UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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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 Quarter Ended June 30, 2003 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-14430
MAXIM PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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87-0279983 |
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(State of incorporation) |
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(IRS Employer Identification No.) |
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8899 University Center Lane, Suite 400, San Diego, CA |
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92122 |
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(Address of principal executive offices) |
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(zip code) |
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(858) 453-4040 |
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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. 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 August 6, 2003, the registrant had 23,394,202 shares of Common Stock, $.001 par value, outstanding.
MAXIM PHARMACEUTICALS, INC. AND SUBSIDIARIES
(A Development Stage Company)
INDEX
2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share data)
Maxim Pharmaceuticals, Inc. and Subsidiaries (A Development Stage Company)
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As of June
30 |
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As of
September 30 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
9,079 |
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$ |
24,775 |
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Investments in marketable securities, available for sale |
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69,249 |
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83,216 |
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Accrued interest and other current assets |
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1,840 |
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3,109 |
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Total current assets |
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80,168 |
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111,100 |
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Restricted cash and cash equivalents |
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3,500 |
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3,500 |
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Property and equipment, net |
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4,692 |
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5,578 |
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Patents and licenses, net |
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3,332 |
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2,893 |
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Note receivable from officer, net of allowance of $700,000 |
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2,287 |
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2,409 |
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Deposits and other assets |
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161 |
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164 |
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Total assets |
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$ |
94,140 |
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$ |
125,644 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
2,110 |
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$ |
1,857 |
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Accrued expenses |
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4,828 |
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2,648 |
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Notes payable and current portion of long-term debt and obligations under capital leases |
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933 |
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1,347 |
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Deferred revenue |
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238 |
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475 |
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Total current liabilities |
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8,109 |
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6,327 |
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Long-term debt and obligations under capital leases, excluding current portion |
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1,038 |
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1,684 |
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Provision for loan guarantee for officer |
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900 |
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900 |
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Commitments and contingencies |
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Stockholders’ Equity: |
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Convertible preferred stock, $.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2003 and September 30, 2002 |
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— |
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— |
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Common stock, $.001 par value, 40,000,000 shares authorized; 23,390,452 and 23,311,191 shares issued and outstanding at June 30, 2003 and September 30, 2002, respectively |
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23 |
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23 |
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Additional paid-in capital |
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377,109 |
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376,667 |
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Deficit accumulated during the development stage |
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(293,740 |
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(261,048 |
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Accumulated other comprehensive income |
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701 |
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1,091 |
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Total stockholders’ equity |
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84,093 |
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116,733 |
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Total liabilities and stockholders’ equity |
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$ |
94,140 |
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$ |
125,644 |
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See Accompanying Notes to Condensed Consolidated Financial Statements
3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Maxim Pharmaceuticals, Inc. and Subsidiaries (A Development Stage Company)
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From
Inception |
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Three Months Ended June 30 |
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Nine Months Ended June 30 |
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2003 |
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2002 |
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2003 |
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2002 |
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Collaboration and research revenue |
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$ |
1,300 |
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$ |
776 |
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$ |
2,341 |
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$ |
1,817 |
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$ |
13,329 |
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Operating expenses: |
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Research and development |
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11,583 |
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7,631 |
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29,812 |
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23,501 |
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203,064 |
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Business development and marketing |
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360 |
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885 |
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1,078 |
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2,268 |
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21,354 |
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General and administrative |
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2,255 |
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1,502 |
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6,102 |
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4,981 |
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38,692 |
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Amortization of goodwill and other acquisition-related intangible assets |
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— |
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— |
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— |
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— |
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2,955 |
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Purchased in-process technology |
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— |
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— |
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— |
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— |
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42,300 |
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Provisions for note receivable and loan guarantee to/for officers |
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— |
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— |
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— |
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1,600 |
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