Alnylam Pharmaceuticals Reports 2004 Financial Results; Solid Financial Position Supports Continued Development for RNAi Therapeutics.CAMBRIDGE, Mass. -- Alnylam Pharmaceuticals Alnylam Pharmaceuticals Inc. (NYSE: ALNY), a biopharmaceutical company, engages in the development and commercialization of therapeutic products based on RNA interference (RNAi) in the United States. , Inc. (Nasdaq: ALNY), a leader in RNA interference RNA interference n. A process in which the introduction of double-stranded RNA into a cell inhibits the expression of genes. ("RNAi"), today reported its consolidated financial results for the quarter and year ended December 31, 2004 and company highlights. "2004 was an outstanding year for Alnylam, as we successfully executed against our research and development, business development and financial objectives and completed our initial public offering, paving the way for continued progress in 2005," stated John Maraganore, Ph.D., President and Chief Executive Officer of Alnylam. "We have expanded and advanced our pipeline of Direct RNAi(TM) therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. while continuing to lead advances that enable the delivery of Systemic RNAi(TM). We look forward to reporting data from these programs over the course of the year. Our partnerships with Merck & Co., Inc., Medtronic, Inc. and Isis Pharmaceuticals, Inc. have greatly enhanced our capabilities and provide us with key resources to fulfill our mission to build a leading product company founded on RNAi." Net Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. The net loss attributable to common stockholders according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. accounting principles generally accepted in the U.S. ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ") for the quarter ending December 31, 2004 was $5.7 million, or $0.29 per share, as compared to $9.7 million, or $6.18 per share, which included $1.1 million of accretion of redeemable convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , in the fourth quarter of 2003. For the year, net loss attributable to common stockholders was $35.4 million, or $2.98 per share, including $2.7 million of accretion of redeemable convertible preferred stock, versus $27.9 million in 2003, or $29.64 per share, which included $2.9 million of accretion of redeemable convertible preferred stock and $4.6 million of in-process research and development expenses related to the acquisition of Alnylam Europe AG, formerly Ribopharma AG, in July 2003. Revenues Revenues in the fourth quarter were $2.6 million, an increase from the $0.1 million reported in the quarter ended December 31, 2003. The increase in revenues is primarily the result of a $2.0 million milestone payment from Merck in December 2004 related to the achievement of a technology milestone under Alnylam's September 2003 agreement with Merck, which was recognized as revenue upon receipt. Revenues in the fourth quarter also included $0.6 million of net cost reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. revenues related to Alnylam's collaboration and license agreement with Merck for the co-development of RNAi therapeutics for ocular ocular /oc·u·lar/ (ok´u-lar) 1. of, pertaining to, or affecting the eye. 2. eyepiece. oc·u·lar adj. 1. Of or relating to the eye or the sense of sight. diseases, which was entered into in June 2004. Revenues for the year ended December 31, 2004 were $4.3 million as compared with $0.2 million for the year ended December 31, 2003. The increase in revenues in 2004 is primarily due to the $2.0 million technology milestone discussed above and $1.5 million of net cost reimbursement revenues related to Alnylam's ocular diseases collaboration with Merck. In addition, revenues increased in 2004 due to the amortization of $2.0 million of up-front payments and $1.0 million of maintenance payments received by Alnylam in 2003 and 2004, respectively, from Merck under the September 2003 strategic alliance for the development of Systemic RNAi therapeutics as well as the amortization of $3.0 million of up-front payments received by Alnylam from Merck under the ocular diseases collaboration. Alnylam has recorded these up-front and maintenance payments as deferred revenue and is amortizing the associated revenues over the estimated period of performance under the agreements. Research and Development Expenses Research and development expenses were $5.2 million in the fourth quarter of 2004, including $0.7 million of non-cash stock-based compensation, as compared to $5.8 million in the fourth quarter of 2003, which included $1.8 million of non-cash stock-based compensation. The decrease in research and development expenses versus the fourth quarter of 2003 is primarily due to lower non-cash stock-based compensation, which was offset by higher facilities-related costs due to Alnylam's 2004 expansion into new corporate headquarters and research facilities as well as research costs associated with Alnylam's ocular diseases collaboration with Merck and Alnylam's new respiratory syncytial virus respiratory syncytial virus (sĭnsĭsh`əl): see cold, common. ("RSV RSV respiratory syncytial virus; Rous sarcoma virus. RSV abbr. respiratory syncytial virus RSV 1 Respiratory syncytial virus, see there 2 Rous sarcoma virus, see there ") program. For the year, research and development expenses were $24.6 million, including $2.1 million of non-cash stock-based compensation, versus $13.1 million in 2003, which included $2.8 million of non-cash stock-based compensation. The increase in research and development expenses in 2004 versus 2003 is due primarily to $5.5 million in licensing costs recorded as a result of Alnylam's March 2004 collaboration and license agreement with Isis, a full year of research