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 period ended September 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 No. 000-24537 |
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DYAX CORP.
(Exact Name of Registrant as Specified in its Charter)
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DELAWARE |
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04-3053198 |
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(State of Incorporation) |
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(I.R.S. Employer Identification Number) |
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300 TECHNOLOGY SQUARE, CAMBRIDGE, MA 02139 |
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(Address of Principal Executive Offices) |
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(617) 225-2500 |
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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
Number of shares outstanding of Dyax Corp.’s Common Stock, par value $0.01, as of November 3, 2003: 24,638,071.
DYAX CORP.
TABLE OF CONTENTS
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Consolidated Balance Sheets (Unaudited) as of September 30, 2003 and December 31, 2002 |
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4 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PART I – FINANCIAL INFORMATION
Item 1 – FINANCIAL STATEMENTS
DYAX CORP.
(UNAUDITED)
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September 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
18,394,000 |
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$ |
28,199,000 |
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Accounts receivable, net of allowances for doubtful accounts of $75,000 and $75,000 at September 30, 2003 and December 31, 2002, respectively |
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3,073,000 |
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3,072,000 |
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Current portion of notes receivable, employees |
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— |
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1,300,000 |
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Other current assets |
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900,000 |
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1,789,000 |
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Total current assets |
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22,367,000 |
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34,360,000 |
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Assets of discontinued operations |
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16,755,000 |
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17,504,000 |
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Fixed assets, net of accumulated depreciation of $6,484,000 and $4,201,000 at September 30, 2003 and December 31, 2002, respectively |
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11,258,000 |
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12,767,000 |
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Capitalized license rights, net |
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3,042,000 |
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3,417,000 |
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Restricted cash |
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5,904,000 |
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5,635,000 |
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Notes receivable, employees |
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20,000 |
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Other assets |
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203,000 |
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203,000 |
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Total assets |
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$ |
59,529,000 |
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$ |
73,906,000 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
8,228,000 |
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$ |
9,664,000 |
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Current portion of deferred revenue |
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5,120,000 |
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6,934,000 |
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Current portion of long-term obligations |
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3,320,000 |
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3,430,000 |
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Total current liabilities |
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16,668,000 |
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20,028,000 |
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Liabilities of discontinued operations |
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8,450,000 |
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8,205,000 |
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Deferred revenue |
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264,000 |
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233,000 |
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Long-term obligations |
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11,797,000 |
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13,809,000 |
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Other long-term liabilities |
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1,219,000 |
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788,000 |
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Total liabilities |
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38,398,000 |
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43,063,000 |
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Commitments and Contingencies (Notes 11,12 and 13) |
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Stockholders’ equity: |
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Common stock, $0.01 par value; 50,000,000 shares authorized at September 30, 2003; 24,587,286 and 19,705,040 shares issued and outstanding at September 30, 2003 and December 31, 2002, respectively |
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246,000 |
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197,000 |
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Additional paid-in capital |
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150,059,000 |
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141,637,000 |
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Accumulated deficit |
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(129,446,000 |
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(110,827,000 |
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Deferred compensation |
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(205,000 |
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(668,000 |
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Accumulated other comprehensive income |
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477,000 |
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504,000 |
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Total stockholders’ equity |
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21,131,000 |
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30,843,000 |
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Total liabilities and stockholders’ equity |
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$ |
59,529,000 |
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$ |
73,906,000 |
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THE ACCOMPANYING NOTES ARE
AN INTEGRAL PART OF THE UNAUDITED
CONSOLIDATED FINANCIAL STATEMENTS.
3
DYAX CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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Three Months Ended |
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Nine 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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Product development and license fee revenues |
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$ |
5,927,000 |
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$ |
4,485,000 |
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$ |
13,131,000 |
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$ |
13,166,000 |
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Research and development: |
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Research and development |
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9,659,000 |
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7,194,000 |
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22,337,000 |
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21,242,000 |
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Other non-cash compensation |
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44,000 |
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129,000 |
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133,000 |
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385,000 |
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Less research and development expenses reimbursed by joint venture |
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(1,068,000 |
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(1,901,000 |
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Net research and development |
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8,635,000 |
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7,323,000 |
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20,569,000 |
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21,627,000 |
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