<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For The Quarterly Period Ended March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 0-19171
ICOS CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 91-1463450
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
22021 - 20th Avenue S.E., Bothell, WA 98021
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(425) 485-1900
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Class Outstanding at April 30, 2000
----- -----------------------------
Common Stock, $0.01 par value 46,242,204
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ICOS CORPORATION
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TABLE OF CONTENTS
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PAGE NO.
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PART I. Financial Information
ITEM 1. Financial Statements
Condensed Consolidated Statements of Operations for the three months ended
March 31, 2000 and 1999 1
Condensed Consolidated Balance Sheets as of March 31, 2000 and December 31, 1999 2
Condensed Consolidated Statements of Cash Flows for the three months ended
March 31, 2000 and 1999 3
Notes to Condensed Consolidated Financial Statements 4
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results
of Operations 8
ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk 12
PART II. Other Information
ITEM 6. Exhibits and Reports on Form 8-K 12
SIGNATURE 13
EXHIBITS 14
</TABLE>
<PAGE>
PART 1. Financial Information
ITEM 1: Financial Statements
ICOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
-------------------------------------------------
2000 1999
---------------------- --------------------
<S> <C> <C>
Revenue:
Collaborative research and development from related parties $ 9,777 $15,645
Other - 500
---------------------- --------------------
Total revenue 9,777 16,145
Operating expenses:
Research and development 20,277 22,263
General and administrative 1,492 801
---------------------- --------------------
Total operating expenses 21,769 23,064
---------------------- --------------------
Operating loss (11,992) (6,919)
---------------------- --------------------
Other income (expense)
Equity in losses of affiliates (1,483) (1,501)
Investment income 1,141 1,141
Other, net 462 94
---------------------- --------------------
120 (266)
---------------------- --------------------
Net loss $(11,872) $(7,185)
====================== ====================
Net loss per common share - basic and diluted $(0.26) $(0.17)
Weighted average common shares outstanding - basic and diluted 45,169 42,138
</TABLE>
See accompanying notes to condensed consolidated financial statements.
1
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ICOS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<CAPTION>
ASSETS
March 31, December 31,
2000 1999
---------------------- --------------------
(unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 26,816 $ 12,885
Investment securities, at market value 37,062 55,349
Interest receivable 1,317 1,020
Receivables from related parties under collaborative arrangements 7,109 9,780
Loan receivable from related party 7,341 7,341
Other current assets 2,448 2,049
---------------------- --------------------
Total current assets 82,093 88,424
Net property and equipment, at cost 21,230 21,042
Investment in affiliates, at equity 1,758 3,241
Other assets 81 81
---------------------- --------------------
$ 105,162 $ 112,788
====================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,278 $ 4,854
Accrued clinical expenses 2,489 3,409
Other accrued expenses 3,001 5,126
---------------------- --------------------
Total current liabilities 8,768 13,389
Stockholders' equity:
Common stock 456 448
Additional paid-in capital 232,289 223,477
Accumulated other comprehensive loss (169) (216)
Accumulated deficit (136,182) (124,310)
---------------------- --------------------
Total stockholders' equity 96,394 99,399
---------------------- --------------------
$ 105,162 $ 112,788
====================== ====================
</TABLE>
See accompanying notes to condensed consolidated financial statements.