and development costs from Alnylam Europe AG, which was acquired by Alnylam in July 2003, research costs associated with Alnylam's ocular diseases and RSV programs discussed above, higher facilities-related costs due to Alnylam's 2004 expansion into new research facilities as well as higher compensation and related costs due to the addition of research and development personnel during 2004. General and Administrative Expenses General and administrative expenses were $3.0 million in the fourth quarter of 2004, including $0.5 million of non-cash stock-based compensation, as compared with $2.8 million in the fourth quarter of 2003, which included $0.4 million of non-cash stock-based compensation. The increase in general and administrative expenses in the fourth quarter of 2004 versus the fourth quarter of 2003 is primarily due to increased costs associated with being a public company. For the year, general and administrative expenses were $11.9 million, including $2.0 million of non-cash stock-based compensation, versus $7.5 million in 2003, which included $0.6 million of non-cash stock-based compensation. The increase in general and administrative expenses in 2004 versus 2003 is primarily due to higher non-cash stock-based compensation, higher facilities-related costs due to Alnylam's 2004 expansion into new corporate headquarters and research facilities, higher public company costs as a result of Alnylam's May 2004 initial public offering and a full year of general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. from Alnylam Europe AG, which was acquired by Alnylam in July 2003. Cash and Marketable Securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has At December 31, 2004, Alnylam had cash, cash equivalents and marketable securities of $46.0 million versus $44.9 million at September 30, 2004 and $23.2 million at December 31, 2003. The increase in cash, cash equivalents and marketable securities in the fourth quarter is primarily due to the receipt of $7.0 million from Merck upon the achievement of a technology milestone related to Alnylam's license and collaboration agreement with Merck entered into in September 2003. Of this payment, $5.0 million was in the form of an equity investment in Alnylam common stock by Merck. The remaining $2.0 million was a cash milestone. The increase was partially offset by operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. incurred during the fourth quarter. The increase in cash, cash equivalents and marketable securities for the year ended December 31, 2004 as compared to December 31, 2003, is attributable to Alnylam's initial public offering in May 2004, which resulted in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $30.0 million, the $10.0 million equity investment by Isis in March 2004, the receipt of $7.0 million from Merck discussed above, and the receipt of up-front and maintenance payments totaling $4.0 million related to Alnylam's license and co-development agreements with Merck, partially offset by operating expenses incurred during the year. Equipment Line of Credit Through December 31, 2004, Alnylam has financed $7.2 million of its capital expenditures through its $10.0 million equipment line of credit with Lighthouse Capital Partners V, L.P. This agreement allows Alnylam to draw down the remaining $2.8 million under the line of credit through June 30, 2005. After June 30, 2005, the line of credit will be repaid over four years. Cash Outlook for 2005: Alnylam anticipates that its cash and marketable securities balance will be greater than $25 million at December 31, 2005. 2004 and YTD See Year-to-date. YTD See year to date (YTD). 2005 Highlights Expanded and Advanced RNAi Therapeutics Development Efforts --Landmark Nature Publication. In November 2004, Alnylam announced the publication in Nature of in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. demonstration of RNAi-mediated gene silencing in mammals The class Mammalia (the Mammals) is divided into two subclasses based on reproductive techniques: egg laying mammals (the Monotremes); and mammals which give live birth. The latter subclass is divided into two infraclasses: pouched mammals (the marsupials); and the placental mammals. of an endogenous endogenous /en·dog·e·nous/ (en-doj´e-nus) produced within or caused by factors within the organism. en·dog·e·nous adj. 1. Originating or produced within an organism, tissue, or cell. gene by a method that potentially can be applied to Systemic RNAi therapeutics for human disease. These data demonstrated the ability to introduce "drug-like" properties into short interfering RNAs ("siRNAs") and to achieve silencing of an endogenous, clinically-relevant, non-druggable gene target, namely apolipoprotein B Apolipoprotein B (APOB) is the primary apolipoprotein of low density lipoproteins (LDL or "bad cholesterol"), which is responsible for carrying cholesterol to tissues. While it is unclear exactly what functional role APOB plays in LDL, it is the primary apolipoprotein component , or apoB, following systemic administration of these siRNAs. Alnylam presented additional data at the Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. Symposium on the "Diverse Roles of RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic in Gene Regulation" meeting in January 2005, which showed that chemically modified siRNAs exhibited a therapeutic effect in a model of hypercholesterolemia Hypercholesterolemia Definition Hypercholesterolemia refers to levels of cholesterol in the blood that are higher than normal. Description Cholesterol circulates in the blood stream. It is an essential molecule for the human body. . --Direct RNAi Therapeutic Program for RSV. In January 2005, Alnylam announced the initiation of a second therapeutic program targeted at developing