 |
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364 |
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Accumulated deficit |
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(247,080 |
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(179,221 |
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Total stockholders’ equity |
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146,424 |
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207,971 |
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Total liabilities and stockholders’ equity |
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$ |
228,616 |
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$ |
293,282 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
(1) The condensed consolidated balance sheet at December 31, 2001 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
3
TULARIK INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
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Three months ended |
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Nine 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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Collaborative research and development |
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$ |
5,551 |
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$ |
8,529 |
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$ |
18,302 |
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$ |
23,885 |
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Operating expenses: |
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Research and development |
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26,344 |
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23,736 |
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80,168 |
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64,180 |
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General and administrative |
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2,898 |
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2,660 |
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8,900 |
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8,886 |
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29,242 |
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26,396 |
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89,068 |
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73,066 |
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Loss from operations |
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(23,691 |
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(17,867 |
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(70,766 |
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(49,181 |
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Interest and other income |
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1,144 |
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3,348 |
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4,092 |
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12,151 |
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Realized gains on sale of securities |
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— |
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674 |
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— |
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2,836 |
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Interest expense |
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(391 |
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(384 |
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(1,185 |
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(1,143 |
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Net loss |
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$ |
(22,938 |
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$ |
(14,229 |
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$ |
(67,859 |
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$ |
(35,337 |
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Basic and diluted net loss per share |
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$ |
(0.45 |
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