<PAGE> 1
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 June 30, 1996 or
Transition report pursuant to Section 13 or 15(d) of the Securities
- ---- Exchange Act of 1934
COMMISSION FILE NUMBER: 0-19454
ANERGEN, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA 77-0183594
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
301 PENOBSCOT DRIVE
REDWOOD CITY, CALIFORNIA 94063
(Address of principal executive offices) (Zip Code)
Telephone number: (415) 361-8901
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
--- ---
At June 30, 1996, Registrant had outstanding 15,066,042 shares of Common Stock.
<PAGE> 2
ANERGEN, INC.
INDEX
<TABLE>
<CAPTION>
Part I: Financial Information Page No.
<S> <C>
ITEM 1. Condensed balance sheets - June 30, 1996
and December 31, 1995....................................... 3
Condensed statements of operations - three and six months
ended June 30, 1996 and 1995................................ 4
Condensed statements of cash flows - six months
ended June 30, 1996 and 1995................................ 5
Notes to condensed financial statements....................... 6
ITEM 2. Management's discussion and analysis of
financial condition and results of operations............... 7
Part II: Other Information
ITEM 6. Exhibits and reports on Form 8-K............................. 10
Signatures................................................... 12
</TABLE>
2
<PAGE> 3
Part I: Financial Information
ANERGEN, INC.
CONDENSED BALANCE SHEETS
(IN THOUSANDS )
ASSETS
<TABLE>
<CAPTION>
JUNE 30, 1996 DECEMBER 31, 1995
(UNAUDITED)
<S> <C> <C>
Current assets:
Cash and equivalents........................................... $ 98 $ 468
Short-term investments......................................... 7,574 11,024
Contract receivables - related party........................... 664 815
Prepaid expenses............................................... 320 102
-------- --------
Total current assets.............................. 8,656 12,409
Property and equipment, net......................................... 1,709 2,010
Other assets........................................................ 36 36
-------- --------
$ 10,401 $ 14,455
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities...................... $ 751 $ 1,040
Current portion of capital lease obligations and debt.......... 722 883
-------- --------
Total current liabilities......................... 1,473 1,923
Long-term portion of capital lease obligations and debt............. 454 818
Commitments
Shareholders' equity:
Preferred stock, no par value; none issued and outstanding.... -- --
Common stock, no par value; 40,000,000 shares authorized;
15,066,042 issued and outstanding (14,967,680 at
</TABLE>
3
<PAGE> 4
<TABLE>
<S> <C> <C>
December 31, 1995)..................... 47,481 47,359
Additional paid-in-capital............. 659 648
Unrealized gain (loss) on investments.. (40) 16
Accumulated deficit.................... (39,626) (36,309)
-------- --------
Total shareholders' equity.. 8,474 11,714
-------- --------
$ 10,401 $ 14,455
======== ========
</TABLE>
See accompanying notes.
4
<PAGE> 5
ANERGEN, INC.
CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------- -------------------
1996 1995 1996 1995
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues:
Contract revenues - related party....................................... $ 639 $ 1,011 $ 1,422 $ 1,562
Interest income......................................................... 120 150 259 167
------- ------- ------- -------
759 1,161 1,681 1,729
Expenses:
Research and development................................................ 1,945 2,332 3,840 4,230
General and administrative.............................................. 556 465 1,059 927
Interest expense........................................................ 44 81 99 152
------- ------- ------- -------
2,545 2,878 4,998 5,309
------- ------- ------- -------
Net loss.................................................................... $ 1,786 $ 1,717 $ 3,317 $ 3,580
======= ======= ======= =======
Net loss per share.......................................................... $ 0.12 $ 0.12 $ 0.22 $ 0.33
======= ======= ======= =======
Shares used in calculating per share data................................... 15,064 13,894 15,024 10,728
======= ======= ======= =======
</TABLE>
See accompanying notes.