2
<PAGE>
ICOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Three months ended March 31,
------------------------------------------
2000 1999
------------------- -------------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $(11,872) $ (7,185)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net 1,015 977
Equity in losses of affiliates 1,483 1,501
Stock compensation costs 555 -
Change in operating assets and liabilities:
Interest receivable (297) (289)
Receivables from related parties under collaborative arrangements 2,270 (1,781)
Other current assets (399) (509)
Accounts payable (1,576) (2,994)
Accrued clinical expenses (920) (1,490)
Other accrued expenses (2,125) (594)
------------------- -------------------
Net cash used in operating activities (11,866) (12,364)
------------------- -------------------
Cash flows from investing activities:
Purchases of investment securities (3,951) (7,422)
Maturities of investment securities 18,395 7,608
Sales of investment securities 3,999 -
Acquisitions of property and equipment (1,312) (1,497)
Equity investments in affiliates - (10,000)
Other - (100)
------------------- -------------------
Net cash provided by (used in) investing activities 17,131 (11,411)
------------------- -------------------
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants 7,485 10,744
Proceeds from issuance of warrants 1,181 1,155
------------------- -------------------
Net cash provided by financing activities 8,666 11,899
------------------- -------------------
Net increase (decrease) in cash and cash equivalents 13,931 (11,876)
Cash and cash equivalents at beginning of period 12,885 69,584
------------------- -------------------
Cash and cash equivalents at end of period $ 26,816 $ 57,708
=================== ===================
Supplemental disclosure concerning cash flow information:
Cash paid during the year for income taxes $ - $ 648
=================== ===================
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
<PAGE>
ICOS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Summary of Significant Accounting Policies
Basis of Presentation
The information contained herein has been prepared in accordance with
instructions for Form 10-Q. In the opinion of the management of ICOS
Corporation ("ICOS" or the "Company"), the information reflects all adjustments
necessary to make the results of operations for the interim periods a fair
statement of such operations. All such adjustments are of a normal recurring
nature. Interim results are not necessarily indicative of results for a full
year. For a presentation including all disclosures required by generally
accepted accounting principles, these condensed consolidated financial
statements should be read in conjunction with the audited consolidated financial
statements for the year ended December 31, 1999, included in the Company's
Annual Report on Form 10-K.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the
Company and its wholly owned subsidiary, ICOS Development Corporation. All
significant intercompany transactions and balances have been eliminated in
consolidation.
Reclassifications
Reclassifications of prior year amounts have been made to conform with the
presentation of current year amounts.
2. Research and Development Arrangements
Suncos
The Company owns a 50% interest in Suncos Corporation ("Suncos"), a
corporation formed for the development and commercialization of Pafase(TM).
Pursuant to the terms of agreements entered into with Suncos, the Company
conducts certain research and development activities on behalf of Suncos and is
paid for such services based upon costs incurred. For the quarters ended March
31, 2000 and 1999, the Company recognized cost reimbursement revenue under this
arrangement of $2.7 million and $4.7 million, respectively.
During 1999, the Company and Suntory Limited of Japan ("Suntory") each
invested $15.0 million in Suncos in exchange for shares of Suncos common stock.
In each of the quarters ended March 31, 2000 and 1999, the Company recognized
$1.4 million of expenses representing its proportionate share of Suncos' net
losses.
4
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ICOS Clinical Partners, L.P.
In 1997, ICOS Clinical Partners, L.P. (the "Partnership"), an affiliate of the
Company, completed the sale to private investors of interests in the Partnership
("partnership units"). Proceeds from the offering are being used by the
Partnership to fund the Company's development of product candidates based on
three compounds-- LeukArrest(TM), Pafase(TM) and ICM3(TM)--pursuant to the terms
of a Product Development Agreement. For the quarters ended March 31, 2000 and
1999, the Company recognized cost reimbursement revenue from the Partnership of
$3.5 million and $5.2 million, respectively.
In connection with the Partnership's 1997 sale of limited partnership units,
the Company issued Series A warrants to purchase 5.6 million and 2.0 million
shares of the Company's common stock at exercise prices of $9.13 and $10.35 per
share, respectively. The Series A warrants are exercisable through May 31,
2002. In June 1999, the Company issued Series B warrants to purchase 7.6
million shares of the Company's common stock at an exercise price of $52.49 per
share. The Series B warrants issued are exercisable through June 30, 2004.
During the quarter ended March 31, 2000, approximately 379,000 warrants were
exercised at a weighted-average exercise price of $9.50 per share resulting in
total proceeds to the Company of $3.6 million. At March 31, 2000, warrants to
purchase approximately 11.0 million shares remain outstanding at an average
exercise price of $38.98 per share.
