WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

For the transition period from          to         

 

Commission File Number: 000-30289

 

PRAECIS PHARMACEUTICALS INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

830 Winter Street, Waltham, MA 02451-1420

(Address of principal executive offices and zip code)

 

(781) 795-4100

(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

 

As of July 31, 2004, there were 52,377,773 shares of the registrant’s common stock, $.01 par value, outstanding.

 

 

PRAECIS PHARMACEUTICALS INCORPORATED

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2004

 

INDEX

 

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets – December 31, 2003 and June 30, 2004
	Condensed Consolidated Statements of Operations – three and six months ended June 30, 2003 and 2004
	Condensed Consolidated Statements of Cash Flows – six months ended June 30, 2003 and 2004
	Notes to Condensed Consolidated Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
Item 4.	Controls and Procedures
PART II.	OTHER INFORMATION
Item 4.	Submission of Matters to a Vote of Security Holders
Item 6.	Exhibits and Reports on Form 8-K
SIGNATURE
EXHIBIT INDEX

 

2

 

PART I.  FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS.

 

PRAECIS PHARMACEUTICALS INCORPORATED

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

 

		December 31, 2003			June 30, 2004
Assets
Current assets:
Cash and cash equivalents		$	15,687		$	12,733
Marketable securities		127,505			98,725
Accounts receivable		—			818
Inventory		—			1,888
Prepaid expenses and other assets		726			1,232
Total current assets		143,918			115,396
Property and equipment, net		67,713			65,447
Due from officer		833			783
Other assets		14			215
Total assets		$	212,478		$	181,841
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	2,483		$	854
Accrued expenses		7,707			7,374
Deferred revenue		—			167
Current portion of long-term debt		747			578
Total current liabilities		10,937			8,973
Deferred revenue		—			1,805
Long-term debt		31,880			31,675
Commitments and contingencies
Stockholders’ equity:
Common Stock, $0.01 par value; 200,000,000 shares authorized; 52,011,002 shares in 2003 and 52,377,773 shares in 2004 issued and outstanding		520			524
Accumulated other comprehensive income		73			(329		)
Additional paid-in capital		355,373			355,720
Accumulated deficit		(186,305		)	(216,527		)
Total stockholders’ equity		169,661			139,388
Total liabilities and stockholders’ equity		$	212,478		$	181,841

 

See accompanying notes.

 

3

 

PRAECIS PHARMACEUTICALS INCORPORATED

 Condensed Consolidated Statements of Operations

(In thousands, except per share data)
(Unaudited)

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2003			2004			2003			2004
Revenues:
Product sales		$	—		$	645		$	—		$	1,056
Licensing and other revenues		—			28			—			78
Total revenues		—			673			—			1,134
Costs and expenses:
Cost of goods sold		—			146			—			1,280
Research and development		12,343			7,760			21,100			15,675