UNITED
STATES
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
For the quarterly period ended March 31, 2005
OR
o Transition Report Pursuant to Section 13 or 15(d) of
the Securities Exchange
Act of 1934
Isolagen, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
001-31564 |
|
87-0458888 |
|
(State or
other jurisdiction |
|
(Commission File Number) |
|
(I.R.S.
Employer |
102
Pickering Way
Exton, Pennsylvania 19341
(Address of principal executive offices, including zip code)
(484) 875-3099
(Registrant’s telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for any 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. ý Yes o No
Check whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act.) ý Yes o No
As of May 5, 2005, issuer had 30,247,684 shares of outstanding common stock, par value $0.001.
TABLE OF CONTENTS
PART I - - FINANCIAL INFORMATION
Isolagen, Inc.
(A Development Stage Company)
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
2005 |
|
2004 |
|
||
|
|
|
(unaudited) |
|
|
|
||
|
Assets |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current assets |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
22,955,357 |
|
$ |
64,329,356 |
|
|
Short-term investments |
|
87,306,313 |
|
51,809,660 |
|
||
|
Accounts receivable, net of allowance for doubtful accounts of $109,586 and $50,533, respectively |
|
1,790,972 |
|
1,516,591 |
|
||
|
Inventory |
|
519,777 |
|
1,010,768 |
|
||
|
Other receivables |
|
469,046 |
|
350,861 |
|
||
|
Prepaid expenses |
|
954,888 |
|
769,984 |
|
||
|
Assets held for sale |
|
98,159 |
|
— |
|
||
|
|
|
|
|
|
|
||
|
Total current assets |
|
114,094,512 |
|
119,787,220 |
|
||
|
|
|
|
|
|
|
||
|
Property and equipment, net |
|
3,654,905 |
|
3,634,992 |
|
||
|
Intangible assets |
|
540,000 |
|
540,000 |
|
||
|
Other assets, net of amortization of $187,310 and $124,873, respectively |
|
4,085,256 |
|
4,158,926 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
122,374,673 |
|
$ |
128,121,138 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Current liabilities |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
2,280,161 |
|
$ |
2,360,363 |
|
|
Accrued expenses |
|
4,181,406 |
|
3,441,805 |
|
||
|
Deferred revenue |
|
3,042,981 |
|
2,923,328 |
|
||
|
|
|
|
|
|
|
||
|
Total current liabilities |
|
9,504,548 |
|
8,725,496 |
|
||
|
|
|
|
|
|
|
||
|
Long term debt |
|
90,000,000 |
|
90,000,000 |
|
||
|
Other long term liabilities |
|
259,494 |
|
410,217 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities |
|
99,764,042 |
|
99,135,713 |
|
||
|
|
|
|
|
|
|
||
|
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Shareholders’ equity |
|
|
|
|
|
||
|
Preferred stock, $.001 par value; 5,000,000 shares authorized |
|
— |
|
— |
|
||
|
Common stock, $.001 par value; 50,000,000 shares authorized |
|
34,220 |
|
34,195 |
|
||
|
Additional paid-in capital |
|
110,043,714 |
|
109,935,174 |
|
||
|
Treasury stock, at cost, 4,000,000 shares |
|
(25,974,000 |
) |
(25,974,000 |
) |
||
|
Accumulated other comprehensive income |
|
411,957 |
|
464,110 |
|
||
|
Accumulated deficit during development stage |
|
(61,905,260 |
) |
(55,474,054 |
) |
||
|
|
|
|
|
|
|
||
|
Total shareholders’ equity |
|
22,610,631 |
|
28,985,425 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
122,374,673 |
|
$ |
128,121,138 |
|
The accompanying notes are an integral part of these statements.
1
Isolagen, Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(unaudited)
|
|
|
Three Months Ended |
|
Cumulative |
|
|||||
|
|
|
2005 |
|
2004 |
|
2005 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Revenues |
|
|
|
|
|
|
|
|||
|
Product sales |
|
$ |
2,666,534 |
|
$ |
289,357 |
|
$ |
8,732,575 |
|
|
License fees |
|
— |
|
— |
|
260,000 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Total revenues |
|
2,666,534 |
|
289,357 |
|
8,992,575 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Cost of product sales |
|
2,419,672 |
|
742,440 |
|
|||||