UNITED STATES
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 September 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to ..
Commission file number: 000-24207
ABGENIX, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3248826 |
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(State or other jurisdiction of |
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(IRS employer |
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incorporation or organization) |
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Identification number) |
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6701 Kaiser Drive, Fremont, CA |
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94555 |
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(Address of principal executive office) |
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(Zip Code) |
(510) 284-6500
(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 in 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 29, 2004 there were 89,072,158 shares of the Registrant’s Common Stock outstanding.
TABLE OF CONTENTS
2
ABGENIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
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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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$ |
14,963 |
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$ |
19,141 |
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Marketable securities |
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215,705 |
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328,622 |
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Interest receivable |
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1,436 |
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3,096 |
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Accounts receivable, net |
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835 |
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2,174 |
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Inventories |
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370 |
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— |
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Prepaid expenses and other current assets |
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11,144 |
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12,546 |
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Total current assets |
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244,453 |
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365,579 |
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Property and equipment, net |
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229,914 |
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246,277 |
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Long-term investments |
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16,524 |
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20,695 |
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Goodwill |
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34,780 |
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34,780 |
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Identified intangible assets, net |
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61,451 |
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83,716 |
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Deposits and other assets |
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28,268 |
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29,146 |
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$ |
615,390 |
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$ |
780,193 |
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LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
10,994 |
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$ |
11,584 |
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Deferred revenue |
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7,662 |
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10,919 |
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Accrued liabilities |
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17,013 |
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13,974 |
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Contract cancellation obligation |
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— |
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22,749 |
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Accrued interest payable |
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311 |
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2,061 |
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Total current liabilities |
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35,980 |
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61,287 |
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Deferred rent |
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7,203 |
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6,153 |
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Convertible subordinated notes |
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249,876 |
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200,000 |
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Other long-term liabilities |
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6,370 |
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— |
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Redeemable convertible preferred stock, $0.0001 par value; 5,000,000 shares authorized |
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Series A-1 50,000 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively; liquidation preference $50,000 at September 30, 2004 and December 31, 2003, respectively |
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49,869 |
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49,869 |
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Series A-2 50,000 shares issued and outstanding at December 31, 2003; liquidation preference $50,000 at December 31, 2003; no shares outstanding at September 30, 2004 |
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— |
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49,868 |
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Commitments |
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Stockholders’ equity: |
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Common stock, $0.0001 par value; 220,000,000 shares authorized; 88,858,422 and 88,262,457 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively |
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9 |
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9 |
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Additional paid-in capital |
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972,240 |
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968,922 |
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Accumulated other comprehensive income |
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3,228 |
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8,861 |
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Accumulated deficit |
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(709,385 |
) |
(564,776 |
) |
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Total stockholders’ equity |
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266,092 |
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413,016 |
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$ |
615,390 |
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$ |
780,193 |
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See accompanying notes
3
ABGENIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
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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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Revenues: |
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Contract revenue |
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$ |
3,434 |
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$ |
1,957 |
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$ |
10,513 |
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$ |
10,463 |
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Contract manufacturing revenue |
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— |
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— |
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1,325 |
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— |
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Total revenue |
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3,434 |
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1,957 |
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11,838 |
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10,463 |
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Operating expenses: |
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Cost of goods manufactured |
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— |
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— |
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1,857 |
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— |
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Research and development |
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29,978 |
< | ||||||||||