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<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 March 31, 1996.
Transition report pursuant to Section 13 or 15(d) of the Securities
- --- Exchange Act of 1934. For the transition period from _______ to ______.
Commission File Number
0-23160
ANESTA CORP.
(Exact name of registrant as specified in its charter)
Delaware 87-0424798
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
4745 Wiley Post Way, Suite 650, Salt Lake City, UT 84116
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 595-1405
Securities registered pursuant to Section 12(g) of the Act:
Common Stock $.001 par value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Sections 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 .
Common Stock $.001 par value 7,225,331
Class Outstanding at April 26, 1996
<PAGE> 2
ANESTA CORP.
INDEX
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION PAGE NO.
--------
<S> <C>
Balance Sheets -
March 31, 1996 (unaudited) and December 31, 1995 2
Statements of Operations -
for the three month periods ended March 31, 1996 and
1995 (unaudited) and the period from August 1, 1985 (inception)
to March 31, 1996 (unaudited) 3
Statements of Cash Flows -
for the three month periods ended
March 31, 1996 and 1995 (unaudited) and
the period from August 1, 1985 (inception) to
March 31, 1996 (unaudited) 4
Notes to Financial Statements (unaudited) 6
Management's Discussion and Analysis of
Financial Condition and Results
of Operations 9
PART II. OTHER INFORMATION 12
SIGNATURES 13
</TABLE>
1
<PAGE> 3
ANESTA CORP.
(A Development Stage Company)
BALANCE SHEETS
-----------
<TABLE>
<CAPTION>
March 31, December 31,
ASSETS 1996 1995
------------- -------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 1,980,985 $ 3,540,147
Current portion of certificate of deposit 153,000 153,000
Marketable debt securities,
available-for-sale 16,317,313 16,773,547
Accounts receivable - Abbott 424,533 410,432
Prepaid expenses and other current assets 216,303 77,134
------------- -------------
Total current assets 19,092,134 20,954,260
------------- -------------
Property and equipment, at cost:
Furniture and equipment 889,825 870,042
Leasehold improvements 1,509,430 1,509,430
Accumulated depreciation (540,359) (480,372)
------------- -------------
1,858,896 1,899,100
------------- -------------
Other assets:
Certificate of deposit 1,377,000 1,377,000
Other assets 10,339 11,568
------------- -------------
1,387,339 1,388,568
------------- -------------
Total assets $ 22,338,369 $ 24,241,928
============= =============
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1996 1995
------------- -----------
(Unaudited)
<S> <C> <C>
Current liabilities:
Accounts payable $ 275,802 $ 231,288
Accrued liabilities
Accrued compensation 118,322 247,741
Other 173,318 219,131
Current portion of notes payable 150,000 150,000
Current portion of obligations under capital leases 10,274 16,363
------------- -----------
Total current liabilities 727,716 864,523
Unearned advance royalty revenues 350,000 350,000
Notes payable 1,350,000 1,350,000
------------- -----------
Total liabilities 2,427,716 2,564,523
------------- -----------
Stockholders' equity:
Common stock, par value, $.001 per share; Authorized:
15,000,000 shares; Issued:
7,225,676 in 1996 and 7,207,716 in 1995 7,226 7,208
Additional paid-in capital 33,311,893 33,270,848
Deficit accumulated during the development stage (13,518,911) (11,723,314)
Treasury stock (345 shares), at cost (4,226) (4,226)
Notes receivable from issuance of common stock (7,000) (7,000)
Unrealized gain on marketable debt securities,
available-for-sale 121,671 133,889
------------- -----------
Total stockholders' equity 19,910,653 21,677,405
------------- -----------
Total liabilities and stockholder's equity $ 22,338,369 $24,241,928
============= ===========
</TABLE>
The accompanying notes are an integral
part of the financial statements
2
<PAGE> 4
ANESTA CORP.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(Unaudited)
----------
<TABLE>
<CAPTION>
Three months ended
---------------------------- Period from inception
March 31, March 31, (August 1, 1985) to
1996 1995 March 31, 1996
----------- ------------ ---------------------
<S> <C> <C> <C>
Revenues:
Product sales $ 19,583 $ 16,999 $ 117,584
Royalty revenue 572 467 103,463
Revenues from contract research 375,000 384,000 8,850,931
----------- ------------ ------------
Total revenues 395,155 401,466 9,071,978
----------- ------------ ------------
Operating costs and expenses:
Cost of goods sold 6,054 4,924 46,453
Royalties 605 492 5,605
Research and development 1,794,575 1,008,546 16,336,581
Depreciation and amortization 59,988 22,944 649,923
Selling, general and administrative 611,477 445,912 6,432,195