a Direct RNAi therapeutic to treat RSV infection. The company expects to initiate clinical trials for this program in the first half of 2006. --Data Presentations at Key Scientific Meetings. Alnylam continues to present data at scientific meetings, highlighting the promise of RNAi therapeutics for the potential treatment of AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. , RSV, and Parkinson's disease Parkinson's disease or Parkinsonism, degenerative brain disorder first described by the English surgeon James Parkinson in 1817. When there is no known cause, the disease usually appears after age 40 and is referred to as Parkinson's disease. . Data presented at the Keystone Symposium on the "Diverse Roles of RNA in Gene Regulation," the American Society of Cell Biology Cell biology The study of the activities, functions, properties, and structures of cells. Cells were discovered in the middle of the seventeenth century after the microscope was invented. , and the Society for Neuroscience For other uses, see SFN (disambiguation). The Society for Neuroscience (SfN) is a professional society for basic scientists and physicians around the world whose research is focused on the study of the brain and nervous system. demonstrate that Alnylam's proprietary siRNAs have the ability to silence specific genes that cause human disease and support the importance of introducing "drug-like" properties into RNAi therapeutics to achieve desired pharmacologic pharmacologic /phar·ma·co·log·ic/ (-kah-loj´ik) pertaining to pharmacology or to the properties and reactions of drugs. pharmacological, pharmacologic pertaining to pharmacology. effects. --Spinal Cord Injury Program. As part of its first collaboration with Merck, Alnylam announced in January 2005, that it will be developing siRNAs directed against a target selected by Merck in the Nogo pathway that plays a key role in preventing regeneration of nerves after injury, particularly spinal cord injuries Spinal Cord Injury Definition Spinal cord injury is damage to the spinal cord that causes loss of sensation and motor control. Description Approximately 10,000 new spinal cord injuries (SCIs) occur each year in the United States. . The program is an important advance in the first Merck partnership and supports the promise of siRNAs in the treatment of important medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. . Continued Strengthening of Intellectual Property ("IP") --Glover Patent Update. Alnylam recently reported the grant of patents in Australia and Singapore covering IP it has licensed from Cancer Research Technologies, the Glover Glov´er n. 1. One whose trade it is to make or sell gloves. Glover's suture a kind of stitch used in sewing up wounds, in which the thread is drawn alternately through each side from within outward. patent applications and patents. These patents cover some of the advances made in the early, pioneering work on RNAi in mammalian mammalian emanating from or pertaining to mammals. cells. --Australian Claims for Kreutzer-Limmer. Alnylam is pleased to report today the acceptance of broad Australian claims from its Kreutzer-Limmer patent estate. These claims include the use of double-stranded RNAs with a length of 15-49 nucleotides as therapeutic products. Alnylam continues to believe that the discoveries made by Kreutzer kreu·zer or kreut·zer n. Any of several small coins of low value formerly used in Austria and Germany. [German, from Middle High German kriuzer, from kriuze, and Limmer and the applications that were filed have resulted in, and will continue to generate, significant patent claims for the use of siRNAs as therapeutic products. --Chemistry IP Patent. Alnylam is also pleased to report the issuance of another patent in the chemistry IP estate for which the company has exclusive licenses for double-stranded RNAi therapeutics under a March 2004 agreement with Isis. This patent covers compounds comprising an oligonucleotide Oligonucleotide A deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) sequence composed of two or more covalently linked nucleotides. Oligonucleotides are classified as deoxyribooligonucleotides or ribooligonucleotides. linked at one or more of the 2' positions with a variety of compounds including targeting agents such as steroids steroids, class of lipids having a particular molecular ring structure called the cyclopentanoperhydro-phenanthrene ring system. Steroids differ from one another in the structure of various side chains and additional rings. and water-soluble vitamins Water-soluble vitamins Vitamins that are not stored in the body and are easily excreted. They must, therefore, be consumed regularly as foods or supplements to maintain health. . This, along with other Isis patents and patent applications filed by Alnylam or Isis, covers aspects of an evolving suite of chemical modifications In biochemistry, chemical modification is the technique of chemically reacting a protein or nucleic acid with chemical reagents. Chemical modification can have several goals, such as
