Antex Biologics Inc.
(a development stage enterprise)
CONSOLIDATED BALANCE SHEETS
DECEMBER 31
1996 1997
---- ----
ASSETS
Current assets:
Cash and cash equivalents $ 6,918,836 $5,697,156
Restricted cash 300,000 -
Accounts and other receivables 95,668 712,906
Prepaid expenses and deposits 247,717 272,917
---------- ---------
Total current assets 7,562,221 6,682,979
Property and equipment, net 537,113 446,861
Prepaid expenses 151,667 -
Deferred compensation trust 191,189 229,405
--------- ---------
$8,442,190 $7,359,245
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 272,119 $ 531,345
Deferred research and development revenue 744,198 554,152
Deferred gain on sale and leaseback 349,857 -
Obligation under capitalized lease 451,412 -
--------- -----------
Total current liabilities 1,817,586 1,085,497
Deferred gain on equipment - 106,983
Deferred compensation 191,189 229,405
Excess of fair value over cost of net assets acquired, net
of accumulated amortization of $152,944 and $181,180 129,409 101,173
Other 45,219 19,647
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares
authorized; none outstanding - -
Common stock, $.01 par value; 95,000,000 shares
authorized; 22,479,679 and 22,480,304 shares
issued and outstanding 224,797 224,803
Additional paid-in capital 17,752,416 17,752,839
Deficit accumulated during the development stage (11,718,426) (12,161,102)
---------- ----------
Total stockholders' equity 6,258,787 5,816,540
---------- ----------
$8,442,190 $7,359,245
========== ==========
The accompanying notes are an integral part of these financial statements.
26
Antex Biologics Inc.
(a development stage enterprise)
CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED
DECEMBER 31 AUGUST 3, 1991
--------------------- (INCEPTION)
TO
1996 1997 DECEMBER 31, 1997
---- ---- -----------------
Revenues $3,827,111 $ 4,755,712 $ 9,454,898
---------- ----------- -----------
Expenses:
Research and development 2,154,047 3,859,116 13,258,751
General and administrative 1,251,556 1,643,189 8,598,058
--------- --------- ---------
Total expenses 3,405,603 5,502,305 21,856,809
--------- --------- ----------
Income (loss) from operations 421,508 (746,593) (12,401,911)
Other income (expense):
Interest income 228,966 314,040 949,166
Interest expense (115,039) (10,123) (708,357)
----------- ----------- -----------
Net income (loss) $ 535,435 $ (442,676) $(12,161,102)
============ =========== ============
Earnings (loss) per share:
Basic $0.03 $(0.02)
===== =======
Diluted $0.02 $(0.02)
===== =======
Weighted average shares
outstanding:
Basic 16,745,540 22,188,172
========== ==========
Diluted 26,100,006 22,188,172
========== ========== |
