FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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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For the transition period from to |
Commission file number 0-19777
DUSA Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
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New Jersey |
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22-3103129 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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Identification No.) |
25 Upton Drive
Wilmington, Massachusetts 01887
(Address of principal executive offices)
(Zip Code)
(978) 657-7500
(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 12 month (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.
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Yes ý |
No o |
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
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Yes o |
No o |
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APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
16,870,072 shares as of November 9, 2004
PART I.
ITEM 1. UNAUDITED FINANCIAL STATEMENTS
DUSA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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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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$ |
10,493,350 |
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$ |
4,294,482 |
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Marketable securities available for sale |
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41,912,004 |
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30,284,841 |
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Accrued interest receivable |
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468,268 |
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533,796 |
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Accounts receivable |
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391,733 |
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229,483 |
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Inventory |
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1,381,444 |
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712,831 |
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Prepaids and other current assets |
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1,719,113 |
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1,000,413 |
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Total current assets |
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56,365,912 |
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37,055,846 |
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Restricted cash |
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140,221 |
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139,213 |
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United States government securities |
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— |
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3,250,940 |
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Property and equipment, net |
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3,568,262 |
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4,251,489 |
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TOTAL ASSETS |
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$ |
60,074,395 |
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$ |
44,697,488 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable |
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$ |
115,517 |
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$ |
859,282 |
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Accrued payroll |
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842,125 |
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796,618 |
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Other accrued expenses |
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1,787,856 |
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1,162,139 |
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Current maturities of long-term debt |
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— |
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270,000 |
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Deferred revenue |
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294,432 |
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129,900 |
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Total current liabilities |
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3,039,930 |
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3,217,939 |
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Long-term debt, net of current maturities |
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— |
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1,247,500 |
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TOTAL LIABILITIES |
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$ |
3,039,930 |
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$ |
4,465,439 |
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Commitments and Contingencies (Note 10) |
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Shareholders’ Equity |
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Capital Stock Authorized: 100,000,000 shares; 40,000,000 shares designated as common stock, no par, and 60,000,000 shares issuable in series or classes; and 40,000 junior Series A preferred shares. Issued and outstanding: 16,866,322 (2003: 13,966,247) shares of common stock, no par. |
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$ |
124,652,171 |
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$ |
95,670,554 |
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Additional paid-in capital |
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2,256,339 |
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2,015,586 |
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Accumulated deficit |
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(70,482,514 |
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(58,909,781 |
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Accumulated other comprehensive income |
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608,469 |
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1,455,690 |
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TOTAL SHAREHOLDERS’ EQUITY |
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57,034,465 |
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40,232,049 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
60,074,395 |
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$ |
44,697,488 |
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See the accompanying Notes to the Condensed Consolidated Financial Statements.
2
DUSA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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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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(Unaudited) |
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(Unaudited) |
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REVENUES |
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Product sales |
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$ |
2,010,619 |
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$ |
163,155 |
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$ |
5,442,332 |
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$ |
453,800 |
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OPERATING COSTS |
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Cost of product sales and royalties |
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718,168 |
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887,336 |
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2,612,884 |
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2,464,667 |
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Research and development |
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1,585,099 |
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1,202,130 |
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4,850,159 |
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4,167,121 |
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Marketing and sales |
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1,835,210 |
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535,114 |
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