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ANADYS PHARMACEUTICALS INC


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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Table 0


Financial table in standard format


ANADYS PHARMACEUTICALS, INC.

TABLE OF CONTENTS








     
     
     
     
     




     
     
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 EX-31.1


 EX-31.2


 EX-32.1









ANADYS PHARMACEUTICALS INC
CIK:1128495




Notes to Condensed Consolidated Financial Statements (Unaudited)6


Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations11


Item 3. Quantitative and Qualitative Disclosures About Market Risk16


Item 4. Controls and Procedures16


PART II. OTHER INFORMATION


Item 1A. Risk Factors17


Item 6. Exhibits33


SIGNATURES34


EX-31.1


EX-31.2


EX-32.1





Data column 1: Unable to interpret date in column header

Row "EX-31.1": Multi-column field in a numeric row

Row "EX-31.2": Multi-column field in a numeric row

Row "EX-32.1": Multi-column field in a numeric row


Table 1


Financial table in standard format


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ANADYS PHARMACEUTICALS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)








     
     
     
     
     
     
     
     
     




     
     
    June 30,
     
     
    December 31,
     




     
     
    2010
     
     
    2009
     




     
     
    (Unaudited)
     
     
    (Note)
     







    
Assets

     
     
     
     
     
     
     
     




    
Current assets:

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Cash and cash equivalents

     
    $
    9,439
     
     
    $
    4,497
     




    
Securities available-for-sale

     
     
    12,704
     
     
     
    15,993
     




    
Prepaid expenses and other current assets

     
     
    999
     
     
     
    559
     




    
 

     
     
     
     
     
     




    
Total current assets

     
     
    23,142
     
     
     
    21,049
     




    
 

     
     
     
     
     
     
     
     




    
Property and equipment, net

     
     
    423
     
     
     
    626
     




    
Other assets

     
     
    
     
     
     
    60
     




    
 

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     




    
Total assets

     
    $
    23,565
     
     
    $
    21,735
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Liabilities and Stockholders Equity

     
     
     
     
     
     
     
     




    
Current liabilities:

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Accounts payable and accrued expenses

     
    $
    2,739
     
     
    $
    3,383
     




    
Common stock warrant liability

     
     
    3,143
     
     
     
    3,897
     




    
 

     
     
     
     
     
     




    
Total current liabilities

     
     
    5,882
     
     
     
    7,280
     




    
 

     
     
     
     
     
     
     
     




    
Other long-term liabilities

     
     
    20
     
     
     
    26
     




    
 

     
     
     
     
     
     
     
     




    
Commitments and contingencies

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Stockholders equity:

     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Preferred stock, $0.001 par value;
10,000,000 shares authorized at June 30,
2010 and December 31, 2009; no shares
issued and outstanding at June 30, 2010
and December 31, 2009

     
     
    
     
     
     
    
     




    
Common stock, $0.001 par value;
90,000,000 shares authorized at June 30,
2010 and December 31, 2009; 43,214,377
and 37,341,957 shares issued and
outstanding at June 30, 2010 and
December 31, 2009, respectively

     
     
    43
     
     
     
    37
     




    
Additional paid-in capital

     
     
    310,128
     
     
     
    297,687
     




    
Accumulated other comprehensive gain

     
     
    4
     
     
     
    37
     




    
Accumulated deficit

     
     
    (292,512
    )
     
     
    (283,332       
    )




    
 

     
     
     
     
     
     




    
Total stockholders equity

     
     
    17,663
     
     
     
    14,429
     




    
 

     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     




    
Total liabilities and stockholders equity

     
    $
    23,565
     
     
    $
    21,735
     




    
 

     
         
     
     
         
     











ANADYS PHARMACEUTICALS INC
CIK:1128495


2010-06-30
2009-12-31

(Unaudited)


Assets


Current assets:


Cash and cash equivalents$9,439$4,497


Securities available-for-sale12,70415,993


Prepaid expenses and other current assets999559


Total current assets23,14221,049


Property and equipment, net423626


Other assets60


Total assets$23,565$21,735


Liabilities and Stockholders Equity


Current liabilities:


Accounts payable and accrued expenses$2,739$3,383


Common stock warrant liability3,1433,897


Total current liabilities5,8827,280


Other long-term liabilities2026


Commitments and contingencies


Stockholders equity:


Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2010 and December 31, 2009; no shares issued and outstanding at June 30, 2010 and December 31, 2009


Common stock, $0.001 par value; 90,000,000 shares authorized at June 30, 2010 and December 31, 2009; 43,214,377 and 37,341,957 shares issued and outstanding at June 30, 2010 and December 31, 2009, respectively4337


Additional paid-in capital310,128297,687


Accumulated other comprehensive gain437


Accumulated deficit(292,512)(283,332)


Total stockholders equity17,66314,429


Total liabilities and stockholders equity$23,565$21,735





Table 2


Financial table in standard format


ANADYS PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)








     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three months ended June 30,
     
     
    Six months ended June 30,
     




     
     
    2010
     
     
    2009
     
     
    2010
     
     
    2009
     







    
Expenses:

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Research and development

     
    $
    3,064
     
     
    $
    4,648
     
     
    $
    6,785
     
     
    $
    11,524
     




    
General and administrative

     
     
    1,599
     
     
     
    2,532
     
     
     
    3,241
     
     
     
    4,587
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Total operating expenses

