UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
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 PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period to .
Commission file number 000-31253
PHARSIGHT CORPORATION
(Exact name of Registrant as specified in its charter)
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DELAWARE |
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77-0401273 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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800 WEST EL CAMINO REAL, MOUNTAIN VIEW, CA 94040 |
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(Address of principal executive offices, including zip code) |
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(650) 314-3800 |
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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
As of October 31, 2003, there were 19,053,057 outstanding shares of the Registrant’s common stock, $0.001 par value.
PHARSIGHT CORPORATION
INDEX
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PHARSIGHT
CORPORATION
CONDENSED BALANCE SHEETS
(In thousands, except share and per share amounts)
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September 30, 2003 |
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March 31, 2003 |
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(unaudited) |
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(1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,829 |
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$ |
10,875 |
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Accounts receivable, net |
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2,850 |
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2,111 |
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Recognized income not yet billed |
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264 |
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192 |
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Prepaids and other current assets |
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1,088 |
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975 |
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Total current assets |
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12,031 |
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14,153 |
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Property and equipment, net |
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825 |
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1,177 |
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Other assets |
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244 |
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244 |
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Total assets |
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$ |
13,100 |
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$ |
15,574 |
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Liabilities, redeemable convertible preferred stock, and stockholders’ deficit |
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Current liabilities: |
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Accounts payable |
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$ |
876 |
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$ |
635 |
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Accrued expenses |
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551 |
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1,086 |
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Accrued compensation |
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1,120 |
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1,198 |
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Deferred revenue |
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5,729 |
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4,980 |
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Current portion of notes payable |
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1,875 |
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1,875 |
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Current obligations under capital leases |
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90 |
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295 |
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Total current liabilities |
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10,241 |
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10,069 |
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Obligations under capital leases, less current portion |
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— |
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55 |
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Notes payable, less current portion |
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1,531 |
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1,969 |
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Redeemable convertible preferred stock, $0.001 par value: |
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Authorized shares—3,200,000 (2,000,000 designated as Series A and 1,200,000 designated as Series B) at September 30 and March 31, 2003 |
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Issued and outstanding shares—1,814,662 (all designated as Series A) at September 30 and March 31, 2003 |
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5,947 |
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5,608 |
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Aggregate redemption and liquidation value - $7,273 |
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Commitments and contingencies |
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Stockholders’ deficit: |
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Preferred stock, $0.001 par value: |
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Authorized shares—1,800,000 at September 30 and March 31, 2003; Issued and outstanding shares—none at September 30 and March 31, 2003 |
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— |
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— |
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Common stock, $0.001 par value: |
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Authorized shares—120,000,000 at September 30 and March 31, 2003; Issued and outstanding shares—19,053,057 at September 30 and March 31, 2003 |
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19 |
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19 |
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Additional paid-in capital |
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75,144 |
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75,927 |
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Deferred stock compensation |
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(83 |
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(352 |
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Accumulated deficit |
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(79,699 |
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(77,721 |
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Total stockholders’ deficit |
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(4,619 |
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(2,127 |
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Total liabilities, redeemable convertible preferred stock and stockholders’ deficit |
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$ |
13,100 |
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$ |
15,574 |
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(1) Derived from the Company’s audited financial statements as of March 31, 2003.
The accompanying notes are an integral part of these condensed financial statements.
3
PHARSIGHT
CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Six Months Ended September 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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Revenues: |
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License and renewal |
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$ |
1,996 |
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$ |
1,502 |
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$ |
3,585 |
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$ |
3,002 |
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Services |
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2,021 |
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1,817 |
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4,159 |
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3,772 |
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Total revenues |
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4,017 |
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3,319 |
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7,744 |
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6,774 |
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Costs and expenses: |
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License and renewal (1) |
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83 |
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173 |
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