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 MARCH 30, 2005 |
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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 |
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Commission File Number 0-24320
TAPESTRY PHARMACEUTICALS, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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84-1187753 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
4840
Pearl East Circle, Suite 300W
Boulder, Colorado 80301
(Address of principal executive office, including zip code)
(303) 516-8500
(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 Act). Yes ý No o
As of April 28, 2005, the registrant had 33,488,995 shares of common stock, $0.0075 par value, outstanding.
Tapestry Pharmaceuticals, Inc. and Subsidiaries
Table of Contents
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
FINANCIAL INFORMATION
Item 1. Financial Statements
Tapestry Pharmaceuticals, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(In thousands, except share data)
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March 30, |
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December 29, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
625 |
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$ |
1,713 |
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Short-term investments |
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25,332 |
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29,378 |
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Prepaid expense and other current assets |
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587 |
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538 |
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Assets held for sale |
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112 |
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112 |
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Total current assets |
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26,656 |
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31,741 |
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Property, plant and equipment, net |
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670 |
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676 |
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Long-term investments |
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— |
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4,631 |
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Investment in ChromaDex, Inc. |
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1,414 |
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1,414 |
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Other assets |
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829 |
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831 |
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Total assets |
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$ |
29,569 |
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$ |
39,293 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable and accrued liabilities |
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$ |
1,943 |
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$ |
3,119 |
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Accrued payroll and payroll taxes |
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982 |
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2,017 |
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Notes payable – current portion, net |
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264 |
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3,132 |
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Total current liabilities |
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3,189 |
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8,268 |
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Notes payable – long term, net |
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3,117 |
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3,245 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $.001 par value; 2,000,000 shares authorized; none issued |
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— |
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Common stock, $.0075 par value; 64,000,000 shares authorized; 33,488,995 and 33,435,401 shares issued and outstanding at March 30, 2005 and December 29, 2004, respectively |
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251 |
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251 |
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Additional paid-in capital |
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117,415 |
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117,354 |
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Accumulated deficit |
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(94,288 |
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(89,724 |
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Accumulated other comprehensive loss |
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(115 |
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(101 |
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Total stockholders’ equity |
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23,263 |
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27,780 |
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Total liabilities and stockholders’ equity |
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$ |
29,569 |
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$ |
39,293 |
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See accompanying notes to Consolidated Condensed Financial Statements.
3
Tapestry Pharmaceuticals, Inc. and Subsidiaries
Consolidated Condensed Statements of Operations
(In thousands, except per share data)
(Unaudited)
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Quarter Ended |
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March 30, |
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March 31, |
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Operating expenses: |
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Research and development |
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$ |
2,789 |
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$ |
1,753 |
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General and administrative |
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1,597 |
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2,145 |
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Operating loss |
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4,386 |
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3,898 |
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Other income (expense): |
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Interest income |
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170 |
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153 |
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Interest expense |
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(167 |
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(235 |
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Net loss from continuing operations |
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(4,383 |
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(3,980 |
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Discontinued operations: |
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Loss from discontinued operations |
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(181 |
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(995 |
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Net loss |
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$ |
(4,564 |
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(4,975 |
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Basic and diluted loss per share from continuing operations |
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$ |
(0.13 |
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$ |
(0.13 |
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Basic and diluted loss per share from discontinued operations |
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$ |
(0.01 |
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$ |
(0.03 |
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