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 March 31, 2003 |
||||
|
|
||||
|
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 of incorporation |
|
(I.R.S. Employer |
||||
|
|
||||||
|
500 SEVENTH AVENUE, 10TH FLOOR, NEW YORK, NEW YORK |
|
10018 |
||||
|
(Address of principal executive offices) |
|
(Zip Code) |
||||
|
|
|
|
||||
|
(212) 645-7704 |
||||||
|
(Registrant’s telephone number, including area code) |
||||||
|
|
|
|
||||
|
(Former name, former address and former fiscal year, if changed since last report) |
||||||
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
As of May 12, 2003, there were 23,791,113 shares of the registrant’s common stock outstanding.
AXONYX INC.
INDEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
Item 1. Consolidated Financial Statements
AXONYX INC.
Condensed Consolidated Balance Sheets
|
|
|
March 31, |
|
December
31, |
|
||
|
|
|
(unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current Assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
5,578,000 |
|
$ |
3,021,000 |
|
|
Cash held in escrow |
|
|
|
1,453,000 |
|
||
|
Stock subscriptions receivable |
|
|
|
3,415,000 |
|
||
|
Other current assets |
|
143,000 |
|
8,000 |
|
||
|
|
|
|
|
|
|
||
|
Total current assets |
|
5,721,000 |
|
7,897,000 |
|
||
|
|
|
|
|
|
|
||
|
Equipment, net |
|
33,000 |
|
37,000 |
|
||
|
|
|
|
|
|
|
||
|
Security deposit |
|
4,000 |
|
50,000 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
5,758,000 |
|
$ |
7,984,000 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable and accrued expenses |
|
$ |
579,000 |
|
$ |
1,335,000 |
|
|
Total liabilities |
|
579,000 |
|
1,335,000 |
|
||
|
|
|
|
|
|
|
||
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
||
|
Preferred stock - $.001 par value, 15,000,000 shares authorized; none issued Common Stock - $.001 par value, 75,000,000 shares authorized; 23,791,113 shares issued and outstanding. |
|
24,000 |
|
24,000 |
|
||
|
Additional paid-in capital |
|
32,355,000 |
|
32,255,000 |
|
||
|
Unearned compensation - stock/options |
|
(3,000 |
) |
(8,000 |
) |
||
|
Accumulated deficit |
|
(27,197,000 |
) |
(25,622,000 |
) |
||
|
|
|
|
|
|
|
||
|
Total stockholders’ equity |
|
5,179,000 |
|
6,649,000 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
5,758,000 |
|
$ |
7,984,000 |
|
See notes to condensed consolidated financial statements.
3
AXONYX INC.
Condensed Consolidated Statements of Operations
(unaudited)
|
|
|
Three
months ended |
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
|
|
|
|
|
|
||
|
Revenue |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
Costs and expenses: |
|
|
|
|
|
||
|
Research and development |
|
1,027,000 |
|
961,000 |
|
||
|
General and administrative |
|
573,000 |
|
714,000 |
|
||
|
|
|
1,600,000 |
|
1,675,000 |
|
||
|
|
|
|
|
|
|
||
|
Loss from operations |
|
(1,600,000 |
) |
(1,675,000 |
) |
||
|
|
|
|
|
|
|
||
|
Foreign exchange |
|
3,000 |
|
(1,000 |
) |
||
|
Interest income |
|
22,000 |
|
36,000 |
|
||
|
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(1,575,000 |
) |
$ |
(1,640,000 |
) |
|
|
|
|
|
|
|
||
|
Net loss per common share |
|
$ |
(0.07 |
) |
$ |
(0.10 |
) |
|
|
|
|
|
|
|
||
|
Weighted average shares-basic and diluted |
|
23,745,669 |
|
17,247,371 |
|
||
See notes to condensed consolidated financial statements.
4
AXONYX INC.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
|
|
|
Common Stock |
|
Additional |
|
Unearned |
|
Accumulated |
|
Total |
|
|||||||
|
|
|
Number |
|
Amount |
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - December 31, 2002 |
|
23,733,613 |
|
$ |
24,000 |
|
$ |
32,255,000 |
|
$ |
(8000) |
|
$ |
(25,622,000 |
) |
$ |
6,649,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Issuance of common stock options and warrants for consulting services |
|
|
|
|
|
44,000 |
|
|
|
|
|
44,000 |
|
|||||
|
|
|
|
|
|
|
|
||||||||||||