Lilly ICOS, LLC
The Company owns a 50% interest in Lilly ICOS LLC ("Lilly ICOS"), a limited
liability company. Lilly ICOS was formed by the Company and Eli Lilly and
Company ("Lilly") to jointly develop and globally commercialize
phosphodiesterase type 5 inhibitors (PDE5) as oral therapeutic agents for the
treatment of both male erectile dysfunction and female sexual dysfunction. For
the quarters ended March 31, 2000 and 1999, the Company recognized cost
reimbursement revenue under this arrangement of $3.6 million and $5.7 million,
respectively.
The joint venture has been capitalized by cash contributions from Lilly and
the Company's contribution of intellectual property associated with IC351. The
intellectual property contributed to Lilly ICOS by the Company had no basis for
financial reporting purposes and, accordingly, the Company has recorded its
investment in Lilly ICOS at zero. The Company will not report its proportionate
share of Lilly ICOS' results of operations until such time, if ever, that the
Company makes capital contributions to Lilly ICOS.
5
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3. Comprehensive Loss
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------------------------------------
2000 1999
----------------------- ---------------------
(in thousands)
<S> <C> <C>
Net loss $(11,872) $(7,185)
Other comprehensive income (loss)--
Unrealized holding gains (losses) arising
during the period 47 (4)
----------------------- ---------------------
Comprehensive loss $(11,825) $(7,189)
======================= =====================
</TABLE>
4. Net Loss Per Common Share
Net loss per common share is based on the weighted-average number of common
shares outstanding during the period. For the quarter ended March 31, 2000,
options to acquire 8.3 million shares of common stock and warrants to acquire
11.0 million shares of common stock have been excluded from the computation of
net loss per common share because their impact would be antidilutive. For the
quarter ended March 31, 1999, options to acquire 7.1 million shares of common
stock, warrants to acquire 5.2 million shares of common stock and contingently
issuable warrants to acquire 7.6 million shares of common stock have been
excluded from the computation of net loss per common share because their impact
would be antidilutive.
5. Financing
The Company anticipates that its existing cash, along with interest income
from cash investments, anticipated payments from Suncos, Lilly ICOS and the
Partnership, and cash flow from other operating activities, will be sufficient
to fund its cash requirements through 2000. However, the amounts and timing of
expenditures will depend on the progress of ongoing research and development,
the rate at which operating losses are incurred, the execution of development
and licensing agreements with potential corporate partners, the Company's
development of products, the Food and Drug Administration's regulatory process,
and other factors, many of which are beyond the Company's control. The
Company's existing capital resources and collaborative arrangements will not be
sufficient to fund the Company's operations through commercialization of its
first product. Accordingly, the Company will need to raise substantial
additional funds for its programs. The Company is currently evaluating
financing alternatives, some that may involve the sale of additional equity,
commencement of additional corporate partnerships and other methods of raising
capital from public, private, and corporate sources. The Company anticipates
completion of one or more of these financing events during 2000.
6
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6. Operating Segments
The Company's operations are confined to one operating segment, the discovery
and development of proprietary pharmaceuticals for the treatment of inflammatory
diseases and other serious medical conditions.
7. New Accounting Pronouncements
In March 2000 the SEC issued Staff Accounting Bulletin No. 101A ("SAB 101A").
SAB 101A delays the effective date of Staff Accounting Bulletin No. 101 ("SAB
101") "Revenue Recognition in Financial Statements," to the second quarter for
fiscal years beginning between December 15, 1999 and March 16, 2000. SAB 101
provides guidance on revenue recognition and the SEC staff's views on the
application of accounting principles to selected revenue recognition issues.
The interpretation of SAB No. 101 is currently uncertain as it relates to
biotechnology companies and ,consequently, the impact on the Company's financial
statements is unknown. The Company is in the process of determining the
potential impact of the new pronouncement.
In March 2000, the Financial Accounting Standards Board issued Interpretation
No. 44, "Accounting for Certain Transactions involving Stock Compensation."
