Washington, DC 20549
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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 Quarterly Period Ended March 31, 2003 |
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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. 000-30981 |
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GENAISSANCE PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
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06-1338846 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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Five Science Park, New Haven, Connecticut 06511 |
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(Address of principal executive office and zip code) |
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(203) 773-1450 |
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(Registrant’s telephone number, including area code) |
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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:
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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):
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Yes o |
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No ý |
The number of shares of the registrant’s outstanding common stock as of May 9, 2003 was 23,049,397 shares.
GENAISSANCE PHARMACEUTICALS, INC.
For the quarter ended March 31, 2003
Index
PART I – Financial Information
Item 1 – Financial Statements.
GENAISSANCE PHARMACEUTICALS, INC.
(Unaudited)
(In thousands, except per share data)
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March 31, |
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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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$ |
15,111 |
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$ |
16,578 |
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Restricted cash |
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2,100 |
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2,100 |
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Marketable securities |
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12,803 |
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15,472 |
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Accounts receivable |
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67 |
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448 |
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Other current assets |
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441 |
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407 |
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Total current assets |
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30,522 |
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35,005 |
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Property and equipment, net |
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13,230 |
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14,554 |
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Other assets |
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1,132 |
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1,163 |
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Total assets |
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$ |
44,884 |
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$ |
50,722 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Current portion of long-term debt due to a shareholder |
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$ |
402 |
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$ |
397 |
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Current portion of capital lease obligations |
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9,565 |
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11,187 |
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Accounts payable |
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1,080 |
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838 |
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Accrued expenses |
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1,933 |
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2,037 |
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Accrued dividends |
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1,159 |
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1,159 |
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Current portion of deferred revenue |
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3,177 |
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3,026 |
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Total current liabilities |
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17,316 |
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18,644 |
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Long-Term Liabilities: |
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Long-term debt due to a shareholder, less current portion |
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4,432 |
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4,501 |
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Deferred revenue, less current portion |
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1,670 |
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1,722 |
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Total long-term liabilities |
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6,102 |
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6,223 |
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STOCKHOLDERS’ EQUITY: |
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Common stock, 58,000 authorized shares, $.001 par value, 23,049 and 22,847 shares issued and outstanding at March 31, 2003 and December 31, 2002, respectively |
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23 |
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23 |
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Additional paid-in capital |
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219,767 |
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219,413 |
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Accumulated deficit |
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(198,328 |
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(193,602 |
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Accumulated other comprehensive income |
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4 |
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21 |
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Total stockholders’ equity |
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21,466 |
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25,855 |
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Total liabilities and stockholders’ equity |
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$ |
44,884 |
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$ |
50,722 |
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The accompanying notes are an integral part of these financial statements.
1
GENAISSANCE PHARMACEUTICALS, INC.
(Unaudited)
(In thousands, except per share data)
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Three
Months Ended |
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2003 |
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2002 |
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License and service revenue |
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$ |
2,139 |
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$ |
1,851 |
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Operating Expenses: |
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Research and development |
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4,739 |
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8,282 |
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General and administrative |
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2,059 |
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2,457 |
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Total operating expenses |
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6,798 |
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10,739 |
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Loss from operations |
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(4,659 |
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(8,888 |
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Interest income |
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134 |
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354 |
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Interest expense |
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(201 |
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(526 |
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Net loss attributable to common stockholders |
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$ |
(4,726 |
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(9,060 |
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Net loss per common share, basic and diluted |
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$ |
(.21 |
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$ |
(.40 |
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Weighted average shares used in computing net loss per common share |
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22,865 |
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22,786 |
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The accompanying notes are an integral part of these financial statements.
2
GENAISSANCE PHARMACEUTICALS, INC.
(Unaudited)
(In thousands)
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Three Months Ended |
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2003 |
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2002 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
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$ |
(4,726 |
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