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) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarter Ended September 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 |
Commission file number 333-12570
STRESSGEN BIOTECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
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Yukon Territory, Canada |
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N/A |
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(State of incorporation) |
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(IRS Employer Identification No.) |
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350-4243 Glanford Avenue |
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92121 |
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(Address of principal executive offices) |
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(zip code) |
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(250) 744-2811 |
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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 October 22, 2004 the registrant had approximately 72,506,000 shares of Common Stock, no par value, outstanding.
Stressgen Biotechnologies Corporation and Subsidiaries
INDEX
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Part I — Financial Information |
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Item 1. |
Financial Statements (Unaudited) |
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Consolidated Balance Sheet |
1 |
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2 |
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Consolidated
Statement of Cash Flows |
3 |
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4 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
16 |
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16 |
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27 |
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29 |
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33 |
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34 |
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40 |
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42 |
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42 |
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Items 1 through 6 |
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42 |
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(Unaudited)
Stressgen Biotechnologies Corporation
(Canadian dollars) (In thousands, except share information)
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September 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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$ |
483 |
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$ |
19,996 |
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Short-term investments |
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31,233 |
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32,094 |
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Accounts receivable, net |
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646 |
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733 |
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Inventories |
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635 |
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639 |
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Other current assets |
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1,058 |
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512 |
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Total current assets |
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34,055 |
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53,974 |
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Plant and equipment |
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1,809 |
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2,196 |
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Deferred expenses, net of current portion |
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191 |
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260 |
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$ |
36,055 |
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$ |
56,430 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ |
4,012 |
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$ |
3,975 |
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Current portion of deferred revenue |
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673 |
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688 |
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Current portion of notes payable and leases |
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471 |
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518 |
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Total current liabilities |
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5,156 |
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5,181 |
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Long-term liabilities: |
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Deferred revenue, net of current portion |
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1,515 |
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2,065 |
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Notes payable and leases, net of current portion |
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253 |
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607 |
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Total long-term liabilities |
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1,768 |
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2,672 |
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Total liabilities |
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6,924 |
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7,853 |
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Stockholders’ equity: |
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Common shares and other equity – no par value; unlimited shares authorized, 72,506,403 and 72,491,403 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively |
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216,412 |
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196,849 |
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Contributed surplus |
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16,570 |
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2,207 |
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Deferred stock compensation (Note 2) |
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— |
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(185 |
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Accumulated deficit (Note 2) |
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(203,851 |
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(150,294 |
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Total stockholders’ equity |
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29,131 |
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48,577 |
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$ |
36,055 |
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$ |
56,430 |
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See accompanying notes to consolidated financial statements.
1
CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
(Unaudited)
Stressgen Biotechnologies Corporation
(Canadian dollars) (In thousands, except per share amounts)
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Three months ended |
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Nine 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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Revenue: |
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Bioreagent sales |
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$ |
1,547 |
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$ |
1,316 |
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$ |
4,445 |
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$ |
4,108 |
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Collaborative R&D revenue |
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174 |
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855 |
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537 |
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7,584 |
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Total revenue |
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1,721 |
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2,171 |
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4,982 |
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11,692 |
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Operating expenses: |
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Research and development |
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6,796 |
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6,009 |
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18,338 |
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17,293 |
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Selling, general and administrative |
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1,724 |
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1,510 |
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5,969 |
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