Interpretation No. 44 clarifies the application of Accounting Principles Board
Opinion No. 25 ("APB 25") and is effective July 1, 2000. Interpretation No. 44
clarifies the definition of "employee" for purposes of applying APB 25, the
criteria for determining whether a plan qualifies as a noncompensatory plan, the
accounting consequence of various modifications to the terms of a previously
fixed stock option or award, and the accounting for an exchange of stock
compensation awards in a business combination. The Company does not expect the
adoption of Interpretation No. 44 will have a material impact on its
consolidated financial statements.
7
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ITEM 2: Management's Discussion and Analysis of Financial Condition and
Results of Operations
Risks and Uncertainties
The following discussion and analysis should be read in conjunction with the
Company's condensed consolidated financial statements and notes included
elsewhere in this report. This discussion contains forward-looking statements
that are subject to certain risks and uncertainties including, without
limitation, statements of the Company's plans, objectives, expectations and
intentions. The words "believes," "intends," "anticipates," "plans to,"
"expects" and similar expressions are intended to identify forward-looking
statements. The Company's actual results could differ materially from those
anticipated or implied by the forward-looking statements discussed here.
Factors that could cause or contribute to such differences include risks
associated with clinical development, regulatory approvals, product
commercialization, intellectual property claims, litigation and other risks
discussed under "Important Factors Regarding Forward-Looking Statements" in the
Company's annual report on Form 10K for the year ended December 31, 1999.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this report. The Company
undertakes no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events or
circumstances after the date of this report or to reflect the occurrence of
unanticipated events.
Overview
The Company is discovering and developing proprietary pharmaceuticals for the
treatment of serious medical conditions.
The Company's fundamental strategy is to identify and develop a significant
number of potential product candidates into breakthrough products with high
commercial potential. By understanding the underlying biochemical and
physiological mechanisms and identifying the cellular and molecular entities
involved in the disease process, the Company is developing product candidates
that address important opportunities in the treatment of chronic and acute
diseases that have inflammatory components as well as certain cardiovascular
diseases and cancer. Through this strategy, the Company believes it will be
able to develop novel therapeutics that are more selective than those presently
available.
Results of Operations
Revenue for the first quarter of 2000 was $9.8 million compared to $16.1
million during the first quarter of 1999. Current period revenue included cost
reimbursement of $2.7 million from Suncos Corporation ("Suncos"), $3.5 million
from ICOS Clinical Partners, L.P. (the "Partnership"), and $3.6 million from
Lilly ICOS LLC ("Lilly ICOS"). Revenue for the first quarter of 1999 consisted
of cost reimbursement of $4.7 million from Suncos, $5.2 million from the
Partnership, $5.7 million from Lilly ICOS, and $0.5 million received under a
research and
8
<PAGE>
development agreement with Abbott Laboratories. The decline in revenue reflects
a reduction in reimbursable clinical trial and development activities during the
first quarter of 2000 as compared to the same period of the prior year.
Total operating expenses were $21.8 million during the first quarter of 2000
compared to $23.1 million in the same period in 1999. Research and development
expenses totaled $20.3 million during the first quarter of 2000 compared to
$22.3 million in the first quarter of 1999. The decline in research and
development expense was partially due to Eli Lilly and Company's ("Lilly")
sharing of a larger portion of the development costs related to IC351 during the
first quarter of 2000 as compared to the same period of the prior year. The
decline also reflects a reduction in internal manufacturing activity since the
supply of product at the end of 1999 was sufficient to meet anticipated clinical
demand for the year 2000. General and administrative expense was $1.5 million
in the current period compared to $0.8 million in the first quarter of 1999
reflecting certain management transition costs incurred during the first quarter
of 2000.
During the first quarters of 2000 and 1999, the Company recognized
approximately $1.5 million in losses related to its equity interests in Suncos
and the Partnership. Investment income totaled $1.1 million for the current
period, relatively unchanged from the same period of the prior year.
As a result of the above, the Company reported a net loss of $11.9 million, or
$0.26 per share, for the quarter ended March 31, 2000, compared to a net loss of
$7.2 million, or $0.17 per share, for the same period in 1999.
