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 MARCH 31, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 000-30469
deCODE genetics, Inc.
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware |
|
04-3326704 |
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(State
or Other Jurisdiction of |
|
(I.R.S. Employer Identification No.) |
STURLUGATA 8, IS-101 REYKJAVIK, ICELAND
(Address of Principal Executive Offices)
+354-570-1900
(Registrant’s Telephone Number, Including Area Code)
Indicate by check 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 whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
The aggregate number of shares of the registrant’s common stock outstanding on April 30, 2004 was 54,501,425 shares of common stock $.001 par value.
deCODE genetics, Inc.
INDEX
2
deCODE genetics, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
unaudited
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FOR THE THREE-MONTHS ENDED MARCH 31, |
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2004 |
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2003 |
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|
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REVENUE |
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$ |
10,282 |
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$ |
11,842 |
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OPERATING EXPENSES |
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|
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||
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||
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Research and development, including cost of revenue |
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15,433 |
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19,671 |
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||
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Selling, general and administrative |
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4,263 |
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4,257 |
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||
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Employee termination charges |
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0 |
|
485 |
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||
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Total operating expense |
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19,696 |
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24,413 |
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Operating loss |
|
(9,414 |
) |
(12,571 |
) |
||
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Interest income |
|
235 |
|
355 |
|
||
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Interest expense |
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(1,199 |
) |
(916 |
) |
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Other non-operating income and (expense), net |
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(1,658 |
) |
90 |
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||
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Net Loss |
|
$ |
(12,036 |
) |
$ |
(13,042 |
) |
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|
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|
|
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Basic and diluted net loss per share |
|
$ |
(0.23 |
) |
$ |
(0.25 |
) |
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|
|
|
|
|
|
||
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Shares used in computing basic and diluted net loss per share |
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52,927,462 |
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51,156,718 |
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||
The accompanying notes are an integral part of the condensed consolidated financial statements.
3
deCODE genetics, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
unaudited
|
|
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MARCH 31, |
|
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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$ |
90,956 |
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$ |
68,669 |
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Receivables |
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5,280 |
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6,498 |
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Other current assets |
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5,933 |
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5,894 |
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Total current assets |
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102,169 |
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81,061 |
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Restricted cash |
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6,000 |
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6,000 |
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Property and equipment, net |
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69,561 |
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71,590 |
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Goodwill |
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8,863 |
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8,863 |
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Other long-term assets and deferred charges |
|
5,102 |
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15,961 |
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Total assets |
|
$ |
191,695 |
|
$ |
183,475 |
|
|
|
|
|
|
|
|
||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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|
|
|
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Accounts payable |
|
$ |
6,038 |
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$ |
5,353 |
|
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Accrued expenses and other current liabilities |
|
8,780 |
|
7,189 |
|
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Short-term borrowings |
|
6,500 |
|
6,500 |
|
||
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Current portion of capital lease obligations |
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4,718 |
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5,741 |
|
||
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Current portion of long-term debt |
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4,867 |
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4,893 |
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Deferred revenue |
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10,160 |
|
10,518 |
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Total current liabilities |
|
41,063 |
|
40,194 |
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||
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Capital lease obligations, net of current portion |
|
2,127 |
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2,520 |
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Long-term debt, net of current portion |
|
43,396 |
|
43,847 |
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Deferred revenue |
|
8,716 |
|
3,500 |
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Other long-term liabilities |
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7 |
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7 |
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Commitments and contingencies |
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|
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Stockholders’ equity: |
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Preferred stock, $0.001 par value; |
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|
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Authorized: 6,716,666 shares Issued and outstanding: none |
|
0 |
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0 |
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Common stock, $0.001 par value; |
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|
|
|
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Authorized: 100,000,000 shares; Issued: 54,498,655 and 54,003,970 shares at March 31, 2004 and December 31, 2003, respectively; |
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Outstanding: 54,498,655 and 53,735,230 shares at March 31, 2004 and December 31, 2003, respectively |
|
54 |
|
54 |
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Additional paid-in capital |
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442,377 |
|
430,489 |
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Notes receivable |
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(3,396 |
) |
(4,240 |
) |
||
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Deferred compensation |
|
(365 |
) |
(572 |
) |
||
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Accumulated deficit |
|
(342,246 |
) |
(330,210 |
) |
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Accumulated other comprehensive income (loss) |
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(38 |
) |
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