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Previous: VITECH AMERICA INC, 10-K, 1998-04-02 |
Next: KALMAR POOLED INVESTMENT TRUST, 485BPOS, 1998-04-02 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 1998
TRIANGLE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
000-21589 56-1930728
(Commission File Number) (IRS Employer Identification No.)
4 University Place, 4611 University Drive, Durham, North Carolina 27707
(Address of principal executive offices) (Zip Code)
(919) 493-5980
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
In accordance with Securities and Exchange Commission Staff
Accounting Bulletin No. 98 and Statement of Financial Accounting Standards
No. 128, Triangle Pharmaceuticals, Inc. (the "Company") is restating its
Financial Data Schedules for the period from inception (July 12, 1995)
through December 31, 1995, the six months ended June 30, 1996, the nine
months ended September 30, 1996, the fiscal year ended December 31, 1996 and
the quarterly periods ended March 31, June 30 and September 30, 1997 as
exhibits to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements: Not applicable.
(b) Pro Forma Financial Information: Not Applicable
(c) Exhibits
The following Exhibits are hereby filed as part of this Current
Report on Form 8-K.
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
- ------- -----------
<S> <C>
27.1 Restated Financial Data Schedule for the period from inception (July
12, 1995) through December 31, 1995.
27.2 Restated Financial Data Schedule for the six months ended June 30,
1996, the nine months ended September 30, 1996 and the fiscal year
ended December 31, 1996.
27.3 Restated Financial Data Schedule for the quarterly periods ended March
31, June 30 and September 30, 1997.
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIANGLE PHARMACEUTICALS, INC.
By:
--------------------------------------
James A. Klein, Jr.
Chief Financial Officer and Treasurer
Date: April 1, 1998
<PAGE>
EXHIBIT INDEX
The following Exhibits are filed herewith:
<TABLE>
<CAPTION>
EXHIBIT DESCRIPTION
- ------- -----------
<S> <C>
27.1 Restated Financial Data Schedule for the period from inception (July
12, 1995) through December 31, 1995.
27.2 Restated Financial Data Schedule for the six months ended June 30,
1996, the nine months ended September 30, 1996 and the fiscal year
ended December 31, 1996.
27.3 Restated Financial Data Schedule for the quarterly periods ended March
31, June 30 and September 30, 1997.
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED 1995 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-12-1995
<PERIOD-END> DEC-31-1995
<CASH> 3,082,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,082,000
<PP&E> 22,000
<DEPRECIATION> (2,000)
<TOTAL-ASSETS> 3,102,000
<CURRENT-LIABILITIES> 214,000
<BONDS> 0
0
5,000
<COMMON> 3,000
<OTHER-SE> 2,880,000
<TOTAL-LIABILITY-AND-EQUITY> 3,102,000
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,004,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (967,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (967,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (967,000)
<EPS-PRIMARY> (.60)
<EPS-DILUTED> (.60)
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDING JUNE 30, 1996,
FROM FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 AND FROM
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1996 JAN-01-1996 JAN-01-1996
<PERIOD-END> JUN-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 5,826,000 4,687,000 25,255,000
<SECURITIES> 11,306,000 9,558,000 17,226,000
<RECEIVABLES> 0 0 0
<ALLOWANCES> 0 0 0
<INVENTORY> 0 0 0
<CURRENT-ASSETS> 17,441,000 15,501,000 43,824,000
<PP&E> 461,000 768,000 933,000
<DEPRECIATION> (12,000) (53,000) (101,000)
<TOTAL-ASSETS> 18,030,000 16,345,000 55,495,000
<CURRENT-LIABILITIES> 1,101,000 1,888,000 2,475,000
<BONDS> 0 0 364,000
0 0 0
9,000 9,000 0
<COMMON> 4,000 4,000 18,000
<OTHER-SE> 16,916,000 14,444,000 52,638,000
<TOTAL-LIABILITY-AND-EQUITY> 18,030,000 16,345,000 55,495,000
<SALES> 0 0 0
<TOTAL-REVENUES> 0 0 0
<CGS> 0 0 0
<TOTAL-COSTS> 0 0 0
<OTHER-EXPENSES> 5,585,000 8,348,000 11,792,000
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 0 0
<INCOME-PRETAX> (5,500,000) (8,038,000) (10,917,000)
<INCOME-TAX> 0 0 0
<INCOME-CONTINUING> (5,500,000) (8,038,000) (10,917,000)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (5,500,000) (8,038,000) (10,917,000)
<EPS-PRIMARY> (1.68) (2.26) (1.89)
<EPS-DILUTED> (1.68) (2.26) (1.89)
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY CONSOLIDATED FINANCIAL INFORMATION
EXTRACTED FROM FORM 10-Q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 1997,
JUNE 30, 1997 AND SEPTEMBER 30, 1997 AND IS QUALIFIED IN IT'S ENTIRETY BY
REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 20,168,000 50,112,000 45,289,000
<SECURITIES> 21,687,000 24,336,000 21,047,000
<RECEIVABLES> 0 0 0
<ALLOWANCES> 0 0 0
<INVENTORY> 0 0 0
<CURRENT-ASSETS> 42,925,000 76,080,000 66,981,000
<PP&E> 1,088,000 1,209,000 1,986,000
<DEPRECIATION> (152,000) (210,000) (296,000)
<TOTAL-ASSETS> 51,914,000 77,176,000 68,758,000
<CURRENT-LIABILITIES> 2,342,000 3,780,000 5,333,000
<BONDS> 360,000 354,000 344,000
0 0 0
0 0 0
<COMMON> 18,000 20,000 20,000
<OTHER-SE> 49,194,000 73,022,000 63,061,000
<TOTAL-LIABILITY-AND-EQUITY> 51,914,000 77,176,000 68,758,000
<SALES> 0 0 0
<TOTAL-REVENUES> 0 0 0
<CGS> 0 0 0
<TOTAL-COSTS> 0 0 0
<OTHER-EXPENSES> 4,270,000 10,658,000 29,959,000
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 0 0
<INCOME-PRETAX> (3,544,000) (9,161,000) (27,375,000)
<INCOME-TAX> 0 0 0
<INCOME-CONTINUING> (3,544,000) (9,161,000) (27,375,000)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> (3,544,000) (9,161,000) (27,375,000)
<EPS-PRIMARY> (.20) (.51) (1.48)
<EPS-DILUTED> (.20) (.51) (1.48)
</TABLE>
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