----------- ------------ ------------
Total costs and expenses 2,472,699 1,482,818 23,470,757
----------- ------------ ------------
Loss from operations (2,077,544) (1,081,352) (14,398,779)
Non operating income (expense):
Interest income 308,054 437,769 2,694,338
Interest expense (26,013) (7,589) (267,483)
Other 6 (12,947)
----------- ------------ ------------
Loss before provision for income
taxes, extraordinary item and cumulative
effect of accounting change (1,795,497) (651,172) (11,984,871)
Provision for income taxes (100) (100) (23,405)
----------- ------------ ------------
Loss before extraordinary item and
cumulative effect of change in accounting (1,795,597) (651,272) (12,008,276)
Extraordinary item - reduction of income
taxes arising from carryforward of prior
years' operating losses 22,296
Cumulative effect of change in accounting (1,041,047) (1,041,047)
----------- ------------ ------------
Net loss $(1,795,597) $ (1,692,319) $(13,027,027)
=========== ============ ============
Loss per common share amounts--
Loss before extraordinary item and cumulative
effect of change in accounting $ (0.25) $ (0.09)
Cumulative effect of change in accounting (0.15)
Net loss per common share $ (0.25) $ (0.24)
=========== ============
Shares used in computing net
loss per common share 7,220,909 7,146,424
=========== ============
</TABLE>
The accompanying notes are an integral
part of the financial statements
3
<PAGE> 5
ANESTA CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(Unaudited)
---------
<TABLE>
<CAPTION>
Three months ended
------------------------------------ Period from inception
March 31, March 31, (August 1, 1985) to
1996 1995 March 31, 1996
------------- ---------------- ---------------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (1,795,597) $ (1,692,319) $ (13,027,027)
Adjustments to reconcile net loss to net cash
used in operating activities
Cumulative effect of accounting change 1,041,047 1,041,047
Depreciation and amortization 59,988 22,944 649,923
Debt conversion expense 101,330
Interest converted to equity 94,104
Compensatory stock options and stock 3,539
(Gain) loss on retirement of assets 36,614
Increase (decrease) due to changes in:
Accounts receivable (14,101) (389,920) (424,533)
Prepaid expenses and other current assets (139,169) (270,138) (216,303)
Other assets 1,229 (12,916)
Accounts payable 44,514 181,492 275,802
Accrued liabilities (175,232) (38,947) 291,640
Unearned advance royalty revenues 350,000
------------- ---------------- ----------------
Net cash used in operating activities (2,018,368) (1,145,841) (10,836,780)
------------- ---------------- ----------------
Cash flows from investing activities:
Capital expenditures (19,784) (625,123) (2,287,034)
Proceeds from sale of assets 9,975
Costs associated with license agreements (1,109,533)
Advances to employees (1,650)
Purchase of marketable debt securities,
available-for-sale (2,053,485) (1,495,913) (31,572,371)
Proceeds from sale of marketable debt securities,
available-for-sale 2,497,501 15,376,729
Purchase of treasury bills (1,174,419)
Proceeds from maturity of treasury bills 1,174,419
Purchase of certificate of deposit (1,530,000) (1,530,000)
------------- ---------------- ----------------
Net cash provided by (used in) investing
activities 424,232 (3,651,036) (21,113,884)
------------- ---------------- ----------------
Cash flows from financing activities:
Principal payments on notes payable (37,500)
Proceeds from issuance of notes payable 468,261 2,537,700
Principal payments on obligations under
capital leases (6,089) (11,215) (184,215)
Proceeds from issuance of common stock 41,063 51,392 31,570,429
Collections on notes receivable from
issuance of common stock 58,000
Proceeds from issuance of preferred stock 756,222
Deferred offering costs (277,103)
Dividends paid on preferred stock (491,884)
------------- ---------------- ----------------
Net cash provided by financing activities 34,974 508,438 33,931,649
------------- ---------------- ----------------
Net increase (decrease) in cash and cash equivalents (1,559,162) (4,288,439) 1,980,985
Cash and cash equivalents at beginning of period 3,540,147 11,489,097
------------- ---------------- ----------------
Cash and cash equivalents at end of period $ 1,980,985 $ 7,200,658 $ 1,980,985
============= ================ ================
</TABLE>
- Continued -
The accompanying notes are an integral
part of the financial statements
4
<PAGE> 6
ANESTA CORP.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS, Continued
(Unaudited)
---------
<TABLE>
<CAPTION>
Three months ended
------------------------------------ Period from inception
March 31, March 31, (August 1, 1985) to
1996 1995 March 31, 1996
------------- ---------------- ---------------------
