U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
or
o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-31979
Array BioPharma Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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84-1460811 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer Identification No.) |
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Incorporation or Organization) |
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3200 Walnut Street, Boulder, CO |
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80301 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(303) 381-6600 |
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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
As of January 31, 2005, the registrant had 38,279,727 shares of common stock, par value $.001 per share, outstanding.
ARRAY BIOPHARMA INC.
TABLE OF CONTENTS
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Balance Sheets at December 31, 2004 (unaudited) and June 30, 2004 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART II - OTHER INFORMATION |
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SIGNATURES |
19 |
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2
CONDENSED BALANCE SHEETS
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December 31, |
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June 30, |
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2004 |
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2004 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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$ |
22,450,863 |
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$ |
7,752,812 |
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Marketable securities |
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74,477,453 |
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29,693,301 |
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Accounts receivable, net |
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2,486,880 |
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1,080,330 |
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Inventories, net |
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2,498,260 |
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4,030,681 |
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Prepaid expenses, advances and deposits |
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933,137 |
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1,315,786 |
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Total current assets |
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102,846,593 |
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43,872,910 |
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Property, plant and equipment |
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60,138,134 |
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57,556,515 |
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Less accumulated depreciation |
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(27,500,558 |
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(23,745,563 |
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Property, plant and equipment, net |
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32,637,576 |
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33,810,952 |
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Other assets |
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80,246 |
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80,246 |
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Total assets |
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$ |
135,564,415 |
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$ |
77,764,108 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable trade |
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$ |
2,548,044 |
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$ |
2,408,718 |
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Advance payments from collaborators - current |
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14,919,635 |
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14,108,118 |
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Accrued compensation and benefits |
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2,510,336 |
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1,048,909 |
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Other current liabilities |
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1,212,370 |
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402,090 |
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Total current liabilities |
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21,190,385 |
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17,967,835 |
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Advance payments from collaborators - long term |
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1,562,500 |
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4,166,665 |
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Total liabilities |
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22,752,885 |
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22,134,500 |
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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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38,280 |
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28,872 |
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Additional paid-in capital |
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193,030,379 |
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125,555,122 |
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Accumulated deficit |
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(80,152,312 |
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(69,659,967 |
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Accumulated other comprehensive loss |
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(104,817 |
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(143,415 |
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Deferred compensation |
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— |
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(151,004 |
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Total stockholders’ equity |
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112,811,530 |
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55,629,608 |
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Total liabilities and stockholders’ equity |
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$ |
135,564,415 |
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$ |
77,764,108 |
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See notes to condensed financial statements
3
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended |
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Six 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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Collaboration revenue |
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$ |
9,548,445 |
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$ |
6,907,414 |
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$ |
16,892,953 |
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$ |
13,917,785 |
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License and milestone revenue |
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2,500,000 |
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687,499 |
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5,012,499 |
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872,600 |
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Total revenue |
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12,048,445 |
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7,594,913 |
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21,905,452 |
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14,790,385 |
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Operating expenses |
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