UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE |
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For the Quarterly Period Ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE |
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For the transition period from to |
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Commission File No. 0-29608
GENETRONICS BIOMEDICAL CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware |
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33-0969592 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
11199 SORRENTO VALLEY ROAD
SAN DIEGO, CALIFORNIA 92121-1334
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
(858) 597-6006
(COMPANY’S TELEPHONE NUMBER, INCLUDING AREA CODE)
Indicate by check mark whether the Company (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 Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The number of shares outstanding of the Company’s Common Stock, par value $ 0.001 per share, was 51,445,770 as of July 31, 2003.
GENETRONICS BIOMEDICAL CORPORATION
FORM 10-Q
For the Quarter Ended June 30, 2003
INDEX
Part I. Financial Information
Item 1. Financial Statements
GENETRONICS BIOMEDICAL CORPORATION
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June 30, |
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December
31, |
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(Unaudited) |
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ASSETS |
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Current |
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Cash and cash equivalents |
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$ |
924,199 |
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$ |
875,444 |
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Receivables, net |
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3,200 |
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75,588 |
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Prepaid expenses and other |
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165,167 |
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229,384 |
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Assets of discontinued operations |
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— |
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1,517,496 |
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Total current assets |
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1,092,566 |
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2,697,912 |
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Fixed assets, net |
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218,247 |
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295,321 |
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Patents and other assets, net |
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2,342,223 |
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2,425,992 |
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Total assets |
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$ |
3,653,036 |
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$ |
5,419,225 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current |
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Accounts payable and accrued expenses |
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$ |
560,392 |
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$ |
1,032,939 |
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Current portion of obligations under capital leases |
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151 |
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20,642 |
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Deferred revenue |
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195,712 |
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202,654 |
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Liabilities of discontinued operations |
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— |
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401,769 |
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Total current liabilities |
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756,255 |
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1,658,004 |
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Deferred rent |
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29,705 |
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35,851 |
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Total liabilities |
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785,960 |
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1,693,855 |
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Stockholders’ equity |
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Common stock, $ 0.001 par value |
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50,744 |
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50,398 |
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Additional paid in capital |
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57,362,069 |
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57,137,202 |
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Receivables from executive/stockholder |
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— |
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(33,445 |
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Accumulated comprehensive income |
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— |
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(102,238 |
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Accumulated deficit |
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(54,545,737 |
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(53,326,547 |
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Total stockholders’ equity |
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2,867,076 |
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3,725,370 |
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Total liabilities and stockholders’ equity |
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$ |
3,653,036 |
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$ |
5,419,225 |
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See accompanying notes
1
GENETRONICS BIOMEDICAL CORPORATION
CONSOLIDATED
STATEMENTS OF
OPERATIONS
(Unaudited)
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Three Months Ended June 30, |
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Six 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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REVENUE |
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License fee and milestone payments |
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$ |
1,471 |
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$ |
1,471 |
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$ |
2,942 |
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$ |
2,941 |
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Revenues under collaborative research and development arrangements |
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7,533 |
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39,500 |
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17,199 |
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42,500 |
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Total Revenue |
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9,004 |
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40,971 |
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20,141 |
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45,441 |
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EXPENSES |
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Research and development |
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429,235 |
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633,735 |
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904,969 |
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1,257,720 |
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General and administrative |
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979,560 |
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930,433 |
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2,243,023 |
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1,808,311 |
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Interest (income) expense, net |
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(2,553 |
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(9,507 |
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14,677 |
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(13,463 |
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Total Expenses |
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1,406,242 |
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1,554,661 |
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3,162,669 |
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3,052,568 |
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Loss from continuing operations |
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(1,397,238 |
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(1,513,690 |
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(3,142,528 |
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(3,007,127 |
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Discontinued operations: |
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Gain on disposal |
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— |
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— |
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2,034,078 |
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— |
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(Loss) income from operations |
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— |
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(23,617 |
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(110,740 |
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8,004 |
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Net Loss |
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$ |
(1,397,238 |
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$ |
(1,537,307 |
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(1,219,190 |
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