UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|
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 |
||
|
|
|
|
|
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: 000-31145
VICURON PHARMACEUTICALS INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
04-3278032 |
|
(State or
other jurisdiction |
|
(I.R.S.
Employer |
455 South Gulph Road, King of Prussia, PA 19406
(Address of principal executive offices) (Zip Code)
(610) 205-2300
(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 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 May 11, 2003, there were 47,681,820 common shares outstanding of the registrant’s only class of common stock.
The Exhibit Index begins on page 39.
VICURON PHARMACEUTICALS INC.
Quarterly Report on Form 10-Q
For the Three Months Ended March 31, 2003
INDEX
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
VICURON PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
|
|
|
March 31, |
|
December
31, |
|
||
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
39,668 |
|
$ |
28,271 |
|
|
Marketable securities |
|
105,697 |
|
34,034 |
|
||
|
Accounts receivable, net |
|
3,287 |
|
— |
|
||
|
Prepaid expenses and other current assets |
|
4,905 |
|
5,451 |
|
||
|
|
|
|
|
|
|
||
|
Total current assets |
|
153,557 |
|
67,756 |
|
||
|
Property, plant and equipment |
|
32,151 |
|
4,875 |
|
||
|
Intangible assets, net |
|
20,621 |
|
— |
|
||
|
Long-term receivables |
|
8,180 |
|
— |
|
||
|
Long-term marketable securities - restricted |
|
6,133 |
|
— |
|
||
|
Long-term marketable securities - other |
|
440 |
|
— |
|
||
|
Other assets |
|
357 |
|
105 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
221,439 |
|
$ |
72,736 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
20,306 |
|
$ |
6,491 |
|
|
Accrued liabilities |
|
9,247 |
|
11,098 |
|
||
|
Advances received |
|
3,296 |
|
— |
|
||
|
Current portion of long-term debt |
|
2,242 |
|
3,500 |
|
||
|
Current portion of deferred revenue |
|
2,186 |
|
1,519 |
|
||
|
|
|
|
|
|
|
||
|
Total current liabilities |
|
37,277 |
|
22,608 |
|
||
|
Long-term debt, less current portion |
|
5,455 |
|
698 |
|
||
|
Deferred revenue, less current portion |
|
500 |
|
500 |
|
||
|
Other long-term liabilities |
|
360 |
|
264 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities |
|
43,592 |
|
24,070 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock |
|
48 |
|
26 |
|
||
|
Additional paid-in capital |
|
439,082 |
|
202,365 |
|
||
|
Deferred stock compensation |
|
(1,249 |
) |
(1,171 |
) |
||
|
Accumulated other comprehensive income (loss) |
|
(215 |
) |
65 |
|
||
|
Accumulated deficit |
|
(259,819 |
) |
(152,619 |
) |
||
|
|
|
|
|
|
|
||
|
Total stockholders’ equity |
|
177,847 |
|
48,666 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
221,439 |
|
$ |
72,736 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
1
VICURON PHARMACEUTICALS INC.
(unaudited)
(in thousands, except per share amounts)
|
|
|
Three Months Ended |
|
||||
|
|
|
March 31, |
|
March 31, |
|
||
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
|
Revenues: |
|
|
|
|
|
||
|
Collaborative research and development, contract services and government grants |
|
$ |
1,717 |
|
$ |
1,554 |
|
|
License fees and milestones |
|
41 |
|
258 |
|
||
|
|
|
|
|
|
|
||
|
Total revenues |
|
1,758 |
|
1,812 |
|
||
|
|
|
|
|
|
|
||
|
Operating expenses: |
|
|
|
|
|
||
|
Research and development |
|
12,723 |
|
9,997 |
|
||
|
General and administrative |
|
2,082 |
|
2,501 |
|
||
|
Acquired in-process research and development |
|
94,532 |
|
— |
|
||
|
| |||||||