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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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 |
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to |
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Commission File No. 0-29608 |
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GENETRONICS BIOMEDICAL CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware |
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33-0969592 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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11199 SORRENTO VALLEY ROAD
SAN DIEGO, CALIFORNIA 92121-1334
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
(858) 597-6006
(COMPANY’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 o No ý
The number of shares outstanding of the registrant’s Common Stock, par value $ 0.001 per share, was 71,246,293 as of August 12, 2004.
GENETRONICS BIOMEDICAL CORPORATION
FORM 10-Q
For the Quarter Ended June 30, 2004
INDEX
GENETRONICS BIOMEDICAL CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current |
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Cash and cash equivalents |
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$ |
22,067,567 |
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$ |
13,460,446 |
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Receivables, net |
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— |
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175,000 |
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Prepaid expenses and other |
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171,065 |
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116,526 |
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Total current assets |
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22,238,632 |
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13,751,972 |
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Fixed assets, net |
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164,664 |
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175,902 |
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Patents and other assets, net |
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2,272,988 |
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2,301,116 |
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Total assets |
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$ |
24,676,284 |
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$ |
16,228,990 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current |
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Accounts payable and accrued expenses |
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$ |
661,840 |
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$ |
827,655 |
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Deferred revenue |
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1,169,160 |
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331,164 |
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Total current liabilities |
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1,831,000 |
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1,158,819 |
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Deferred rent |
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10,243 |
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22,536 |
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Total liabilities |
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1,841,243 |
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1,181,355 |
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Stockholders’ equity |
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Preferred stock, $0.001 par value |
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2 |
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1 |
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Common stock, $0.001 par value |
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70,455 |
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63,682 |
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Additional paid in capital |
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102,988,395 |
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91,185,936 |
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Accumulated deficit |
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(80,223,811 |
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(76,201,984 |
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Total stockholders’ equity |
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22,835,041 |
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15,047,635 |
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Total liabilities and stockholders’ equity |
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$ |
24,676,284 |
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$ |
16,228,990 |
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See accompanying notes
1
GENETRONICS BIOMEDICAL CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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REVENUE |
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License fee and milestone payments |
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$ |
39,105 |
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$ |
1,471 |
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$ |
40,576 |
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$ |
2,942 |
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Revenues under collaborative research and development arrangement |
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60,714 |
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7,533 |
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128,628 |
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17,199 |
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Total revenue |
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99,819 |
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9,004 |
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169,204 |
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20,141 |
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EXPENSES |
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Research and development |
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986,443 |
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429,235 |
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1,575,303 |
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904,969 |
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General and administrative |
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1,578,565 |
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979,560 |
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2,675,759 |
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2,243,023 |
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Interest (income) expense, net |
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(43,194 |
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(2,553 |
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(78,233 |
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14,677 |
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