UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - Q
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(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 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 EXCHANGE ACT OF 1934 |
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Commission File Number 0-21937 |
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CERUS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
68-0262011 |
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(State or other jurisdiction of |
(I.R.S. Employer |
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2411 Stanwell Dr. |
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(Address of principal executive offices, including zip code) |
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(925) 288-6000 |
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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 Exchange Act Rule 12b-2). YES ý NO o
As of October 31, 2004, there were 22,210,924 shares of the registrant’s common stock outstanding.
CERUS CORPORATION
TABLE OF CONTENTS
2
CERUS CORPORATION
(in thousands)
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September 30, |
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December 31, |
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(unaudited) |
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(see Note 1) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
7,614 |
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$ |
23,165 |
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Short-term investments |
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81,973 |
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86,845 |
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Accounts receivable from a related party |
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15 |
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8 |
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Accounts receivable and other current assets |
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4,603 |
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5,736 |
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Total current assets |
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94,205 |
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115,754 |
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Furniture and equipment, net of depreciation |
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837 |
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2,553 |
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Long-term investments |
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1,175 |
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— |
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Other assets |
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86 |
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156 |
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Total assets |
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$ |
96,303 |
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$ |
118,463 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable to a related party |
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$ |
682 |
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$ |
3,156 |
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Loan and interest payable to a related party |
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60,109 |
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55,834 |
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Accounts payable |
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918 |
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1,487 |
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Accrued expenses |
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3,905 |
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4,825 |
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Deferred revenue |
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3,690 |
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614 |
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Current portion of capital lease obligations |
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— |
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19 |
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Total current liabilities |
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69,304 |
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65,935 |
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Total stockholders’ equity |
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26,999 |
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52,528 |
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Total liabilities and stockholders’ equity |
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$ |
96,303 |
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$ |
118,463 |
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See notes to condensed financial statements.
3
CERUS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
(in thousands, except per share data)
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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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Development funding, related parties |
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$ |
420 |
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$ |
— |
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$ |
913 |
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$ |
— |
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Development funding, other |
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795 |
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257 |
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1,048 |
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539 |
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Government grants and cooperative agreements |
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2,324 |
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2,587 |
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8,991 |
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5,549 |
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Product sales |
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— |
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24 |
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— |
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52 |
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Total revenue |
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3,539 |
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2,868 |
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10,952 |
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6,140 |
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Operating expenses: |
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Research and development |
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5,190 |
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13,400 |
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22,578 |
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42,847 |
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General and administrative | |||||||||||||||||