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 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 |
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to |
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Commission File No. 0-29608
GENETRONICS BIOMEDICAL CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware |
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33-0969592 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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11199 SORRENTO VALLEY ROAD |
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) |
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(858) 597-6006 |
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(COMPANY’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 o No ý
The number of shares outstanding of the registrant’s Common Stock, par value $ 0.001 per share, was 18,335,658 as of November 1, 2004.
GENETRONICS BIOMEDICAL CORPORATION
FORM 10-Q
For the Quarter Ended September 30, 2004
INDEX
GENETRONICS BIOMEDICAL CORPORATION
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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$ |
19,740,332 |
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$ |
13,460,446 |
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Receivables, net |
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351,210 |
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175,000 |
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Prepaid expenses and other |
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111,942 |
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116,526 |
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Total current assets |
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20,203,484 |
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13,751,972 |
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Fixed assets, net |
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169,826 |
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175,902 |
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Patents and other assets, net |
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2,253,477 |
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2,301,116 |
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Total assets |
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$ |
22,626,787 |
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$ |
16,228,990 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
377,525 |
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$ |
293,630 |
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Accrued expenses |
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1,824,354 |
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534,025 |
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Deferred revenue |
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1,071,697 |
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331,164 |
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Total current liabilities |
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3,273,576 |
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1,158,819 |
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Deferred rent |
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4,097 |
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22,536 |
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Total liabilities |
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3,277,673 |
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1,181,355 |
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Stockholders’ equity |
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Preferred stock |
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2 |
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1 |
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Common stock |
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17,974 |
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63,682 |
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Additional paid in capital |
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103,225,610 |
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91,185,936 |
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Accumulated deficit |
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(83,894,472 |
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(76,201,984 |
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Total stockholders’ equity |
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19,349,114 |
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15,047,635 |
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Total liabilities and stockholders’ equity |
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$ |
22,626,787 |
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$ |
16,228,990 |
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See accompanying notes to unaudited condensed consolidated financial statements
1
GENETRONICS BIOMEDICAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(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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REVENUE |
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License fee and milestone payments |
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$ |
84,804 |
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$ |
1,471 |
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$ |
125,380 |
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$ |
4,412 |
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Revenue under collaborative research and development arrangements |
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370,353 |
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20,840 |
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498,981 |
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38,040 |
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Total revenue |
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455,157 |
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22,311 |
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624,361 |
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42,452 |
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EXPENSES |
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Research and development |
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2,387,291 |
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643,433 |
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3,962,593 |
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1,548,401 |
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General and administrative |
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1,609,828 |
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1,076,320 |
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4,285,587 |
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3,319,345 |
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Interest income, net |
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(76,865 |
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(17,129 |
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(155,097 |
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(2,452 |
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Total expenses |
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3,920,254 |
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1,702,624 |
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8,093,083 |
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4,865,294 |
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