5
<PAGE> 6
ANERGEN, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
---------------------
1996 1995
------- --------
<S> <C> <C>
Cash flows used in operating activities:
Net loss............................................. $(3,317) $ (3,580)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization...................... 539 530
Deferred compensation amortization................. 11 36
Changes in operating assets and liabilities:
Contract receivables - related party............... 151 (98)
Prepaid expenses................................... (218) 58
Other assets....................................... -- (16)
Accounts payable and accrued liabilities........... (289) (72)
------- --------
Net cash used in operating activities................... (3,123) (3,142)
Cash flows provided by (used in) investing activities:
Purchase of investments available-for-sale........... (3,078) (24,527)
Sale of investments available-for-sale............... 6,472 12,932
Purchase of property and equipment................... (238) (661)
------- --------
Net cash provided by (used in) investing activities..... 3,156 (12,256)
------- --------
Cash flows provided by (used in) financing activities:
Proceeds from facility and equipment debt financing.. -- 497
Repayments of capital lease obligations and debt..... (525) (469)
Issuance of common stock, net........................ 122 14,733
------- --------
Net cash provided by financing activities............... (403) 14,761
Net decrease in cash.................................... (370) (637)
Cash and equivalents at beginning of period............. 468 1,248
------- --------
Cash and equivalents at end of period................... 98 611
</TABLE>
6
<PAGE> 7
<TABLE>
<S> <C> <C>
Short-term investments at end of period................. 7,574 14,194
------- --------
Cash and short-term investments at end of period........ $ 7,672 $ 14,805
======= ========
</TABLE>
See accompanying notes.
7
<PAGE> 8
ANERGEN, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
1. NATURE OF BUSINESS
Anergen, Inc. (the "Company") was incorporated on April 26, 1988 for
the purpose of developing therapies using biopharmaceutical compounds
for the treatment of autoimmune diseases.
2. BASIS OF PRESENTATION
The interim financial statements included herein have been prepared by
the Company without audit, pursuant to the rules and regulations
promulgated by the Securities and Exchange Commission (the
"Commission"). Certain information and footnote disclosures, normally
included in financial statements prepared in accordance with generally
accepted accounting principles, have been omitted pursuant to
Commission rules and regulations; nevertheless, the Company believes
that the disclosures are adequate to make the information presented not
misleading. These condensed financial statements should be read in
conjunction with the audited financial statements and notes thereto
contained in the Company's Annual Report on Form 10-K for the year
ended December 31, 1995. In the opinion of management, all adjustments,
consisting only of normal recurring adjustments, necessary to present
fairly the financial position of the Company (subject to year-end
adjustments) with respect to the interim financial statements, and of
the results of its operations and cash flows for the interim periods
then ended, have been included. The results of operations for the
interim periods are not necessarily indicative of the results for the
full year.
Loss Per Share
Net loss per share is computed using the weighted average number of
shares of common stock outstanding. Common equivalent shares from
outstanding stock options and warrants are excluded from the
computation as their effect is anti-dilutive.
8
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results
of Operations contains certain forward-looking statements which involve risks
and uncertainties. The Company's actual results could differ materially from the
results anticipated in these forward looking statements as a result of certain
factors set forth hereunder, in the Company's Annual Report as filed on Form
10-K and Form 10-K/A filed with the Securities and Exchange Commission, and in
the Registration Statement as filed on Form S-1 by the Company in August 1996.
LIQUIDITY AND CAPITAL RESOURCES
To date, the Company has financed its operations primarily through
private placements of its equity securities with venture capitalists
(which raised an aggregate of approximately $7.6 million in net
proceeds), through an initial public offering of its Common Stock in
October of 1991 (which raised approximately $14.2 million in net
proceeds), through the sale of its Common Stock to Novo Nordisk A/S, in
August of 1993 (which raised approximately $8 million in net proceeds),
and in June, 1994 through the issuance of 413,965 shares of Common
Stock and Warrants to purchase an additional 236,863 shares of Common
Stock at an exercise price of $3.52 per share through a private
placement to two purchasers in exchange for $1.5 million in proceeds.
In April 1995 the Company issued 7,317,073 shares of the Company's
Common Stock to two new investors in exchange for approximately $14.7
million in net proceeds. At June 30, 1996 the Company's cash, cash
equivalents and short-term investments were approximately $7.7 million
and the Company had shareholders' equity of approximately $8.5 million.