Created Value Through Partnerships --Ocular Disease Collaboration with Merck. In June 2004, Alnylam announced a second collaboration to co-develop and co-commercialize RNAi therapeutics for ocular diseases, including Alnylam's lead program for AMD. This collaboration strengthened Alnylam's AMD program, while retaining valuable downstream commercialization rights. The company expects to initiate clinical trials for this program in the second half of 2005. --Drug-Device Collaboration with Medtronic. Earlier this month, Alnylam announced a collaboration with Medtronic, the leading medical device company, focused on the development of therapeutics for the treatment of neurodegenerative disorders neurodegenerative disorder Neurology A chronic progressive neuropathy characterized by selective and generally symmetrical loss of neurons in motor, sensory, or cognitive systems Types by area Cerebral cortex–Alzheimer's disease, Pick's disease, Lewy body such as Huntington's, Alzheimer's and Parkinson's disease. As part of the collaboration, Alnylam and Medtronic will work together on an initial joint technology development program. After successful completion of this program and a joint decision to initiate product development, Alnylam would be responsible for the discovery and early development of candidate RNAi therapeutics, and Medtronic would be responsible for late-stage development and commercialization of any drug-device product that result. Medtronic would adapt or develop medical devices to deliver the candidate RNAi therapeutics to targeted locations in the nervous system. A joint decision to initiate product development would also trigger an initial equity investment by Medtronic in Alnylam, with potential additional investments upon successful completion of certain pre-defined milestones. Alnylam would then be eligible to receive additional cash milestone payments for each product developed, and royalties on sales. --Strategic Alliance with Isis. In March 2004, Alnylam entered into a technology alliance with Isis, whereby Isis granted Alnylam exclusive licenses to intellectual property relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development of RNAi therapeutics. This alliance further strengthens Alnylam's extensive intellectual property position. --InterfeRx Partnership. In January 2005, Alnylam granted its first InterfeRx license to GeneCare Research Institute, a Japanese biotechnology firm, for the discovery, development, and commercialization of RNAi therapeutics directed against two DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. helicase genes associated with cancer. Alnylam's InterfeRx program is designed to create value from the company's strong intellectual property portfolio, by granting licenses to companies to develop RNAi therapeutics outside Alnylam's strategic interests. Conference Call Information Alnylam will host a conference call at 8:30 a.m. Eastern Time on February 15, 2005 to discuss its 2004 financial results and company highlights. The call may be accessed by dialing 800-659-2032 (domestic) or 617-614-2712 (international) five minutes prior to the start time, and providing the passcode 57849878. A replay of the call will be available from 10:30 a.m. Eastern Time on February 15, 2005 until February 22, 2005. To access the replay, please dial 888-286-8010 (domestic) or 617-801-6888 (international), and provide the passcode 59371596. A live audio webcast of the call will also be available on the "Investors" section of the Company's website, http://www.alnylam.com. An archived webcast will be available on the Alnylam website approximately two hours after the event, and will be archived for 14 days thereafter. About Alnylam Alnylam is a biopharmaceutical company seeking to develop and commercialize novel therapeutics based on RNA interference, or RNAi. Growing from its foundation as the world's first company focused on RNAi therapeutics, the company's leadership in the field of RNAi is supported by its preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae founders and advisors and its strengths in fundamental patents, technology, and know-how that underlie the commercialization of RNAi therapeutics. Alnylam is developing a pipeline of RNAi products using Direct RNAi(TM) to treat ocular, central nervous system, and respiratory diseases Noun 1. respiratory disease - a disease affecting the respiratory system respiratory disorder, respiratory illness adult respiratory distress syndrome, ARDS, wet lung, white lung - acute lung injury characterized by coughing and rales; inflammation of the and Systemic RNAi(TM) to treat a broad range of diseases, including oncology, metabolic, and autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause . The company's global headquarters are in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . For additional information, please visit http://www.alnylam.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Various statements in this release concerning our future expectations, plans, prospects and future operating results, such as expectations regarding the timing of the commencement of clinical trials and projections for the amount and sufficiency of cash and marketable securities, constitute forward-looking statements for the purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: our approach to discover and develop novel drugs, which is unproven unproven Dubious, nonscientific, not proven, quack, questionable, unscientific adjective Relating to that which has not been validated by reproducible experiments or other scientific methods for determining effect or efficacy and may never lead to marketable products; our ability to obtain additional funding to support our business activities; our dependence on third parties for development, manufacture, marketing, sales and distribution of our products; the successful development of products, all of which are in early stages of development; obtaining regulatory approval for products; competition from others using technology similar to ours and others developing products for similar uses; obtaining, maintaining and protecting intellectual property utilized by our products; our dependence on collaborators; and our short operating history; as well as those risks more fully discussed in the "Certain Factors That May Affect Future Results" section of our most recent Form 10-Q Form 10-Q See 10-Q. , on file with the Securities and Exchange Commission. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Alnylam Pharmaceuticals, Inc.
