UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 September 30, 2003 |
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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 No. 000-30981
GENAISSANCE PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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06-1338846 |
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(State or
other jurisdiction of |
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(I.R.S.
Employer |
Five Science Park, New Haven, Connecticut 06511
(Address of principal executive office and zip code)
(203) 773-1450
(Registrant’s telephone number, including area code)
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:
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Yes ý |
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No o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act):
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Yes o |
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No ý |
The number of shares of the registrant’s outstanding common stock as of November 10, 2003, was 23,052,227 shares.
GENAISSANCE PHARMACEUTICALS, INC.
For the quarter ended September 30, 2003
Index
PART I – Financial Information
Item 1 – Financial Statements.
GENAISSANCE PHARMACEUTICALS, INC.
(Unaudited)
(In thousands, except per share data)
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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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$ |
8,333 |
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$ |
16,578 |
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Restricted cash |
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2,100 |
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2,100 |
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Marketable securities |
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6,655 |
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15,472 |
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Accounts receivable |
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1,467 |
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448 |
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Taxes receivable |
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808 |
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— |
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Other current assets |
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1,007 |
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407 |
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Total current assets |
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20,370 |
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35,005 |
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Property and equipment, net |
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10,054 |
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14,554 |
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Intangible assets, net |
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870 |
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— |
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Other assets |
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376 |
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1,163 |
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Total assets |
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$ |
31,670 |
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$ |
50,722 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Current portion of long-term debt, including amounts due to a shareholder of $414 and $397 at September 30, 2003 and December 31, 2002, respectively |
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$ |
2,081 |
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$ |
397 |
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Current portion of capital lease obligations |
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1,644 |
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11,187 |
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Accounts payable |
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956 |
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838 |
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Accrued expenses |
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2,904 |
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2,037 |
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Accrued dividends |
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1,159 |
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1,159 |
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Current portion of deferred revenue |
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1,432 |
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3,026 |
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Total current liabilities |
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10,176 |
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18,644 |
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Long-Term Liabilities: |
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Long-term debt, including amounts due to a shareholder of $4,222 and $4,501 at September 30, 2003 and December 31, 2002, respectively, less current portion |
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7,555 |
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4,501 |
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Deferred revenue, less current portion |
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1,567 |
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1,722 |
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Total long-term liabilities |
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9,122 |
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6,223 |
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Stockholders’ Equity: |
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Common stock, 58,000 authorized shares, $.001 par value, 23,212 and 22,847 shares issued and outstanding at September 30, 2003 and December 31, 2002, respectively |
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23 |
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23 |
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Additional paid-in capital |
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220,309 |
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219,413 |
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Accumulated deficit |
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(207,957 |
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(193,602 |
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Accumulated other comprehensive income (loss) |
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(3 |
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21 |
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Total stockholders’ equity |
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12,372 |
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25,855 |
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Total liabilities and stockholders’ equity |
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$ |
31,670 |
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$ |
50,722 |
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The accompanying notes are an integral part of these financial statements.
2
GENAISSANCE PHARMACEUTICALS, INC.
(Unaudited)
(In thousands, except per share data)
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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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License and service revenue |
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$ |
2,571 |
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$ |
1,754 |
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$ |
7,823 |
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$ |
5,539 |
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Operating expenses: |
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Research and development |
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6,097 |
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4,712 |
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15,892 |
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19,624 |
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General and administrative |
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2,080 |
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1,956 |
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6,200 |
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6,970 |
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Impairment of fixed assets |
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— |
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— |
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— |
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6,000 |
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Loss on leased equipment |
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368 |
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— |
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368 |
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— |
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