     
     
    4,663
     
     
     
    7,180
     
     
     
    10,026
     
     
     
    16,111
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Interest income and other, net

     
     
    39
     
     
     
    210
     
     
     
    92
     
     
     
    381
     




    
Gain from valuation of common stock warrant liability

     
     
    1,647
     
     
     
    440
     
     
     
    754
     
     
     
    440
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Total other income, net

     
     
    1,686
     
     
     
    650
     
     
     
    846
     
     
     
    821
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss

     
    $
    (2,977       
    )
     
    $
    (6,530       
    )
     
    $
    (9,180      
    )
     
    $
    (15,290      
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Net loss per share, basic and diluted

     
    $
    (0.08        
    )
     
    $
    (0.21        
    )
     
    $
    (0.24       
    )
     
    $
    (0.51        
    )




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Shares used in calculating net loss per share, basic
and diluted

     
     
    39,288
     
     
     
    31,493
     
     
     
    38,320
     
     
     
    30,173
     




    
 

     
         
     
     
         
     
     
         
     
     
         
     











ANADYS PHARMACEUTICALS INC
CIK:1128495


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Expenses:


Research and development$3,064$4,648$6,785$11,524


General and administrative1,5992,5323,2414,587


Total operating expenses4,6637,18010,02616,111


Interest income and other, net3921092381


Gain from valuation of common stock warrant liability1,647440754440


Total other income, net1,686650846821


Net loss$(2,977)$(6,530)$(9,180)$(15,290)


Net loss per share, basic and diluted$(0.08)$(0.21)$(0.24)$(0.51)


Shares used in calculating net loss per share, basic and diluted39,28831,49338,32030,173





Table 3


Financial table in standard format


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

 

 

 

 

Options

 

 

Exercise

 

 

Term in

 

 

Aggregate

 

 

 

Outstanding

 

 

Price

 

 

Years

 

 

Intrinsic Value

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Balance at June 30, 2010

 

 

7,122

 

 

$

3.52

 

 

 

6.08

 

 

$

248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2010

 

 

5,003

 

 

$

4.05

 

 

 

4.95

 

 

$

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     The Company has reported the following amounts of share-based compensation expense in the unaudited condensed consolidated Statements of Operations (in thousands, except per share data):








     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three months ended June 30,
     
     
    Six months ended June 30,
     




     
     
    2010
     
     
    2009
     
     
    2010
     
     
    2009
     







    
Research and
development expense

     
    $
    187
     
     
    $
    616
     
     
    $
    436
     
     
    $
    944
     




    
General and
administrative
expense

     
     
    238
     
     
     
    446
     
     
     
    527
     
     
     
    802
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Total share-based
compensation
expense

     
    $
    425
     
     
    $
    1,062
     
     
    $
    963
     
     
    $
    1,746
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
Net share-based
compensation
expense, per common
share basic and
diluted


    $
    0.01
     
     
    $
    0.03
     
     
    $
    0.03
     
     
    $
    0.06
     




    
 

     
         
     
     
         
     
     
         
     
     
         
     











ANADYS PHARMACEUTICALS INC
CIK:1128495


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Research and development expense$187$616$436$944


General and administrative expense238446527802


Total share-based compensation expense$425$1,062$963$1,746


Net share-based compensation expense, per common share basic and diluted$0.01$0.03$0.03$0.06





Table 4


Financial table in standard format


 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

2010

 

2009

Warrants:

 

 

 

 

 

 

 

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

Expected volatility

 

 

92.17

%

 

 

88.79

%

Risk-free interest rate

 

 

1.4

%

 

 

2.54

%

Expected life of the warrant term (in years)

 

 

3.9

 

 

 

5.0

 

     As a result of the Companys reassessment of the fair value of the common stock warrants, the Company recorded a gain of $1.6 million and $0.4 million for the three months ended June 30, 2010 and 2009, respectively. The Company recorded a gain of $0.8 million and $0.4 million for the six months ended June 30, 2010 and 2009, respectively. The gains are reflected in the Companys unaudited condensed consolidated Statement of Operations as a component of other income, net.

     The following table is a roll forward of the fair value of the common stock warrants, as to which fair value is determined by Level 3 inputs (in thousands):








     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three months ended
     
     
    Six months ended
     
     
    For the year ended
     




     
     
    June 30, 2010
     
     
    June 30, 2010
     
     
    December 31, 2009
     







    
Description

     
     
     
     
     
     
     
     
     
     
     
     




    
Beginning balance

     
    $
    4,790
     
     
    $
    3,897
     
     
    $
    
     




    
Purchases, issuances, and settlements

     
     
    
     
     
     
    
     
     
     
    3,746
     




    
Realized gain included in net loss

     
     
    (1,647
    )
     
     
    (754
    )
     
     
    151
     




    
 

     
     
     
     
     
     
     
     
     




    
Ending balance

     
    $
    3,143
     
     
    $
    3,143
     
     
    $
    3,897
     




    
 

     
         
     
     
         
     
     
         
     











ANADYS PHARMACEUTICALS INC
CIK:1128495


2010-03-30
to
2010-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-31
to
2009-12-31
(1-years)		

Description


Beginning balance$4,790$3,897


Purchases, issuances, and settlements 3,746


Realized gain included in net loss(1,647)(754)


Ending balance$3,143$3,143$3,897





Original filing from SEC EDGAR system.