Selected Financial Information
(In thousands, except share and per share data)
Three Three
Months Months Year Year
Ended Ended Ended Ended
Consolidated Statements December December December December
of Operations (unaudited) 31, 2004 31, 2003 31, 2004 31, 2003
----------------------------------------------------------------------
Revenue from research
collaborators $2,646 $102 $4,278 $176
--------------------------------------------
Costs and expenses
Research and development (1) 5,178 5,823 24,603 13,097
General and
administrative (1) 2,999 2,805 11,939 7,527
In-process research and
development - - - 4,609
----------------------------------------------------------------------
Total operating costs
and expenses 8,177 8,628 36,542 25,233
----------------------------------------------------------------------
Loss from operations (5,531) (8,526) (32,264) (25,057)
----------------------------------------------------------------------
Other Income (Expense)
Interest income 208 40 504 179
Interest expense (181) (48) (661) (127)
Other expense (income), net (196) - (233) (28)
----------------------------------------------------------------------
Total other income (expense) (169) (8) (390) 24
----------------------------------------------------------------------
Net Loss (5,700) (8,534) (32,654) (25,033)
Accretion of redeemable
convertible preferred
stock - (1,140) (2,713) (2,906)
----------------------------------------------------------------------
Net loss attributable to
common stockholders $(5,700) $(9,674) $(35,367) $(27,939)
----------------------------------------------------------------------
Net loss per common share
Net loss per common share
(basic and diluted) $(0.29) $(6.18) $(2.98) $(29.64)
----------------------------------------------------------------------
Weighted average common
shares used to compute
basic and diluted net
loss per common share 19,613,950 1,565,622 11,886,126 942,665
----------------------------------------------------------------------
(1)Noncash stock-based
compensation expense
included in these amounts
are as follows:
Research and development $692 $1,836 $2,087 $2,832
General and administrative 499 440 2,019 623
----------------------------------------------------------------------
Total stock-based
compensation $1,191 $2,276 $4,106 $3,455
----------------------------------------------------------------------
Alnylam Pharmaceuticals, Inc.
Selected Financial Information
(In thousands, except share and per share data)
Condensed Consolidated Balance Sheets December 31, December 31,
(Unaudited) 2004 2003
----------------------------------------------------------------------
Cash and cash equivalents and marketable
securities $46,046 $23,193
Current restricted cash - 373
Collaboration receivable 859 -
Prepaid expenses and other current assets 1,276 623
Property and equipment, net 11,694 4,756
Long-term restricted cash 2,313 2,313
Intangible and other assets 3,919 3,925
----------------------------------------------------------------------
Total Assets $66,107 $35,183
----------------------------------------------------------------------
Total current liabilities $6,575 $3,844
Deferred revenue 4,083 1,556
Note payable, net of current portion 6,411 1,301
Deferred rent 2,896 -
Redeemable convertible preferred stock - 55,189
Total stockholders' equity (deficit) 46,142 (26,707)
----------------------------------------------------------------------
Total Liabilities and Shareholders' Equity
(Deficit) $66,107 $35,183
----------------------------------------------------------------------
This selected financial information should be read in conjunction with the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and notes thereto included in the Company's filing on Form S-1 which includes the audited financial statements for the year ended December 31, 2003. |
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