UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
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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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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 Number: 0-31913 |
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Aerogen, Inc. |
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(Exact name of Registrant as specified in its charter) |
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Delaware |
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33-0488580 |
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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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2071 Stierlin Court, Mountain View, CA |
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94043 |
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(Address of principal executive offices) |
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(zip code) |
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Registrant’s telephone number, including area code: (650) 864-7300 |
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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 (the “Exchange Act”) 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 filed (as defined in Rule 12b-2 of the Exchange Act): Yes o No ý
As of November 10, 2003, there were 4,165,971 shares of the Registrant’s Common Stock, par value $0.001, outstanding.
Aerogen, Inc.
Form 10-Q
Table of Contents
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Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Aerogen, Inc.
(unaudited; in thousands)
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September 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
526 |
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$ |
3,266 |
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Available-for-sale securities |
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— |
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5,621 |
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Accounts receivable, net |
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1,756 |
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903 |
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Inventories, net |
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314 |
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374 |
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Prepaid expenses and other current assets |
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338 |
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934 |
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Total current assets |
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2,934 |
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11,098 |
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Property and equipment, net |
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4,651 |
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5,251 |
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Goodwill and other intangible assets, net |
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1,783 |
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1,612 |
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Restricted cash |
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1,200 |
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1,200 |
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Other assets |
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35 |
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33 |
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Total assets |
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$ |
10,603 |
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$ |
19,194 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
953 |
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$ |
973 |
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Convertible debt |
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950 |
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— |
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Discounts on convertible debt |
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(819 |
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— |
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Accrued liabilities |
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1,543 |
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1,446 |
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Total current liabilities |
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2,627 |
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2,419 |
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Deferred long-term revenue |
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1,200 |
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— |
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Deferred rent |
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1,304 |
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826 |
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Other long-term liabilities |
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227 |
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205 |
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Total liabilities |
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5,358 |
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3,450 |
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Stockholders’ equity: |
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Common stock |
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4 |
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4 |
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Additional paid-in capital |
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110,236 |
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109,513 |
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Notes receivable from stockholders |
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(276 |
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(434 |
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Deferred stock-based compensation, net |
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(507 |
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(1,520 |
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Accumulated other comprehensive income |
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114 |
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233 |
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Accumulated deficit |
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(104,326 |
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(92,052 |
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Total stockholders’ equity |
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5,245 |
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15,744 |
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Total liabilities and stockholders’ equity |
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$ |
10,603 |
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$ |
19,194 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Aerogen, Inc.
Condensed Consolidated Statements of Operations
(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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Revenues: |
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Product sales |
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$ |
394 |
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$ |
496 |
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$ |
2,660 |
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$ |
608 |
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Research and development |
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— |
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146 |
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166 |
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180 |
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Royalty |
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125 |
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62 |
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375 |
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187 |
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Total revenues |
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519 |
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704 |
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3,201 |
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975 |
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Costs and expenses: |
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Cost of products sold |
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249 |
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513 |
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1,694 |
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979 |
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Research and development |
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2,891 |
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3,758 |
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9,111 |
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13,728 |
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Selling, general and administrative |
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1,506 |
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2,186 |
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4,860 |
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6,473 |
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Total costs and expenses |
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4,646 |
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6,457 |
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15,665 |
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21,180 |
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