Accounts payable and accrued liabilities decreased to $751,000 at June
30, 1996 from $1,040,000 at December 31, 1995. Long term debt decreased
from $818,000 at December 31, 1995 to $454,000 at June 30, 1996. In
August 1996 the Company issued 3,500,000 shares of the Company's Common
Stock in a follow-on offering in exchange for approximately $9.5
million in net proceeds.
The Company anticipates that its current cash, short-term investments
and expected revenues under its collaborative agreements, combined with
the net proceeds from the offering completed in August 1996, will be
sufficient to fund its operations through approximately two years from
the closing of the August 1996 offering. Thereafter, the Company will
require substantial additional funds to continue its operations. The
Company anticipates that its current resources will be primarily used
to fund the Company's ongoing Phase II clinical trials of AnervaX(TM)
for rheumatoid arthritis, manufacturing of GMP grade material for the
Phase I clinical trial of the Company's AnergiX(TM) for multiple
sclerosis and the conduct of such clinical trial, research activities
in its core AnervaX and AnergiX technologies to further current
programs in rheumatoid arthritis, multiple sclerosis, insulin dependent
diabetes mellitus and myasthenia gravis and to develop programs in
other autoimmune diseases, and to support research activities in
academic institutions. The balance of such resources will be used to
fund continued limited research on other autoimmune diseases and
general and administrative activities, including those associated with
seeking collaborative arrangements to enable the Company to increase
its research and development activities in other autoimmune diseases.
The foregoing forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially. In
particular, the Company's working capital requirements may vary
depending on numerous factors that are beyond the Company's control.
These factors include the progress of the Company's research and
development programs, manufacturing activities, the progress of the
Company's clinical programs, the results of laboratory testing, the
time and cost required to seek regulatory approvals to commence
clinical trials for the Company's initial products, the need to obtain
licenses to other proprietary rights, any required adjustments to the
Company's operating plan to respond to competitive pressures or
technological advances, developments with respect to the Company's
existing or future collaborative arrangements and the availability of
various methods of financing. The Company expects to seek to raise
additional capital either from the public equity market, private
placements, and/or R&D collaborations with other pharmaceutical
companies. Any additional equity financing may be dilutive to
shareholders, and debt financing, if available, may
9
<PAGE> 10
involve restrictions on stock dividends. Adequate funds for the
Company's operations, whether from financial markets, collaborative or
other arrangements with corporate partners or from other sources, may
not be available when needed or on terms attractive to the Company.
Insufficient funds may require the Company to delay, scale back or
eliminate some or all of its research and product development programs
or to license third parties to commercialize products or technologies
that the Company would otherwise seek to develop itself. The Company's
liquidity will be reduced as amounts are expended for continuing
research and development.
10
<PAGE> 11
RESULTS OF OPERATIONS
The Company's net loss increased by 4% to $1,786,000 in the fiscal
quarter ended June 30, 1996 compared to a $1,717,000 loss in the
corresponding period in the previous year due primarily to a decrease
in contract revenues and related contract research and development
activities. The Company's contract revenues relate to its collaborative
agreement with Novo Nordisk A/S. Total expenses decreased by 12% from
$2,878,000 to $2,545,000 due primarily to decreased contracted research
and development expenses. The Company expects total operating expenses
to increase as it increases research and development efforts.
Research and development expenses decreased 17% to $1,945,000 for the
quarter ended June 30, 1996 from $2,332,000 in the corresponding period
in the previous year. This is due to a decrease in outside contracted
costs of preclinical activities related to the Company's AnergiX for
multiple sclerosis which is in Phase I testing, and to a decrease in
clinical costs associated with the Company's ongoing Phase II clinical
trial of AnervaX for rheumatoid arthritis. The Phase II clinical trial
of AnervaX was initiated in June of 1996.
General and administrative expenses increased 20% to $556,000 for the
quarter ended June 30, 1996 compared to $465,000 in the corresponding
period in the previous year primarily due to the retirement of John
Fara, Ph.D., the former President and CEO, the recruitment and hiring
of Barry Sherman, M.D., as President and CEO, and to increased
corporate development activities.
