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 |
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For the quarterly period 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 |
For the transition period from to
Commission File Number: 0-30235
Exelixis, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
04-3257395 |
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(State or other
jurisdiction of |
(I.R.S. Employer Identification No.) |
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170
Harbor Way |
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(Address of principal executive offices, including zip code) |
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(650) 837-7000 |
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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
On October 25, 2004, there were 74,812,073 shares of common stock, par value $.001 per share, of Exelixis, Inc. outstanding.
EXELIXIS, INC.
QUARTERLY
REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
INDEX
2
EXELIXIS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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September 30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
47,993 |
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$ |
111,828 |
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Short-term investments |
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82,851 |
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125,264 |
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Other receivables |
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5,090 |
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3,846 |
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Other current assets |
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6,532 |
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3,156 |
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Total current assets |
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142,466 |
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244,094 |
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Restricted cash and investments |
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16,390 |
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4,838 |
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Property and equipment, net |
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33,795 |
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33,500 |
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Goodwill |
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67,364 |
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67,364 |
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Other intangibles, net |
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3,690 |
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4,136 |
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Other assets |
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4,164 |
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3,862 |
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Total assets |
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$ |
267,869 |
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$ |
357,794 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
1,622 |
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$ |
6,151 |
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Other accrued expenses |
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9,085 |
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8,632 |
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Accrued compensation and benefits |
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6,330 |
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6,139 |
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Current portion of capital lease obligations |
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2,177 |
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4,490 |
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Current portion of notes payable and bank obligations |
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7,177 |
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5,367 |
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Deferred revenue |
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15,777 |
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21,579 |
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Total current liabilities |
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42,168 |
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52,358 |
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Capital lease obligations |
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297 |
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1,790 |
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Notes payable and bank obligations |
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17,791 |
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14,437 |
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Convertible promissory note and loan |
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85,000 |
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85,000 |
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Other long-term liabilities |
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6,838 |
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2,952 |
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Deferred revenue |
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35,108 |
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39,775 |
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Total liabilities |
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187,202 |
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196,312 |
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Commitments |
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Stockholders’ equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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73 |
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71 |
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Additional paid-in-capital |
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547,251 |
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541,917 |
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Notes receivable from stockholders |
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— |
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(53 |
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Deferred stock compensation, net |
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— |
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(33 |
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Accumulated other comprehensive income |
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794 |
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1,708 |
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Accumulated deficit |
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(467,451 |
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(382,128 |
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Total stockholders’ equity |
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80,667 |
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161,482 |
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Total liabilities and stockholders’ equity |
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$ |
267,869 |
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$ |
357,794 |
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(1) The condensed consolidated balance sheet at December 31, 2003 has been derived from the audited financial statement at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
EXELIXIS, 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 |
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$ |
10,617 |
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$ |
9,310 |
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$ |
28,812 |
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$ |
28,389 |
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License |
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2,045 |
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3,129 |
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8,301 |
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9,385 |
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Total revenues |
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12,662 |
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12,439 |
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37,113 |
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37,774 |
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