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 quarterly period ended June 30, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 000-21088
VICAL INCORPORATED
(Exact name of registrant as specified in its charter)
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Delaware |
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93-0948554 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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10390 Pacific Center Court, San Diego, California |
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92121 |
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(Address of principal executive offices) |
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(Zip code) |
(858) 646-1100
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
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 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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Total shares of common stock outstanding at July 30, 2004: 23,477,604
VICAL INCORPORATED
FORM 10-Q
2
VICAL
INCORPORATED
BALANCE SHEETS
(Unaudited)
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June 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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$ |
14,235,494 |
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$ |
16,573,912 |
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Cash equivalents—restricted |
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677,334 |
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2,355,700 |
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Marketable securities—available-for-sale |
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66,586,667 |
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65,588,091 |
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Marketable securities—restricted |
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3,989,659 |
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— |
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Receivables and other |
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5,686,898 |
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5,386,211 |
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Total current assets |
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91,176,052 |
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89,903,914 |
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Property and Equipment: |
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Equipment |
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16,506,248 |
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17,922,355 |
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Leasehold improvements |
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12,054,632 |
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8,426,848 |
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28,560,880 |
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26,349,203 |
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Less—accumulated depreciation and amortization |
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(13,512,797 |
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(12,013,962 |
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15,048,083 |
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14,335,241 |
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Intangible Assets, net |
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5,885,645 |
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5,870,123 |
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Other Assets |
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483,388 |
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597,912 |
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$ |
112,593,168 |
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$ |
110,707,190 |
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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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$ |
5,534,038 |
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$ |
5,626,914 |
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Current portion of capital lease obligations |
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4,374,285 |
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3,918,118 |
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Current portion of notes payable |
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154,762 |
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340,476 |
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Current portion of deferred revenue |
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403,857 |
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2,337,019 |
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Total current liabilities |
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10,466,942 |
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12,222,527 |
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Long-Term Obligations: |
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Long-term obligations under capital leases |
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6,645,220 |
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7,196,376 |
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Deferred revenue |
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— |
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131,130 |
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Deferred lease credits |
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1,502,888 |
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1,334,880 |
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Other long-term obligations |
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1,000,000 |
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— |
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Total long-term obligations |
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9,148,108 |
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8,662,386 |
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Commitments and Contingencies |
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Stockholders’ Equity: |
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Preferred stock, $0.01 par value—5,000,000
shares authorized— |
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— |
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— |
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Common stock, $0.01 par value—40,000,000
shares authorized— |
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234,776 |
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200,926 |
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Additional paid-in capital |
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221,132,366 |
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203,607,418 |
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Accumulated other comprehensive income |
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786,472 |
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798,223 |
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Accumulated deficit |
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(129,175,496 |
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(114,784,290 |
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Total stockholders’ equity |
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92,978,118 |
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89,822,277 |
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$ |
112,593,168 |
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$ |
110,707,190 |
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See accompanying notes to financial statements.
3
VICAL
INCORPORATED
STATEMENTS OF
OPERATIONS
(Unaudited)
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Three months ended |
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Six months ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenues: |
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