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 period ended September 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 |
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For the transition period from to . |
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Commission File No. 000-24537
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DYAX CORP. |
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(Exact Name of Registrant as Specified in its Charter) |
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DELAWARE |
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04-3053198 |
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(State of Incorporation) |
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(I.R.S. Employer Identification Number) |
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300 TECHNOLOGY SQUARE, CAMBRIDGE, MA 02139 |
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(Address of Principal Executive Offices) |
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(617) 225-2500 |
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(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
Number of shares outstanding of Dyax Corp.’s Common Stock, par value $0.01, as of November 11, 2002: 19,702,323.
DYAX CORP.
TABLE OF CONTENTS
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Consolidated Balance
Sheets (Unaudited) as of September 30, 2002 and |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PART I - FINANCIAL INFORMATION
DYAX CORP.
(UNAUDITED)
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September 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
34,170,000 |
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$ |
51,034,000 |
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Accounts receivable, net |
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6,554,000 |
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7,128,000 |
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Inventories |
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3,843,000 |
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3,267,000 |
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Current portion of notes receivable, employees |
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85,000 |
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159,000 |
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Other current assets |
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884,000 |
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541,000 |
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Total current assets |
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45,536,000 |
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62,129,000 |
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Fixed assets, net of accumulated depreciaton of $7,232,000 and $4,982,000 at September 30, 2002 and December 31, 2001, respectively |
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20,928,000 |
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12,915,000 |
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Notes receivable, employees |
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1,268,000 |
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1,346,000 |
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Goodwill and other intangible assets, net |
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363,000 |
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288,000 |
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Restricted cash |
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5,603,000 |
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4,365,000 |
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Other assets |
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304,000 |
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398,000 |
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Total assets |
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$ |
74,002,000 |
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$ |
81,441,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
10,348,000 |
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$ |
10,104,000 |
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Current portion of deferred revenue |
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7,221,000 |
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5,821,000 |
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Current portion of long-term obligations |
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3,047,000 |
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2,194,000 |
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Total current liabilities |
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20,616,000 |
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18,119,000 |
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Deferred revenue |
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577,000 |
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3,618,000 |
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Long-term obligations |
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15,939,000 |
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4,240,000 |
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Total liabilities |
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37,132,000 |
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25,977,000 |
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Commitments (Note 9) |
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Stockholders’ equity: |
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Common stock, $0.01 par value; 50,000,000 shares authorized at September 30, 2002 and December 31, 2001; 19,702,323 shares issued and outstanding at September 30, 2002 and 19,433,928 shares issued and outstanding at December 31, 2001 |
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197,000 |
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194,000 |
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Additional paid-in capital |
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141,838,000 |
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141,384,000 |
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Accumulated deficit |
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(104,450,000 |
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(84,009,000 |
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Deferred compensation |
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(1,159,000 |
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(2,199,000 |
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Accumulated other comprehensive income |
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444,000 |
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94,000 |
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Total stockholders’ equity |
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36,870,000 |
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55,464,000 |
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Total liabilities and stockholders’ equity |
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$ |
74,002,000 |
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$ |
81,441,000 |
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS.
3
DYAX CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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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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Revenues: |
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Product revenues |
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$ |
6,051,000 |
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$ |
4,798,000 |
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$ |
16,878,000 |
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$ |
13,272,000 |
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Product development and license fee revenues |
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4,485,000 |
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4,248,000 |
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13,166,000 |
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11,051,000 |
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Total revenues |
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10,536,000 |
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9,046,000 |
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30,044,000 |
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24,323,000 |
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