U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
or
o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-31979
Array BioPharma Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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84-1460811 |
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(State or Other Jurisdiction of
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(I.R.S. Employer Identification No.) |
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3200 Walnut Street, Boulder, CO |
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80301 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(303) 381-6600 |
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(Registrant’s Telephone Number, Including Area Code) |
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Check 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
Check whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of October 30, 2003, the registrant had 28,350,768 shares of common stock, par value $.001 per share, outstanding.
ARRAY BIOPHARMA INC.
TABLE OF CONTENTS
2
ARRAY BIOPHARMA INC.
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September 30, |
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June 30, |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
20,549,762 |
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$ |
23,071,992 |
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Marketable securities |
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8,364,373 |
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11,058,458 |
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Accounts receivable, net |
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2,729,125 |
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1,643,746 |
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Inventories, net |
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9,133,236 |
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9,064,548 |
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Prepaid expenses, advances and deposits |
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852,810 |
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730,679 |
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Total current assets |
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41,629,306 |
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45,569,423 |
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Property, plant and equipment |
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54,484,267 |
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53,938,905 |
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Less accumulated depreciation |
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(17,790,114 |
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(15,758,221 |
) |
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Property, plant and equipment, net |
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36,694,153 |
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38,180,684 |
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Other assets |
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80,246 |
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80,246 |
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Total assets |
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$ |
78,403,705 |
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$ |
83,830,353 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable trade |
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$ |
2,448,972 |
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$ |
2,522,871 |
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Advance payments from customers |
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2,088,492 |
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2,102,346 |
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Accrued compensation and benefits |
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1,058,724 |
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1,054,779 |
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Other current liabilities |
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320,080 |
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436,840 |
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Total current liabilities |
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5,916,268 |
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6,116,836 |
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Stockholders’ equity |
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Preferred stock |
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— |
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— |
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Common stock |
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28,336 |
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28,221 |
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Additional paid-in capital |
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124,239,850 |
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124,050,659 |
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Accumulated deficit |
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(50,092,684 |
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(44,155,945 |
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Accumulated other comprehensive income |
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4,080 |
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21,856 |
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Deferred compensation |
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(1,692,145 |
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(2,231,274 |
) |
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Total stockholders’ equity |
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72,487,437 |
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77,713,517 |
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Total liabilities and stockholders’ equity |
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$ |
78,403,705 |
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$ |
83,830,353 |
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See notes to condensed financial statements
3
ARRAY BIOPHARMA INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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Three
Months Ended |
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2003 |
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2002 |
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Revenue |
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Collaboration revenue |
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$ |
7,010,371 |
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$ |
10,223,930 |
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License, royalty and milestone revenue |
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185,101 |
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279,816 |
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Total revenue |
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7,195,472 |
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10,503,746 |
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Costs and expenses |
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Cost of revenue* |
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5,021,741 |
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5,999,649 |
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Research and development expenses: |
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for collaborations* |
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2,230,697 |
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1,838,799 |
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for proprietary drug discovery |
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4,032,256 |
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2,049,787 |
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Selling, general and administrative expenses* |
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1,939,765 |
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2,086,159 |
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Total operating expenses |
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13,224,459 |
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11,974,394 |
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Loss from operations |
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(6,028,987 |
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(1,470,648 |
) |
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Interest income |
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92,248 |
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256,445 |
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Net loss |
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$ |
(5,936,739 |
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$ |
(1,214,203 |
) |
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Basic and diluted net loss per share |
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$ |
(0.21 |
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$ |
(0.04 |
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Number of shares used to compute per share data |
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28,260,506 |
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27,558,285 |
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* Includes compensation related to option grants |
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Cost of revenue |
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$ |
245,791 |
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$ |
264,902 |
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Research and development for collaborations |
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163,861 |
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176,602 |
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Selling, general and administrative expenses |
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129,477 |
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134,061 |
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Total |
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$ |
539,129 |
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$ |
575,565 |
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See notes to condensed financial statements
4
ARRAY BIOPHARMA INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
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Three
Months Ended |
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2003 |
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2002 |
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Operating activities |
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