FWIW (the cash balance?), the quarterly results:
>>SAN DIEGO, Nov. 6 /PRNewswire/ -- Applied Molecular Evolution, Inc., (Nasdaq: AMEV - news), today reported financial results for the third quarter ended September 30, 2001.
For the quarter ended September 30, 2001, the Company reported a net loss of $3.1 million or ($0.15) per share, compared to a net loss of $3.6 million or ($0.22) per share on a historical basis for the quarter ended September 30, 2000. For the nine months ended September 30, 2001, the Company reported a net loss of $9.8 million or ($0.46) per share, compared to a net loss of $10.0 million or ($1.38) per share on a historical basis for the same nine-month period in 2000. On a pro forma basis, assuming conversion of all the preferred stock from the original dates of issuance, the net loss would have been ($0.17) per share for the quarter ended September 30, 2000, and ($0.60) per share for the nine months ended September 30, 2000. All reported amounts are exclusive of a $10.1 million deemed dividend on the Series F preferred stock sold during the second quarter of 2000.
Revenues for the third quarter of 2001 were $872,000, reflecting revenue recognized under the Company's strategic alliances, licensing agreements and NIH grants, compared to $668,000 for the third quarter of 2000. Total operating expenses for the third quarter of 2001 were $4.0 million, excluding non-cash, stock based compensation, as compared to $1.6 million, excluding non-cash, stock based compensation, for the third quarter of 2000.
For the nine months ended September 30, 2001, the Company reported revenues of $2.5 million and operating expenses of $11.0 million, excluding non-cash, stock based compensation, compared to revenues of $1.9 million and operating expenses of $4.0 million, excluding non-cash, stock based compensation, for the nine months ended September 30, 2000.
``Applied Molecular Evolution's business model is based on a robust portfolio of corporate collaborations, internal development projects, federal grants and Kauffman patent licenses,'' said Lawrence E. Bloch, MD, CFO and Vice President of Business Development of Applied Molecular Evolution, (AME). ``During the third quarter, significant progress was made on all of these fronts: AME's collaborator MedImmune designated their anti-IL-9 antibody against asthma to be the third molecule to be optimized by AME under our original four molecule collaboration. MedImmune also initiated two Phase I clinical studies of Vitaxin, an anti-angiogenic antibody optimized by AME and licensed to MedImmune, for rheumatoid arthritis and colorectal cancer. In a significant development, AME announced the optimization of its first internal development project, butyrylcholinesterase (BChE), for the treatment of acute and chronic cocaine abuse. AME also received a $1.0 million NIH Research Grant to support its preclinical development of BChE. Additionally, AME continues to enforce its leading intellectual property position in directed molecular evolution through its ongoing Kauffman infringement action against MorphoSys AG.''
Applied Molecular Evolution, Inc. is a leader in applying directed molecular evolution to improve healthcare by optimizing and developing human biotherapeutics. Directed molecular evolution is a process for optimizing genes and proteins for specific commercial purposes. Since its inception, AME's principal focus has been on applying its proprietary AMEsystem(TM) technology platform to human biotherapeutics, the largest market for directed molecular evolution. AME uses its proprietary technology to develop improved versions of currently marketed, FDA-approved biopharmaceuticals as well as novel human biotherapeutics.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including uncertainties related to product development, uncertainties related to the need for regulatory or other government approvals, dependence on proprietary technology, uncertainty of market acceptance of AME's products, uncertainties related to business opportunities, the receipt of future payments, including royalties, the continuation of customer relationships and other risks cited in AME's Annual Report on Form 10-K for the year ended December 31, 2000, and other SEC filings. These forward-looking statements speak only as of the date hereof. AME disclaims any intent or obligation to update these forward- looking statements.
Applied Molecular Evolution, Inc.
Selected Financial Data
(In thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
September 30, September 30,
Statements of Operations Data 2001 2000 2001 2000
(unaudited) (unaudited)
Revenues $872 $668 $2,488 $1,876
Expenses
Research and development 2,834 1,017 7,665 2,493
General and administrative 1,145 631 3,366 1,552
Non-cash, stock based
compensation 1,473 3,859 5,585 9,293
Total operating expenses 5,452 5,507 16,616 13,338
Loss from operations (4,580) (4,839) (14,128) (11,462)
Minority interest 180 12 314 90
Net interest income 1,263 1,265 4,018 1,388
Net loss (3,137) (3,562) (9,796) (9,984)
Deemed dividend on Series F preferred
stock - - - (10,100)
Net loss applicable to common
stockholders $(3,137) $(3,562) $(9,796) $(20,084)
Basic and diluted net loss per common
share applicable to common
stockholders $(0.15) $(0.22) $(0.46) $(2.77)
Basic and diluted net loss per common
share $(0.15) $(0.22) $(0.46) $(1.38)
Weighted average shares used in
computing basic and diluted loss per
common share 21,440 16,435 21,308 7,249
Pro forma basic and diluted net loss
per common share N/A $(0.17) N/A $(0.60)
Weighted average shares used in
computing basic and diluted pro
forma net loss per common share N/A 20,510 N/A 16,649
Balance Sheet Data September 30, December 31,
2001 2000
(unaudited)
Cash, cash equivalents and short-term
investments $83,766 $89,550
Other current assets 2,305 2,869
Noncurrent assets 5,030 2,455
Total Assets $91,101 $94,874
Current liabilities $2,166 $1,854
Noncurrent liabilities 600 1,103
Stockholders' equity 88,335 91,917
Total Liabilities and
Stockholders' Equity $91,101 $94,874<<
snip
Thanks to the interest on the cash, they are burning very little, down less than $2 million from last quarter. Roughly $3.75/share now, I'd estimate.
Cheers, Tuck |
