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 March 31, 2004 |
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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
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) |
300 TECHNOLOGY SQUARE, CAMBRIDGE, MA 02139
(Address of Principal Executive Offices)
(617) 225-2500
(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.
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 ý NO o
Number of shares outstanding of Dyax Corp.’s Common Stock, par value $0.01, as of April 30, 2004: 31,165,321.
DYAX CORP.
TABLE OF CONTENTS
2
PART I – FINANCIAL INFORMATION
Dyax Corp. and Subsidiaries Consolidated Balance Sheets (Unaudited)
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March 31, |
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December
31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
39,399,000 |
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$ |
36,508,000 |
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Short term investments |
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34,326,000 |
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— |
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Accounts receivable, net of allowances for doubtful accounts of $98,000 at March 31, 2004 and $75,000 at December 31, 2003 |
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2,275,000 |
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4,683,000 |
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Cash in escrow |
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5,000,000 |
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5,000,000 |
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Prepaid research and development |
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2,040,000 |
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2,568,000 |
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Other current assets |
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705,000 |
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586,000 |
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Total current assets |
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83,745,000 |
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49,345,000 |
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Fixed assets, net |
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10,585,000 |
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10,793,000 |
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Intangibles, net |
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2,792,000 |
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2,917,000 |
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Restricted cash |
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5,202,000 |
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5,213,000 |
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Investment in joint venture (Kallikrein LLC) |
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1,745,000 |
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817,000 |
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Other assets |
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201,000 |
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201,000 |
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Total assets |
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$ |
104,270,000 |
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$ |
69,286,000 |
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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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$ |
11,343,000 |
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$ |
12,329,000 |
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Current portion of deferred revenue |
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4,451,000 |
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6,149,000 |
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Current portion of long-term obligations |
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3,111,000 |
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3,413,000 |
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Total current liabilities |
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18,905,000 |
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21,891,000 |
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Deferred revenue |
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1,628,000 |
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1,524,000 |
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Obligation to related party |
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7,000,000 |
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7,000,000 |
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Long-term obligations |
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3,265,000 |
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3,648,000 |
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Other long-term liabilities |
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1,257,000 |
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1,278,000 |
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Total liabilities |
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32,055,000 |
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35,341,000 |
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Commitments and Contingencies (Notes 8 and 9) |
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Stockholders’ equity: |
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Preferred stock, $0.01 par value; 1,000,000 shares authorized at March 31, 2004 and December 31, 2003; 0 shares issued and outstanding at March 31, 2004 and December 31, 2003 |
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Common stock, $0.01 par value; 50,000,000 shares authorized at March 31, 2004 and December 31, 2003; 31,134,433 and 24,887,757 shares issued and outstanding at March 31, 2004 and December 31, 2003, respectively |
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311,000 |
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249,000 |
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Additional paid-in capital |
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197,049,000 |
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151,445,000 |
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Accumulated deficit |
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(125,677,000 |
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(118,242,000 |
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Deferred compensation |
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(13,000 |
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(47,000 |
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Accumulated other comprehensive income |
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545,000 |
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540,000 |
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Total stockholders’ equity |
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72,215,000 |
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33,945,000 |
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Total liabilities and stockholders’ equity |
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$ |
104,270,000 |
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$ |
69,286,000 |
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The accompanying notes are an integral part of the unaudited consolidated financial statements.
3
Dyax Corp. and Subsidiaries Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
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Three Months Ended March 31, |
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2004 |
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2003 |
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Product development and license fee revenues |
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$ |
5,697,000 |
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$ |
3,856,000 |
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Research and development: |
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Research and development |
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10,332,000 |
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6,666,000 |
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Less research and development expenses reimbursed by joint venture (Kallikrein LLC) |
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(1,510,000 |
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— |
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Net research and development |
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8,822,000 |
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6,666,000 |
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Equity loss in joint venture (Kallikrein LLC) |
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882,000 |
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— |
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General and administrative |
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3,275,000 |
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2,732,000 |
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Total operating expenses |
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