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 31, 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: 000-50791
SENOMYX, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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33-0843840 |
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11099
North Torrey Pines Road |
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(858) 646-8300 |
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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 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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Total shares of common stock outstanding as of the close of business on April 30, 2005: 25,458,976.
SENOMYX, INC.
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ITEM 1. CONDENSED FINANCIAL STATEMENTS
SENOMYX, INC.
(In thousands, except for per shares amounts)
(Unaudited)
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March 31, 2005 |
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December 31, 2004 |
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(Unaudited) |
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[Note] |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
16,307 |
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$ |
17,085 |
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Investments available-for-sale |
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19,448 |
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23,762 |
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Other current assets |
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2,276 |
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1,213 |
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Total current assets |
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38,031 |
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42,060 |
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Property and equipment, net |
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2,108 |
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1,742 |
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Total assets |
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$ |
40,139 |
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$ |
43,802 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
2,604 |
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$ |
3,208 |
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Other current liabilities |
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110 |
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153 |
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Deferred revenue |
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1,170 |
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1,858 |
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Total current liabilities |
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3,884 |
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5,219 |
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Deferred rent |
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195 |
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210 |
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Commitments |
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Stockholders’ equity: |
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Common stock, $.001 par value; 120,000,000 shares authorized at March 31, 2005 (unaudited) and December 31, 2004; 25,453,759 and 25,309,565 shares issued and outstanding at March 31, 2005 (unaudited) and December 31, 2004, respectively |
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25 |
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25 |
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Additional paid-in capital |
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127,777 |
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126,243 |
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Deferred compensation |
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(2,742 |
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(3,492 |
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Accumulated other comprehensive loss |
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(12 |
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(7 |
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Accumulated deficit |
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(88,988 |
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(84,396 |
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Total stockholders’ equity |
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36,060 |
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38,373 |
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Total liabilities and stockholders’ equity |
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$ |
40,139 |
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$ |
43,802 |
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[NOTE: The balance sheet at December 31, 2004 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.]
See accompanying notes to condensed financial statements.
3
SENOMYX, INC.
(In thousands, except share and per share data)
(Unaudited)
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Three months ended March 31, |
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2005 |
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2004 |
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Revenue under collaborative agreements |
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$ |
2,966 |
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$ |
2,241 |
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Operating expenses: |
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Research and development |
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4,328 |
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3,950 |
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General and administrative |
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1,663 |
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1,010 |
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Stock-based compensation: |
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Research and development |
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831 |
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593 |
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General and administrative |
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961 |
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1,687 |
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Total operating expenses |
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7,783 |
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7,240 |
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Loss from operations |
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(4,817 |
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(4,999 |
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Interest income |
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225 |
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40 |
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Net loss |
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$ |
(4,592 |
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(4,959 |
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Net loss per share, basic and diluted |
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$ |
(0.18 |
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(2.63 |
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Shares used in calculating net loss per share, basic and diluted |
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25,185,032 |
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1,887,674 |
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Pro forma net loss per common share assuming conversion of preferred stock, basic and diluted |
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$ |
(0.18 |
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$ |
(0.27 |
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Shares used in computing pro forma net loss per common share assuming conversion of preferred stock, basic and diluted |
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25,185,032 |
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18,092,980 |
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See accompanying notes to condensed financial statements.
4
SENOMYX, INC.
(In thousands)
(Unaudited)
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Three months ended March 31, |
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2005 |
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2004 |
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Operating activities |
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Net loss |
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$ |
(4,592 |
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$ |
(4,959 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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