<S> <C> <C> <C>
SUPPLEMENTAL SCHEDULE OF NONCASH ACTIVITIES:
The Company issued stock and stock options for:
Purchase of additional license agreement $ 5,400
Notes receivable 71,000
The Company purchased leasehold improvements
using accounts payable 251,507
The Company entered into various capital lease
arrangements 204,610
The Company received stock as payment of a
note receivable
4,226
</TABLE>
The accompanying notes are an integral
part of the financial statements
5
<PAGE> 7
ANESTA CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
---------------
1. Significant Accounting Policies:
In the opinion of management, the accompanying financial statements
contain all adjustments (consisting only of normal recurring items)
necessary to present fairly the financial position of Anesta Corp. (a
development stage company) (the Company) as of March 31, 1996, and the
results of its operations for the three months ended March 31, 1996
and 1995 and for the period from inception (August 1, 1985) to March
31, 1996, and its cash flows for the three months ended March 31, 1996
and 1995 and for the period from inception (August 1, 1985) to March
31, 1996. The results of operations for the periods presented are not
necessarily indicative of the results to be expected for the full year
period.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these financial statements be read in conjunction with the
Company's Annual Report on Form 10-K for the period ended December 31,
1995.
Net Loss Per Share
Net loss per common share is computed using the weighted average
number of common and common equivalent shares outstanding during each
period. Common stock equivalents consist of convertible preferred
stock, common stock options and warrants. Common equivalent shares
are excluded from the computation when their effect is antidilutive.
Net loss per common share for the period from inception to March 31,
1996 has not been presented as such information is not considered to
be relevant or meaningful.
Reclassifications
Certain balances in the March 31, 1995 financial statements have been
reclassified to conform to the current year presentation. These
changes had an immaterial effect on the previously reported net loss.
2. Cash and Cash Equivalents:
At March 31, 1996, the Company maintained a majority of its cash and
cash equivalents in a bank in San Francisco, California.
3. Income Taxes:
The provision for income taxes for the three months ended March 31,
1996 and 1995 is related solely to state income taxes.
6
<PAGE> 8
ANESTA CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS, Continued
(Unaudited)
---------------
4. Revolving/Term Promissory Note Agreement:
On January 11, 1995, the Company entered into a revolving/term
promissory note in the amount of $1.5 million. The agreement provides
for an interest rate of "160 basis points" above the financial
institution's certificate of deposit rate (6.40% at March 31, 1996).
On May 15, 1995, the term of the revolving promissory note ended and
the Company entered into a 10 year term note in the amount of $1.5
million. The interest rate remains the same and the Company will make
annual payments on the note on approximately July 15 of each of the
next ten years. Borrowings under the agreement are collateralized by
a certificate of deposit in the amount of $1,530,000, which is
maintained in a bank in Salt Lake City, Utah.
5. Funding Agreements:
Effective September 8, 1995, the Company entered into a 1996 funding
agreement with Abbott Laboratories Hospital Products Division
(Abbott), under which Abbott will provide up to $1,500,000 of funding
to further the clinical development of Actiq(TM) to treat
cancer-related pain (the "Actiq Cancer Pain Program"). The funding
will be provided in equal quarterly payments of $375,000 for
qualifying work performed and expenses incurred during the year ended
December 31, 1996 in connection with the Actiq Cancer Pain Program.
Under the agreement, the Company will provide the additional funding
required for this program during the year ended December 31, 1996 and
will complete certain program milestones. Through March 31, 1996, the
Company had recorded an account receivable and recognized revenue of
$375,000 which represents the funding for qualifying expenses incurred
during the quarter then ended.
6. Proposed Public Offering:
On April 29, 1996 the Company filed a Form S-1 with the Securities and
Exchange Commission with the intent to sell 3,000,000 common shares.
It is proposed that 2,000,000 shares will be sold by the Company and
1,000,000 shares by selling shareholders. The selling price will be
the market price (Nasdaq symbol NSTA) of the stock on the effective
date of the final amended S-1 filing date.
