SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
(Mark One) |
|
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2002
OR
|
o |
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 000-25571
|
AXONYX INC. |
||
|
(Exact name of registrant as specified in its charter) |
||
|
|
|
|
|
NEVADA |
|
86-0883978 |
|
(State or other jurisdiction |
|
(I.R.S. Employer or Identification No.) |
|
|
|
|
|
825 THIRD AVENUE, 40TH FLOOR, NEW YORK, NEW YORK |
|
10022 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
(212) 688-4770 |
||
|
(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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 17,247,371 shares of common stock as of November 13, 2002.
AXONYX INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
AXONYX INC.
Condensed Consolidated Balance Sheets
|
|
|
September 30, |
|
December 31, |
|
||
|
|
|
(unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
3,696,000 |
|
$ |
9,115,000 |
|
|
Other |
|
67,000 |
|
— |
|
||
|
|
|
|
|
|
|
||
|
Total current assets |
|
3,763,000 |
|
9,115,000 |
|
||
|
|
|
|
|
|
|
||
|
Equipment, net |
|
41,000 |
|
52,000 |
|
||
|
|
|
|
|
|
|
||
|
Other assets: |
|
|
|
|
|
||
|
Security deposits |
|
43,000 |
|
44,000 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
3,847,000 |
|
$ |
9,211,000 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable and accrued expenses |
|
$ |
440,000 |
|
$ |
1,020,000 |
|
|
Total liabilities |
|
440,000 |
|
1,020,000 |
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Preferred stock - $.001 par value, 15,000,000 shares authorized; none issued |
|
|
|
|
|
||
|
Common Stock - $.001 par value, 75,000,000 shares authorized; 17,247,371 shares issued and outstanding. |
|
17,000 |
|
17,000 |
|
||
|
Additional paid-in capital |
|
27,778,000 |
|
27,570,000 |
|
||
|
Unearned compensation - stock/options |
|
(15,000 |
) |
(30,000 |
) |
||
|
Accumulated deficit |
|
(24,373,000 |
) |
(19,366,000 |
) |
||
|
|
|
|
|
|
|
||
|
Total stockholders’ equity |
|
3,407,000 |
|
8,191,000 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
3,847,000 |
|
$ |
9,211,000 |
|
See notes to the condensed consolidated financial statements.
1
AXONYX INC.
Condensed Consolidated Statements of Operations
(unaudited)
|
|
|
Three months ended |
|
Nine months ended |
|
||||||||
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Revenue |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Research and development |
|
980,000 |
|
1,693,000 |
|
3,104,000 |
|
4,542,000 |
|
||||
|
General and administrative |
|
526,000 |
|
694,000 |
|
1,989,000 |
|
2,406,000 |
|
||||
|
|
|
1,506,000 |
|
2,387,000 |
|
5,093,000 |
|
6,948,000 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss from operations |
|
(1,506,000 |
) |
(2,387,000 |
) |
(5,093,000 |
) |
(6,948,000 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign exchange |
|
$ |
(1,000 |
) |
$ |
9,000 |
|
$ |
1,000 |
|
$ |
(26,000 |
) |
|
Investment income |
|
18,000 |
|
53,000 |
|
85,000 |
|
269,000 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net loss |
|
$ |
(1,489,000 |
) |
$ |
(2,325,000 |
) |
$ |
(5,007,000 |
) |
$ |
(6,705,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net loss per common share |
|
$ |
(0.09 |
) |
$ |
(0.15 |
) |
$ |
(0.29 |
) |
|||