Delaware
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75-2402409
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(State
or other jurisdiction of incorporation
or organization)
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(I.R.S.
Employer Identification
No.)
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Page(s)
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|||
Item
1.
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Financial
Statements:
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Balance
Sheets as of September 30, 2005 (unaudited) and December 31,
2004
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3
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||
Statements
of Operations for the Three Months and Nine Months Ended September
30,
2005 and 2004 (unaudited)
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4
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||
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|||
Statements
of Cash Flows for the Nine Months ended September 30, 2005 and
2004
(unaudited)
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5
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||
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Notes
to Financial Statements
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6
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||
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|||
Item
2.
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
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11
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Item
3.
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Quantitative
and Qualitative Disclosures About Market Risk
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13
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Item
4.
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Controls
and Procedures
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13
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Item
1.
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Legal
Proceedings
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14
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Item
2.
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Unregistered
Sales of Equity Securities and Use of Proceeds
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14
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Item
3.
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Defaults
Upon Senior Securities
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14
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Item
4.
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Submission
of Matters to a Vote of Security Holders
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14
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Item
5.
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Other
Information
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14
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Item
6.
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Exhibits
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14
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Signatures
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15
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Exhibit
Index
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16
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Exhibit 31.1 | Certification by John A. Paganelli, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. | ||
Exhibit 31.2 | Certification by David Hostelley, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. | ||
Exhibit 32.1 | Certification by John A. Paganelli, Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. | ||
Exhibit 32.2 | Certification by David Hostelley, Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. |
September
30,
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December
31,
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||||||
2005
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2004
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||||||
ASSETS
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(unaudited)
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||||||
Current
assets:
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|||||||
Cash
and cash equivalents
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$
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8,954
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$
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8,734
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|||
Restricted
cash
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—
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175
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|||||
Marketable
securities available for sale
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54
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1,124
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|||||
Prepaid
expenses and other current assets
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122
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35
|
|||||
Total
current assets
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9,130
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10,068
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|||||
Other
assets
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1
|
3
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|||||
Total
assets
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$
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9,131
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$
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10,071
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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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$
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22
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$
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239
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|||
Total
current liabilities
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22
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239
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|||||
Total
liabilities
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22
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239
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|||||
Commitments
and contingencies
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|||||||
Stockholders’
equity:
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|||||||
Preferred
stock - $.01 par value, 10,000,000 shares authorized; 1,018,640 and
935,332 shares of Series A convertible preferred issued and outstanding
(liquidation value $2,550,000 and $2,338,000)
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10
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9
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|||||
Common
stock - $.01 par value, 30,000,000 shares authorized; 16,879,225
and
16,869,031 shares issued
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169
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169
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|||||
Additional
paid-in capital
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68,384
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68,385
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|||||
Accumulated
other comprehensive income
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54
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1,124
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|||||
Subscriptions
receivable, net of reserve
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(101
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)
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(302
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)
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|||
Accumulated
deficit
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(56,070
|
)
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(56,216
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)
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|||
Treasury
stock, 611,200 shares of common stock, at cost
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(3,337
|
)
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(3,337
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)
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|||
Total
stockholders’ equity
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9,109
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9,832
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|||||
Total
liabilities and stockholders’ equity
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$
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9,131
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$
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10,071
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|||
Three
Months Ended
|
Nine
Months Ended
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||||||||||||
September
30,
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September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||
Revenue:
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$
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—
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$
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—
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$
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—
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$
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—
|
|||||
Operating
Expenses:
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—
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—
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|||||||||||
General
and administrative
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194
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399
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1,008
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1,728
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|||||||||
194
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399
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1,008
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1,728
