UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
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For the quarterly period ended March 31, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
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For the transition period from to |
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Commission File Number: 000-30289 |
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PRAECIS PHARMACEUTICALS INCORPORATED |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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04-3200305 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
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830 Winter Street, Waltham, MA 02451-1420 |
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(Address of principal executive offices and zip code) |
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(781) 795-4100 |
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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 ý No o
As of April 30, 2004, there were 52,323,252 shares of the registrant’s common stock, $.01 par value, outstanding.
PRAECIS PHARMACEUTICALS INCORPORATED
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2004
INDEX
2
PART I. FINANCIAL INFORMATION
PRAECIS PHARMACEUTICALS INCORPORATED
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
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December 31, |
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March 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
15,687 |
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$ |
11,806 |
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Marketable securities |
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127,505 |
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114,046 |
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Accounts receivable |
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— |
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395 |
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Inventory |
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— |
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1,172 |
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Prepaid expenses and other current assets |
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726 |
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1,291 |
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Total current assets |
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143,918 |
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128,710 |
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Property and equipment, net |
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67,713 |
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66,734 |
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Due from officer |
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833 |
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808 |
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Other assets |
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14 |
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15 |
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Total assets |
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$ |
212,478 |
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$ |
196,267 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,483 |
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$ |
1,905 |
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Accrued expenses |
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7,707 |
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7,377 |
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Current portion of long-term debt |
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747 |
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747 |
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Total current liabilities |
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10,937 |
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10,029 |
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Long-term debt |
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31,880 |
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31,693 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common Stock, $0.01 par value; 200,000,000 shares authorized; 52,011,002 shares in 2003 and 52,320,169 shares in 2004 issued and outstanding |
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520 |
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523 |
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Additional paid-in capital |
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355,373 |
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355,572 |
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Accumulated other comprehensive income |
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73 |
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135 |
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Accumulated deficit |
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(186,305 |
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(201,685 |
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Total stockholders’ equity |
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169,661 |
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154,545 |
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Total liabilities and stockholders’ equity |
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$ |
212,478 |
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$ |
196,267 |
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See accompanying notes.
3
PRAECIS PHARMACEUTICALS INCORPORATED
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
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Three
Months Ended |
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2003 |
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2004 |
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Revenues: |
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Product sales |
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$ |
— |
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411 |
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Licensing and other revenues |
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— |
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50 |
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Total revenues |
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— |
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461 |
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Costs and expenses: |
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Cost of goods sold |
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— |
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1,134 |
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Research and development |
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8,679 |
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7,871 |
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Sales and marketing |
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1,028 |
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4,080 |
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General and administrative |
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2,124 |
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2,984 |
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Total costs and expenses |
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11,831 |
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16,069 |
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Operating loss |
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(11,831 |
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(15,608 |
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Interest income, net |
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416 |
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228 |
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Net loss |
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$ |
(11,415 |
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(15,380 |
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