The Company's results of operations may vary significantly from period to
period and will depend, among other factors, on the timing of certain expenses,
payments received on certain research collaborations, and the progress of the
Company's research and development efforts. The Company may experience
significant fluctuations in cost reimbursement revenue from one period to the
next. Due to the nature of the Company's collaborative agreements, cost
reimbursement revenue is largely dependent upon the continued progression of
clinical trial and development activities.
The Company's operating expenses may increase during 2000 and subsequent years
as it adds the personnel and facilities associated with advancing potential
product candidates through development and clinical trials and prepares for the
commercial launch of its potential products. Foreseeable incremental expenses
may include, but are not limited to, those associated with the Company's own
pre-marketing activities, product development, preclinical studies and clinical
trials, patent filings and administrative activities. The Company may also
incur costs and make capital contributions under its joint venture agreements
with Suntory and Lilly related to the development of Pafase(TM) and IC351,
respectively. Some of these expenses are to be reimbursed by Suncos, the
Partnership or Lilly ICOS and are recognized as revenue from collaborative
research and development from related parties in the Company's condensed
consolidated statements of operations. In addition, the clinical and
9
<PAGE>
development activities of the Company's affiliates are not entirely within the
Company's control. Significant changes in affiliate activities could be cause
for fluctuations in the Company's share of affiliate losses from period to
period.
Liquidity and Capital Resources
At March 31, 2000, the Company had $65.2 million in cash and cash equivalents,
investment securities, and interest receivable compared to $69.3 million at
December 31, 1999.
The Company used $11.9 million in cash for operating activities during the
first quarter of 2000 compared to $12.4 million in the same period of 1999. The
primary operating uses of cash in both periods relate to the Company's clinical
trial activities associated with IC351, Pafase(TM) and LeukArrest(TM) as well as
the expansion of other product development efforts. In April 2000, the Company
elected to forgo further study of LeukArrest(TM) as the results of an interim
efficacy analysis failed to meet the Company's predefined criteria for success.
During the first quarter of 2000, the Company generated $17.1 million in cash
from investing activities compared to using $11.4 million in cash during the
first quarter of 1999. Significant investing activities during the first
quarter of 2000 included an $18.4 million net decrease in the Company's short-
term investment portfolio and cash outflows of $1.3 million for the purchase of
capital equipment and leasehold improvements to support research and development
efforts. The primary investing uses of cash in the first quarter of 1999 were a
$10.0 million equity investment in Suncos and $1.5 million invested in property,
plant and equipment.
The Company generated $8.7 million in cash from financing activities in the
first quarter of 2000 compared to $11.9 million in the same period of 1999. The
primary cash inflows in both periods relate to proceeds received from the
exercise of stock options and warrants.
The Company's future cash requirements depend on many factors including
continued scientific progress in its research and development programs, the
results of clinical trials and preclinical studies, acquisitions of products or
technology, if any, relationships with corporate collaborators, competing
technological and market developments, the time and costs involved in filing and
prosecuting patents and enforcing patent claims, the regulatory process, the
time and costs of manufacturing scale-up and commercialization activities and
other factors. The amounts and timing of expenditures will depend on the
progress of ongoing research and development, the rate at which operating losses
are incurred, the execution of development and licensing agreements with
potential corporate partners, the Company's development of products, the Food
and Drug Administration regulatory process, and other factors, many of which are
beyond the Company's control.
The Company has successfully negotiated collaborations and joint development
agreements with other parties where the work and strategies of the other parties
complement those of the Company. In some instances, these
10
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relationships may involve commitments by the Company to fund some or all of
certain development programs. Although corporate collaborations, partnerships
and joint ventures have provided cost reimbursement revenue to the Company in
the past, there can be no assurance that such funds will be available to the
Company in the future.
