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 December 31, 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 1-14430
MAXIM PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware (State or Other Jurisdiction of Incorporation or Organization) |
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87-0279983 (IRS Employer Identification No.) |
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8899 University Center Lane, Suite 400, San Diego, CA (Address of Principal Executive Offices) |
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92122 (Zip Code) |
(858) 453-4040
(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 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
The number of outstanding shares of the registrant’s Common Stock, $.001 par value, as of January 26, 2005 was 28,606,091.
MAXIM PHARMACEUTICALS, INC. AND SUBSIDIARIES
(A Development Stage Company)
INDEX
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Condensed Consolidated Balance Sheets—December 31, 2004 and September 30, 2004 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share data)
Maxim Pharmaceuticals, Inc. and Subsidiaries (A Development Stage Company)
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As of December 31 |
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As of September 30 |
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2004 |
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2004 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
6,533 |
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$ |
10,658 |
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Investments in marketable securities, available for sale |
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30,454 |
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38,746 |
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Accrued interest and other current assets |
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1,758 |
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2,354 |
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Total current assets |
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38,745 |
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51,758 |
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Restricted cash and cash equivalents |
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3,500 |
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3,500 |
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Property and equipment, net |
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3,253 |
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3,579 |
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Patents and licenses, net |
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4,624 |
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4,393 |
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Notes receivable from officer and former officer, net of allowance of $2,930,000 |
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682 |
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682 |
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Deposits and other assets |
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118 |
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273 |
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Total assets |
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$ |
50,922 |
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$ |
64,185 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
3,041 |
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$ |
5,311 |
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Accrued expenses |
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3,275 |
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4,177 |
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Notes payable and current portion of long-term debt and obligations under capital leases |
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758 |
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1,071 |
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Deferred revenue |
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— |
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131 |
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Total current liabilities |
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7,074 |
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10,690 |
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Long-term debt, excluding current portion |
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54 |
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96 |
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Commitments and contigencies |
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Stockholders’ Equity: |
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Convertible preferred stock, $.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2004 and September 30, 2004 |
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— |
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Common stock, $.001 par value, 60,000,000 shares authorized; 28,561,091 shares issued and outstanding at December 31, 2004 and September 30, 2004, respectively |
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28 |
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28 |
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Additional paid-in capital |
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405,088 |
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405,031 |
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Deficit accumulated during the development stage |
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(361,059 |
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(351,472 |
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Accumulated other comprehensive loss |
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(263 |
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(188 |
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Total stockholders’ equity |
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43,794 |
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53,399 |
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Total liabilities and stockholders’ equity |
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$ |
50,922 |
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$ |
64,185 |
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See Accompanying Notes to Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Maxim Pharmaceuticals, Inc. and Subsidiaries (A Development Stage Company)
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From Inception |
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(October 23, 1989) |
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Three Months Ended December 31 |
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Through |
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2004 |
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2003 |
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December 31, 2004 |
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Collaboration and research revenue |
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$ |
363 |
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$ |
1,419 |
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$ |
19,299 |
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Operating expenses: |
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Research and development |
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6,949 |
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9,331 |
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260,652 |
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Business development and marketing |
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982 |
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643 |
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27,257 |
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General and administrative |
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2,215 |
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1,766 |
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49,193 |
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Amortization of goodwill and other acquisition-related intangible assets |
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— |
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2,955 |
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Purchased in-process technology |
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— |
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— |
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