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||||||||||
Operating
loss
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(194
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)
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(399
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)
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(1,008
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)
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(1,728
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)
|
|||||
Other
(income) expense
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(1,065
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)
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(31
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)
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(1,154
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)
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(90
|
)
|
|||||
Income
(loss) before provision (benefit) for taxes
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871
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(368
|
)
|
146
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(1,638
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)
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|||||||
Provision
(benefit) for taxes
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—
|
—
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—
|
—
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|||||||||
Net
Income (loss)
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871
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(368
|
)
|
146
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(1,638
|
)
|
|||||||
Preferred
stock dividend
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—
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—
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(234
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)
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(223
|
)
|
|||||||
Net
income (loss) attributable to
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|||||||||||||
to
common shareholders
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$
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871
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$
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(368
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)
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$
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(88
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)
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$
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(1,861
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)
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||
Net
income (loss) per share-basic and diluted
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$
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0.05
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$
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(0.02
|
)
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$
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(0.01
|
)
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$
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(0.12
|
)
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||
Weighted
average number of shares outstanding - basic and
diluted
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16,267
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16,228
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16,265
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15,991
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|||||||||
Nine
Months Ended
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|||||||
September
30,
|
|||||||
2005
|
2004
|
||||||
(unaudited)
|
|||||||
Cash
flows from operating activities:
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|||||||
Net
income (loss)
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$
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146
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$
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(1,638
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)
|
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Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
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|||||||
Depreciation
and amortization
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|||||||
Reserve
for subscription receivable
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2
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5
|
|||||
Value
assigned to warrants, options and compensatory stock
|
201
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(4
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)
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||||
Changes
in:
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—
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138
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|||||
Restricted
cash
|
|||||||
Prepaids
and other assets
|
175
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425
|
|||||
Accounts
payable and accrued expenses
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(87
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)
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566
|
||||
Net
cash provided by (used in) operating activities
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(217
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)
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(778
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)
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220
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(1,286
|
)
|
|||||
Cash
flows from financing activities:
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|||||||
Proceeds
from option exercises
|
|||||||
Net
cash provided by financing activities
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—
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192
|
|||||
|
— |
192
|
|||||
NET
INCREASE (DECREASE) IN CASH
|
|||||||
Cash
and cash equivalents at beginning of period
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220
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(1,094
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)
|
||||
8,734
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10,132
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||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
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|||||||
$
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8,954
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$
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9,038
|
||||
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(1) |
Financial
Statement Presentation
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(2) |
Cash,
Cash Equivalents, Restricted Cash and Marketable
Securities
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(3) |
Loss
Per Common Share
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(4) |
Stock-Based
Compensation
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
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September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
profit (loss) attributable to common stockholders as
reported
|
$
|
871
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$
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(368
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)
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$
|
(88
|
)
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$
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(1,861
|
)
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Deduct:
Total stock-based employee compensation expense determined under
fair
value based method for all awards, net of related tax
effects
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(4
|
)
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(7
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)
|
(11
|
)
|
(25
|
)
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|||||
Pro
forma net profit (loss)
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$
|
867
|
$
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(375
|
)
|
$
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(99
|
)
|
$
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(1,886
|
)
|
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Earnings
per share:
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|||||||||||||
Basic
and diluted-as reported
|
$
|
0.05
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.12
|
)
|
||
Basic-pro
forma
|
$
|
0.05
|
$
|
(0.02
|
)
|
$
|
(0.01
|
)
|
$
|
(0.12
|
)
|
(5)
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Comprehensive
Income
|
(6) |
Other
Income
|
(7) |
Dividends
|
(8) |
Subscriptions
Receivable
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(9) |
Recently
Issued Accounting
Standards
|
(10) |
Subsequent
Events
|
Exhibit 31.1 | Certification by John Paganelli, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. | |
Exhibit 31.2 |
Certification
by David Hostelley, Chief Financial Officer, pursuant to Rule 13a-14(a)
and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the
quarterly period ended September 30, 2005.
|
|
Exhibit 32.1 | Certification by John Paganelli, Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. | |
Exhibit 32.2 | Certification by David Hostelley, Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. |
eXegenics Inc. | ||
Date: November
11, 2005 |
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|
/s/ John A. Paganelli | ||
John
A. Paganelli
Chairman
of the Board,
Chief
Executive Officer (Interim)
|
|
|
|
/s/ David Hostelley | ||
David
Hostelley
Chief
Financial Officer
|
EXHIBIT NUMBER | DESCRIPTION |
Exhibit 31.1 | Certification by John A. Paganelli, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. |
Exhibit 31.2 | Certification by David Hostelley, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. |
Exhibit 32.1 | Certification by John A. Paganelli, Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 30, 2005. |
Exhibit 32.1 |
Certification
by John A. Paganelli, Chief Executive Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act
of 2002 for the quarterly period ended September 30,
2005.
|