UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR
o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 000-23541
NANOGEN, INC.
(Exact name of Registrant as specified in its charter)
|
Delaware |
|
33-0489621 |
|
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
|
|
|
|
|
10398 Pacific Center Court, San Diego, CA |
|
92121 |
|
(Address of principal executive offices) |
|
(Zip code) |
(858) 410-4600
(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 |
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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 |
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NO |
ý |
As of May 12, 2003, 22,053,701 shares of the Registrant’s Common Stock were outstanding.
NANOGEN, INC.
FORM 10-Q
INDEX
2
NANOGEN, INC.
(in thousands, except share data)
|
|
|
March 31, |
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December
31, |
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|
|
|
(unaudited) |
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|
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||
|
ASSETS |
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|
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||
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Current assets: |
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|
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||
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Cash and cash equivalents |
|
$ |
11,686 |
|
$ |
9,353 |
|
|
Short-term investments |
|
25,167 |
|
43,376 |
|
||
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Receivables, net |
|
1,406 |
|
1,754 |
|
||
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Inventories, net |
|
4,642 |
|
4,717 |
|
||
|
Other current assets |
|
1,530 |
|
1,781 |
|
||
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Total current assets |
|
44,431 |
|
60,981 |
|
||
|
|
|
|
|
|
|
||
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Property and equipment, net |
|
4,855 |
|
4,982 |
|
||
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Acquired technology rights, net |
|
4,294 |
|
4,544 |
|
||
|
Other assets, net |
|
505 |
|
789 |
|
||
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Restricted cash |
|
64 |
|
64 |
|
||
|
|
|
$ |
54,149 |
|
$ |
71,360 |
|
|
|
|
|
|
|
|
||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
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|
|
|
|
|
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Current liabilities: |
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|
|
|
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Accounts payable |
|
$ |
615 |
|
$ |
753 |
|
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Accrued liabilities |
|
4,543 |
|
5,901 |
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||
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Deferred revenue |
|
359 |
|
472 |
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||
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Current portion of capital lease obligations |
|
825 |
|
805 |
|
||
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Total current liabilities |
|
6,342 |
|
7,931 |
|
||
|
|
|
|
|
|
|
||
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Capital lease obligations, less current portion |
|
923 |
|
1,134 |
|
||
|
Other long-term liabilities |
|
3,088 |
|
3,085 |
|
||
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Total long-term liabilities |
|
4,011 |
|
4,219 |
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||
|
|
|
|
|
|
|
||
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Minority interest in consolidated subsidiary |
|
1,269 |
|
1,817 |
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||
|
|
|
|
|
|
|
||
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Stockholders’ equity: |
|
|
|
|
|
||
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Convertible preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2003 (unaudited) and December 31, 2002 |
|
— |
|
— |
|
||
|
Common stock, $0.001 par value, 50,000,000 shares authorized; 22,053,701 and 21,981,115 shares issued and outstanding at March 31, 2003 (unaudited) and December 31, 2002, respectively |
|
22 |
|
22 |
|
||
|
Additional paid-in capital |
|
199,591 |
|
199,483 |
|
||
|
Accumulated other comprehensive income |
|
317 |
|
4,926 |
|
||
|
Deferred compensation |
|
(142 |
) |
(156 |
) |
||
|
Notes receivable from officers |
|
— |
|
(513 |
) |
||
|
Accumulated deficit |
|
(156,339 |
) |
(145,659 |
) |
||
|
Treasury stock, at cost, 500,189 and 366,857 shares at March 31, 2003 (unaudited) and December 31, 2002, respectively |
|
(922 |
) |
(710 |
) |
||
|
Total stockholders’ equity |
|
42,527 |
|
57,393 |
|
||
|
|
|
$ |
54,149 |
|
$ |
71,360 |
|
See accompanying notes
3
NANOGEN, INC.
(unaudited)
(in thousands, except per share data)
|
|
|
Three months ended March 31, |
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||||
|
|
|
2003 |
|
2002 |
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||
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|
|
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Revenues: |
|
|
|
|
|
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Product sales |
|
$ |
228 |
|
$ |
812 |
|
|
Sponsored research |
|
375 |
|
313 |
|
||
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Contract and grant |
|
597 |
|
408 |
|
||
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Total revenues |
|
1,200 |
|
1,533 |
|
||
|
|
|
|
|
|
|
||
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Operating expenses: |
|
|
|
|
|
||
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Cost of product sales |
|
274 |
|
557 |
|
||
|
Research and development |
|
4,710 |
|
4,863 |
|
||
|
Selling, general and administrative |
|
4,066 |
|
4,602 |
|
||
|
Litigation and settlement of patent matter |
|
— |
|
370 |
|
||
|
Total operating expenses |
|
9,050 |
|
10,392 |
|
||
|
Loss from operations |
|
(7,850 |
) |
(8,859 |
) |
||
|
|
|
|
|
|
|
||
|
Interest income, net |
|
195 |
|
760 |
|
||
|
Other income |
|
27 |
|
6 |
|
||
|
Loss on sale of investments |
|
(3,600 |
) |
— |
|
||
|
Minority interest in loss of consolidated subsidiary |
|
548 |
|
561 |
|
||
|
Net loss |
|
$ |
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