The Company anticipates that its existing cash, along with interest income
from cash investments, anticipated payments from Suncos, Lilly ICOS and the
Partnership, and cash flow from other operating activities, will be sufficient
to fund its cash requirements through 2000. The Company intends to expand its
operations and hire the additional personnel necessary to continue development
of its current portfolio of product candidates in clinical trials, as well as
continue discovery and preclinical research to identify additional potential
drug candidates. The Company anticipates that expansion of these activities
will increase operating expenses in future years. Further, incremental
expenditures will be required for additional laboratory, production, and office
facilities to accommodate activities and the personnel associated with this
increased development effort. The Company will need to raise additional funds
in order to continue to conduct the research and development activities,
preclinical studies, clinical trials and pre-marketing activities necessary to
bring its product candidates to market and to establish marketing capabilities
if and when a product candidate is ready for commercialization. The Company is
currently evaluating financing alternatives, some of which may involve the sale
of additional equity, commencement of additional corporate partnerships and
other methods of raising capital from public, private, and corporate sources.
The Company anticipates completion of one or more of these financing events
during 2000.
New Accounting Pronouncements
In March 2000 the SEC issued Staff Accounting Bulletin No. 101A ("SAB 101A").
SAB 101A delays the effective date of Staff Accounting Bulletin No. 101 ("SAB
101") "Revenue Recognition in Financial Statements," to the second quarter for
fiscal years beginning between December 15, 1999 and March 16, 2000. SAB 101
provides guidance on revenue recognition and the SEC staff's views on the
application of accounting principles to selected revenue recognition issues. The
interpretation of SAB No. 101 is currently uncertain as it relates to
biotechnology companies and ,consequently, the impact on the Company's financial
statements is unknown. The Company is in the process of determining the
potential impact of the new pronouncement.
In March 2000, the Financial Accounting Standards Board issued Interpretation
No. 44, "Accounting for Certain Transactions involving Stock Compensation."
Interpretation No. 44 clarifies the application of Accounting Principles Board
Opinion No. 25 ("APB 25") and is effective July 1, 2000. Interpretation No. 44
clarifies the definition of "employee" for purposes of applying APB 25, the
criteria for determining whether a plan qualifies as a noncompensatory plan, the
accounting consequence of various modifications to the terms of a previously
fixed stock option or award, and the accounting for an exchange of stock
compensation awards in a business combination. The Company does not expect the
adoption of Interpretation No. 44 will have a material impact on its
consolidated financial statements.
11
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ITEM 3. Quantitative and Qualitative Disclosure about Market Risk
The Company's financial instruments consist of cash and cash equivalents,
short-term investments, accounts payable, an equity interest in an affiliate and
a note receivable from a related party. The Company does not use derivative
financial instruments in its investment portfolio. The Company's exposure to
market risk for changes in interest rates relates primarily to its short-term
investments, thus, fluctuations in interest rates would not have a material
impact on the fair value of these securities.
PART II. Other Information
ITEM 6: Exhibits and Reports on Form 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
Form 8-K filed March 14, 2000, regarding the retirement of George B.
Rathmann as the Company's chairman and from the board of directors
effective February 1, 2000.
12
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SIGNATURE
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 thereunto duly authorized.
ICOS CORPORATION
Date: May 12, 2000 By: /S/ PAUL N. CLARK
------------ -------------------------------------
Paul N. Clark
Chairman of the Board of Directors,
Chief Executive Officer and President
Date: May 12, 2000 By: /S/ THOMAS N. SWALLOW
------------ -------------------------------------
Thomas N. Swallow
Corporate Controller
13
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Index to Exhibits
-----------------
Page
----
27.1 Financial Data Schedule #
-----------------------------------
# Filed with this document
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 26,816
<SECURITIES> 37,062
<RECEIVABLES> 16,100
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 82,093
<PP&E> 47,244
<DEPRECIATION> 26,014
<TOTAL-ASSETS> 105,162
<CURRENT-LIABILITIES> 8,768
<BONDS> 0
0
0
<COMMON> 456
<OTHER-SE> 95,938
<TOTAL-LIABILITY-AND-EQUITY> 105,162
<SALES> 0
<TOTAL-REVENUES> 9,777
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 21,769
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (11,872)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,872)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,872)
<EPS-BASIC> (.26)
<EPS-DILUTED> (.26)
</TABLE>