Interest income decreased to $120,000 for the quarter ended June 30,
1996 as compared to $150,000 in the corresponding period in the
previous year due to lower cash balances in 1996. Interest expense
decreased to $44,000 for the quarter ended June 30, 1996 as compared to
interest expense of $81,000 in the corresponding period in the previous
year due to lower debt balances. Interest income is expected to
increase as a result of the temporary investment of the net proceeds
from a public offering that was completed in August 1996, and to
decline gradually over future periods as invested capital is used for
operating activities.
The Company expects to incur substantial and increasing operating
losses for at least the next several years. The Company's losses on a
quarter-by-quarter basis may vary depending upon a variety of factors,
any of which may fluctuate, including the level of research activities,
the timing of hiring of additional scientific and management personnel,
the retention of consultants, the purchase or leasing of laboratory
equipment, the licensing of any required technology and other factors.
Accordingly, the Company believes that quarter-by-quarter losses will
not be a useful indicator of the performance of the Company.
FACTORS THAT MAY AFFECT FUTURE OPERATING PERFORMANCE
The factors discussed in Item 1 and Item 7 of the Company's Annual
Report on Form 10-K and Form 10-K/A for fiscal year 1995 and the
section entitled "Risk Factors" in the Company's Registration Statement
as filed on Form S-1 in August 1996 are hereby incorporated by
reference. Readers are cautioned that such factors, among others, in
some cases have affected, and in the future could cause the Company's
actual results to differ materially from those expressed in any
forward-looking statements made by, or on behalf of, the Company.
Factors that could cause actual results to differ include but are not
limited to (i) the Company's ability to successfully develop and market
its products, (ii) the extent to which the Company's products, if any,
prove to be safe and efficacious in clinical trials, meet applicable
regulatory standards and are capable of being produced in commercial
quantities at acceptable costs, (iii) uncertainties related to
preclinical and clinical trials including the rate of completion of the
Company's clinical trials, (iv) market acceptance of the Company's
products, if any, (v) government regulation and future health care
legislation, (vi) the Company's success in maintaining existing and
developing collaborations with corporate partners, licensors,
licensees, and others, (vii) the Company's ability to maintain patent
protection for its therapeutic
11
<PAGE> 12
approach and for any developed products, to preserve its trade secrets
and to operate without infringing the proprietary rights of third
parties, (viii) competition and technological change, (ix) general
economic conditions, (x) the Company's ability to attract and retain
key management and skilled employees and (xi) potential liability
claims and other litigation.
12
<PAGE> 13
ANERGEN, INC.
PART II: Other Information
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon senior securities
None
Item 4. Submission of Matters to a Vote of Security Holders
(a) Annual Meeting of Shareholders on June 26, 1996.
On June 26, 1996 the Company held its Annual Meeting of
Shareholders to (i) elect seven directors to serve for one year and
until their successors are duly elected ("Proposal 1"), (ii) approve
the 1995 Director Option Plan and to approve 200,000 shares reserved
for issuance under the plan ("Proposal 2"), (iii) approve amendment
to the 1991 Employee Stock purchase Plan to reserve an additional
100,000 shares for issuance thereunder ("Proposal 3"), and (iv) to
confirm the appointment of Ernst & Young LLP as independent auditors
for the fiscal year ending December 31, 1996 ("Proposal 4").
The names of the persons nominated for director and the voting
results are as follows:
<TABLE>
<CAPTION>
NOMINEE FOR WITHHELD
------- --- --------
<S> <C> <C>
Bruce L.A. Carter 14,354,557 38,085
Nicholas J. Lowcock 14,337,322 55,320
Harden M. McConnell 14,353,517 39,125
Harry H. Penner, Jr. 14,355,557 37,085
Barry M. Sherman 14,355,087 37,555
James E. Thomas 14,355,487 37,155
Nicole Vitullo 14,352,022 40,620
</TABLE>
Proposal 2 sought shareholder approval of the 1995 Director
Option Plan (the "Director Plan") and to approve 200,000 shares
reserved for issuance under the plan. The voting results for Proposal
2 were as follows: 14,243,634 shares cast "for", 114,305 shares cast
"against", 34,703 shares abstained, and no broker non-votes were
cast. Proposal 3 sought shareholder approval of the Board's
authorization to amend the 1991 Employee Stock Purchase Plan to
reserve an additional 100,000 shares for issuance under the plan. The
voting results for Proposal 3 were as follows: 14,261,269 shares cast
"for", 103,145 shares cast "against", 28,228 shares abstained, and no
broker non-votes were cast. Proposal 4 sought shareholder
confirmation of the selection of Ernst & Young LLP to audit the
financial statements of the Company for the year ending December 31,
1996. The voting results for Proposal 4 were as follows: 14,374,470
shares cast "for", 10,322 shares cast "against", 7,850 shares
abstained, and no broker non-votes were cast. For additional detail
as to the matters submitted for shareholder vote at the Annual
Meeting, refer to the definitive proxy materials relating to the 1996
Annual Meeting of Shareholders which were sent to the Commission on
May 24, 1996.
