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 SECURITIES EXCHANGE ACT OF 1934 |
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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 SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 000-30289 |
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PRAECIS PHARMACEUTICALS INCORPORATED |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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04-3200305 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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830 Winter Street, Waltham, MA 02451-1420 |
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(Address of principal executive offices and zip code) |
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(781) 795-4100 |
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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 ý No o
As of July 31, 2003, there were 51,878,691 shares of the registrant’s common stock, $.01 par value, outstanding.
PRAECIS PHARMACEUTICALS INCORPORATED
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2003
INDEX
2
PRAECIS PHARMACEUTICALS INCORPORATED
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
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December
31, |
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June
30, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
64,913 |
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$ |
79,856 |
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Marketable securities |
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130,122 |
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86,923 |
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Prepaid expenses and other assets |
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848 |
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1,457 |
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Total current assets |
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195,883 |
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168,236 |
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Property and equipment, net |
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71,252 |
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69,284 |
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Due from officer |
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933 |
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883 |
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Other assets |
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182 |
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15 |
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Total assets |
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$ |
268,250 |
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$ |
238,418 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
3,285 |
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$ |
743 |
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Accrued expenses |
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7,075 |
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6,459 |
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Total current liabilities |
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10,360 |
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7,202 |
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Long-term debt |
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33,000 |
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33,000 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common Stock, $0.01 par value; 200,000,000 shares authorized; 51,801,423 shares in 2002 and 51,877,916 shares in 2003 issued and outstanding |
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518 |
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519 |
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Accumulated other comprehensive income |
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203 |
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296 |
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Additional paid-in capital |
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354,676 |
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354,873 |
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Accumulated deficit |
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(130,507 |
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(157,472 |
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Total stockholders’ equity |
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224,890 |
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198,216 |
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Total liabilities and stockholders’ equity |
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$ |
268,250 |
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$ |
238,418 |
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See accompanying notes.
3
PRAECIS PHARMACEUTICALS INCORPORATED
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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2002 |
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2003 |
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2002 |
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2003 |
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Corporate collaboration revenue |
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$ |
1,029 |
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$ |
— |
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$ |
1,029 |
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$ |
— |
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Costs and expenses: |
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Research and development |
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13,518 |
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12,290 |
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24,854 |
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20,969 |
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Sales and marketing |
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274 |
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1,034 |
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714 |
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2,062 |
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General and administrative |
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2,743 |
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2,604 |
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4,857 |
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4,728 |
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Total costs and expenses |
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16,535 |
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15,928 |
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30,425 |
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27,759 |
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Operating loss |
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(15,506 |
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(15,928 |
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(29,396 |
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(27,759 |
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Interest income, net |
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1,291 |
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378 |
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2,495 |
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794 |
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Net loss |
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$ |
(14,215 |
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$ |
(15,550 |
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$ |
(26,901 |
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$ |
(26,965 |
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Basic and diluted net loss per share |
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$ |
(0.27 |
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$ |
(0.30 |
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$ |
(0.52 |
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$ |
(0.52 |
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