UNITED STATES
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 |
|
|
|
|
Commission File Number: 0-19700 |
|
AMYLIN PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
33-0266089 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
9373 Towne Centre Drive, San Diego, California |
|
92121 |
|
(Address of principal executive offices) |
|
(Zip code) |
|
|
|
|
|
(858) 552-2200 |
||
|
(Registrant’s telephone number, including area code) |
||
|
|
|
|
|
Not Applicable |
||
|
(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 ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
Class |
|
Outstanding at May 7, 2003 |
|
Common Stock, $.001 par value |
|
92,772,345 |
AMYLIN PHARMACEUTICALS, INC.
2
AMYLIN PHARMACEUTICALS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
|
|
|
March 31, |
|
December
31, |
|
||
|
|
|
(unaudited) |
|
(Note 1) |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
84,526 |
|
$ |
69,415 |
|
|
Short-term investments |
|
179,907 |
|
77,943 |
|
||
|
Inventories |
|
10,818 |
|
9,820 |
|
||
|
Other current assets |
|
5,000 |
|
3,203 |
|
||
|
Total current assets |
|
280,251 |
|
160,381 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
5,758 |
|
4,469 |
|
||
|
|
|
|
|
|
|
||
|
Patents and other assets, net |
|
3,860 |
|
3,695 |
|
||
|
|
|
$ |
289,869 |
|
$ |
168,545 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable and accrued liabilities |
|
$ |
21,177 |
|
$ |
25,370 |
|
|
Current portion of deferred revenue |
|
31,735 |
|
42,090 |
|
||
|
Current portion of notes payable and capital lease obligations |
|
417 |
|
553 |
|
||
|
Total current liabilities |
|
53,329 |
|
68,013 |
|
||
|
|
|
|
|
|
|
||
|
Capital lease obligations and other liabilities, net of current portion |
|
1,352 |
|
811 |
|
||
|
|
|
|
|
|
|
||
|
Deferred revenue, net of current portion |
|
23,443 |
|
24,515 |
|
||
|
|
|
|
|
|
|
||
|
Note payable, net of discount |
|
64,443 |
|
62,908 |
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Common stock, $.001 par value, 200,000 shares authorized, 92,666 and 81,979 issued and outstanding at March 31, 2003 and December 31, 2002, respectively |
|
93 |
|
82 |
|
||
|
Additional paid-in capital |
|
695,667 |
|
530,023 |
|
||
|
Accumulated deficit |
|
(548,341 |
) |
(517,531 |
) |
||
|
Deferred compensation |
|
(361 |
) |
(443 |
) |
||
|
Accumulated other comprehensive income |
|
244 |
|
167 |
|
||
|
Total stockholders’ equity |
|
147,302 |
|
12,298 |
|
||
|
|
|
$ |
289,869 |
|
$ |
168,545 |
|
See accompanying notes to condensed consolidated financial statements.
3
AMYLIN PHARMACEUTICALS, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
|
|
|
Three
months ended |
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
Revenue under collaborative agreement |
|
$ |
11,885 |
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
Operating expenses: |
|
|
|
|
|
||
|
Research and development |
|
28,122 |
|
16,523 |
|
||
|
Selling, general and administrative |
|
10,515 |
|
4,697 |
|
||
|
Acquired in-process research and development |
|
3,300 |
|
— |
|
||
|
|
|
41,937 |
|
21,220 |
|
||
|
Loss from operations |
|
(30,052 |
) |
(21,220 |
) |
||
|
|
|
|
|
|
|
||
|
Interest and other income |
|
827 |
|
603 |
|
||
|
Interest and other expense |
|
(1,585 |
) |
(1,481 |
) |
||
|
Net loss |
|
$ |
(30,810 |
) |
$ |
(22,098 |
) |
|
|
|
|
|
|
|
||
|
Net loss per share, basic and diluted |
|
$ |
(0.34 |
) |
$ |
(0.30 |
) |
|
|
|
|
|
|
|
||
|
Shares used in computing net loss per share, basic and diluted |
|
90,032 |
|
74,205 |
|
||
See accompanying notes to condensed consolidated financial statements.
4
AMYLIN PHARMACEUTICALS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
|
Three months ended
|
|
||||
|
|
|
2003 |
|
2002 |
|
||
|
|
|
|
</ | ||||