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 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003.
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO .
Commission File Number 0-29889
Rigel Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3248524 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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1180 Veterans Blvd. |
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94080 |
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(Address of principal executive offices) |
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(Zip Code) |
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(650) 624-1100 |
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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 August 1, 2003, there were 14,785,300 shares of the registrant’s common stock outstanding.
RIGEL PHARMACEUTICALS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003
INDEX
2
PART I FINANCIAL INFORMATION
Item 1. Condensed Financial Statements
RIGEL
PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
(in thousands, except shares and per share amounts)
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June 30, |
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December 31, |
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(unaudited) |
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(Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
58,092 |
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$ |
26,535 |
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Available-for-sale securities |
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— |
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756 |
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Accounts receivable |
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717 |
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1,503 |
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Receivable from landlord |
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— |
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6,175 |
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Prepaid expenses and other current assets |
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1,796 |
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1,894 |
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Total current assets |
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60,605 |
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36,863 |
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Property and equipment, net |
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4,500 |
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5,206 |
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Other assets |
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2,150 |
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2,273 |
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$ |
67,255 |
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$ |
44,342 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,031 |
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$ |
3,460 |
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Accrued compensation |
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860 |
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799 |
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Accrued liabilities |
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1,104 |
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2,662 |
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Deferred revenue |
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3,525 |
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4,061 |
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Capital lease obligations |
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2,760 |
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3,388 |
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Total current liabilities |
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9,280 |
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14,370 |
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Capital lease obligations |
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1,902 |
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2,313 |
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Long-term portion of deferred revenue |
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1,013 |
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2,147 |
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Deferred rent |
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2,408 |
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71 |
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Other long-term liabilities |
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400 |
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— |
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Commitments |
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Stockholders’ equity: |
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Common stock, $0.001 par value; 100,000,000 shares authorized; 13,167,556 and 5,078,025 shares issued and outstanding on June 30, 2003 and December 31, 2002, respectively |
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13 |
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5 |
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Additional paid-in capital |
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185,690 |
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141,023 |
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Deferred stock compensation |
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(338 |
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(772 |
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Accumulated other comprehensive income |
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— |
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(1 |
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Accumulated deficit |
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(133,080 |
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(114,814 |
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52,285 |
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25,441 |
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Less treasury stock, at cost: 4,525 and no shares at June 30, 2003 and December 31, 2002, respectively |
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(33 |
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— |
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Total stockholders’ equity |
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52,252 |
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25,441 |
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$ |
67,255 |
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$ |
44,342 |
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Note (1) The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date included in Rigel’s Form 10-K, for the fiscal year ended December 31, 2002, as amended.
See accompanying notes.
3
RIGEL
PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
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Three Months Ended |
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Six Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Contract revenues from collaborations |
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$ |
2,349 |
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$ |
4,337 |
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$ |
6,846 |
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$ |
8,435 |
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Costs and expenses: |
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Research and development |
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10,698 |
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12,066 |
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20,708 |
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22,157 |
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General and administrative |
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2,012 |
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2,761 |
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4,046 |
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