13
<PAGE> 14
Item 5. Other Information
None
14
<PAGE> 15
Item 6. Exhibits and reports on Form 8-K
a) Exhibits
<TABLE>
<CAPTION>
Exhibit Description Page
------- ----------- ----
<S> <C> <C>
3.1 Restated and Amended Articles of Incorporation. (1)
3.2 Bylaws, as amended. (1)
4.1 Form of Common Stock Certificate. (1)
10.1 Form of Indemnification Agreement for directors and officers. (1)
10.2 1988 Stock Option Plan (as amended) and form of agreements
thereunder. (1)
10.3 1991 Employee Stock Purchase Plan, as amended. (1)
10.4 1992 Consultant Stock Plan (2)
10.5 Representative Preferred Stock Purchase Agreement. (1)
10.5A Sublease dated December 15, 1989 between the Registrant and
Invitron Corporation, with amendment dated February 28,1990. (1)
10.5B Landlord's Consent to Sublease dated March 2, 1990 among the
Registrant, Invitron Corporation and Seaport Centre Venture
Phase II. (1)
10.5C Ten-Year Industrial Net Lease Agreement dated June 5, 1987
between Invitron Corporation and Seaport Centre Venture Phase
II, with amendments dated November 9, 1987; October 31, 1988;
August 1989; and February 28,1990. (1)
10.5D Amendments to Seaport Center Standard Lease between the
Registrant and Metropolitan Life Insurance Company dated
January 10, 1995; and March 24, 1995. (7)
10.5E Industrial Lease Agreement dated March 15, 1993 between the
Registrant and East Bayshore Investment Group, with amendments
dated March 31, 1993; and June 17, 1994. (10)
10.6A Master Lease Agreement dated July 8, 1988 between the
Registrant and Comdisco, Inc. with Equipment Schedule No. VL-1
dated July 8, 1988 and Equipment Schedule No. VL-2 dated April
4, 1990. (1)
10.7 Form of Representative's Warrant Agreement. (1)
10.8A Loan and Security agreement dated December 29, 1992 between the
Registrant and MMC/GATX Partnership No. I. (3)
10.8B Secured Promissory Note dated December 29, 1992 issued by the
Registrant to MMC/GATX Partnership No. I. (3)
10.8C Warrant dated December 29,1992 issued by the Registrant to
MMC/GATX Partnership No. I. (3)
10.8D Amendment to the Loan and Security agreement dated December 30,
1993 between the Registrant and MMC/GATX Partnership No. I. (4)
10.8E Warrant dated December 30, 1993 issued by the Registrant to
MMC/GATX Partnership No. I. (4)
10.9A Development and License agreement dated August 17, 1993 between
the Registrant and Novo Nordisk A/S. (5)
10.9B Common Stock Purchase Agreement dated August 17, 1993 between
the Registrant and Novo Nordisk A/S. (5)
10.9C Amendment No.1 dated March 26, 1996 to the Development and
License Agreement between the Registrant and Novo Nordisk A/S. (11)
10.9D Addendum dated March 26, 1996 to the Development and License
Agreement between the Registrant and Novo Nordisk A/S. (11)
10.10A Loan and Security agreement dated April 18, 1994 between the
Registrant and Silicon Valley Bank. (6)
10.10B Loan and Security agreement dated June 23, 1995 between the
Registrant and Silicon Valley Bank. (9)
10.10C Loan Modification Agreement dated August 31, 1994 between the
Registrant and Silicon Valley Bank. (10)
</TABLE>
15
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<TABLE>
<S> <C> <C>
10.11A Securities Purchase Agreement dated May 11, 1994 between the
Registrant and certain Purchasers. (6)
10.11B Warrant dated June 30, 1994 issued to Ortelius Trading L.P. (8)
10.11B-1 Letter related to Warrant issued to Ortelius Trading L.P. (9)
10.11C Warrant dated June 30, 1994 issued to GDK, Inc. (8)
10.11C-1 Letter related to Warrant issued to GDK, Inc. (9)
10.11D Amendment to Securities Purchase Agreement dated June 30, 1994
between the Registrant and certain purchasers. (8)
10.11E Amendment to Securities Purchase Agreement dated February 15,
1995 between the Registrant and certain purchasers. (7)
10.12A Common Stock Purchase Agreement dated March 10, 1995 between
the Registrant and Warburg, Pincus Ventures, L.P. and
International Biotechnology Trust PLC. (7)
10.12B Amendment to Common Stock Purchase Agreement dated March 15,
1995. (7)
10.13 1995 Director Option Plan. (10)
10.14 Transition Agreement and Mutual Release between the Company and
John W. Fara, Ph.D. (11)
10.15 Product Development and License Agreement dated June 28, 1996
between the Registrant and N. V. Organon. (12)
10.16 Employment Agreement of Barry M. Sherman, M. D. (12)
</TABLE>
(1) Incorporated by reference to the exhibit filed with
Registrant's Registration Statement on Form S-1 (No.
33-42107), as amended.
(2) Incorporated by reference to exhibit filed with the
Company's Form S-8 (No. 33-52186).
(3) Incorporated by reference to the exhibit filed with the
Company's Annual Report on Form 10K for the year ended
December 31, 1992.
(4) Incorporated by reference to the exhibit filed with the
Company's Quarterly Report on Form 10Q for the quarter ended
September 30, 1993.
(5) Incorporated by reference to the exhibit filed with the
Company's Annual Report on Form 10K for the year ended
December 31, 1993.
(6) Incorporated by reference to the exhibit filed with the
Company's Quarterly Report on Form 10Q for the quarter ended
March 31, 1994.
(7) Incorporated by reference to the exhibit filed with the
Company's Annual Report on Form 10K for the year ended
December 31, 1994.
(8) Incorporated by reference to the exhibit filed with
Registrant's Registration Statement on Form S-1 (No.
33-84310), as amended.
(9) Incorporated by reference to the exhibit filed with the
Company's Quarterly Report on Form 10Q for the quarter ended
June 30, 1995.
(10) Incorporated by reference to the exhibit filed with the
Company's Annual Report on Form 10K for the year ended
December 31, 1995.
(11) Incorporated by reference to the exhibit filed with the
Company's amendment to its Annual Report on Form 10-K/A for
the year ended December 31, 1995.
(12) Incorporated by reference to the exhibit filed with
Registrant's Registration Statement on Form S-1 (No.
333-07245), as amended.
(b) Reports on Form 8-K. No reports on Form 8-K were filed by the
Company during the quarter ended June 30, 1996.
16
<PAGE> 17
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.
ANERGEN, INC.
Date: August 13, 1996
By: /s/ JOHN W. VARIAN
------------------------------
John W. Varian
Vice President, Finance and Chief Financial Officer
on behalf of the Company and as principal financial officer
17
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 98
<SECURITIES> 7574
<RECEIVABLES> 664
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 8656
<PP&E> 5666
<DEPRECIATION> 3957
<TOTAL-ASSETS> 10401
<CURRENT-LIABILITIES> 1473
<BONDS> 0
0
0
<COMMON> 48140
<OTHER-SE> (39666)
<TOTAL-LIABILITY-AND-EQUITY> 10401
<SALES> 0
<TOTAL-REVENUES> 1681
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4899
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 99
<INCOME-PRETAX> (3317)
<INCOME-TAX> 0
<INCOME-CONTINUING> (3317)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3317)
<EPS-PRIMARY> (0.22)
<EPS-DILUTED> 0
</TABLE>