7
<PAGE> 9
ANESTA CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS, Continued
(Unaudited)
---------
7. Stockholders' Equity:
The table below presents the activity in stockholders' equity from
January 1, 1996 to March 31, 1996:
<TABLE>
<CAPTION>
Common Stock Deficit
------------------------------------ Accumulated
During the Treasury Stock
Paid-in Development ------------------
Shares Amount Capital Stage Shares Amount
--------- ------ ------------ ------------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1996 7,207,716 $7,208 $ 33,270,848 $(11,723,314) 345 $(4,226)
Exercise of stock options in Jan. 1996
(at $.80 per share) 2,500 2 1,998
Exercise of stock options in Jan. 1996
(at $5.25 per share) 2,574 3 13,511
Exercise of stock options in Feb. 1996
(at $.80 per share) 10,133 10 8,096
Exercise of stock options in Feb. 1996
(at $1.00 per share) 83 0 83
Exercise of stock options in Feb. 1996
(at $6.75 per share) 2,291 2 15,462
Exercise of stock options in Mar. 1996
(at $.80 per share) 63 0 50
Exercise of stock options in Mar. 1996
(at $1.00 per share) 50 0 50
Exercise of stock options in Mar. 1996
(at $6.75 per share) 266 1 1,795
Net change in unrealized gain (loss) on
marketable debt securities, available-
for-sale
Net loss (1,795,597)
--------- ------ ------------ ------------ --- -------
Balance at March 31, 1996 7,225,676 $7,226 $ 33,311,893 $(13,518,911) 345 $(4,226)
========= ====== ============ ============ === =======
<CAPTION>
Unrealized
Notes gain (loss) on
Receivable Marketable Debt
from Issuance Securities,
of Common Available-for-
Stock Sale Total
------------- --------------- -----------
<S> <C> <C> <C>
Balance at January 1, 1996 $(7,000) $133,889 $21,677,405
Exercise of stock options in Jan. 1996
(at $.80 per share) 2,000
Exercise of stock options in Jan. 1996
(at $5.25 per share) 13,514
Exercise of stock options in Feb. 1996
(at $.80 per share) 8,106
Exercise of stock options in Feb. 1996
(at $1.00 per share) 83
Exercise of stock options in Feb. 1996
(at $6.75 per share) 15,464
Exercise of stock options in Mar. 1996
(at $.80 per share) 50
Exercise of stock options in Mar. 1996
(at $1.00 per share) 50
Exercise of stock options in Mar. 1996
(at $6.75 per share) 1,796
Net change in unrealized gain (loss) on
marketable debt securities, available-
for-sale (12,218) (12,218)
Net loss (1,795,597)
------- -------- -----------
Balance at March 31, 1996 $(7,000) $121,671 $19,910,653
======= ======== ===========
</TABLE>
8
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following Management's Discussion and Analysis of Financial Condition and
Results of Operations contains forward- looking statements which involve risks
and uncertainties. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result of certain
factors discussed in this section.
RESULTS OF OPERATIONS
Revenues.
Total revenues decreased by $6,000 or 1.6% for the three months ended March 31,
1996 as compared to the corresponding period in 1995. The decrease is
primarily a result of revenues from other contract research which did not occur
in the first three months of 1996. Substantially all revenues in both years
were from development funding and milestone payments under collaborative
agreements with Abbott Laboratories (Abbott) relating to the Actiq cancer pain
program (See Note 5 to Financial Statements). Amounts earned under the
collaborative agreements with Abbott may vary substantially in the future.
Initial orders for the Company's first product, Fentanyl Oralet(R), were placed
beginning in July 1994. The FDA-approved marketing plan for Fentanyl Oralet
contemplated a controlled product introduction, under which the product would
be sold only to institutions that have received extensive training in the
proper use of the product by Abbott anesthesia specialists. As a result of the
controlled introduction, only limited sales of Fentanyl Oralet occurred during
the first three months of 1996 and 1995. Because Fentanyl Oralet has been used
safely during this controlled roll-out period, as determined by the FDA's
Anesthesia Advisory Committee in December 1995, in March 1996 the FDA eased the
initial constraints on advertising, promotion and distribution. Fentanyl
Oralet can now be used by clinical personnel who have been trained by Abbott's
salesforce.
Under the Company's agreement with Abbott, Abbott manufactures Fentanyl Oralet
and sells it to the Company at a price which reflects Abbott's cost of
manufacturing. The Company resells the product to Abbott at a price which
results in a gross profit to the Company ranging from approximately 40% to 70%.
In addition, the Company is entitled to receive a royalty on product sales by
Abbott.
Operating Expenses.
Research and development expenses increased by $786,000 or 78% for the three
months ended March 31, 1996 as compared to the corresponding period in 1995.
The increase in research and development expenses is due primarily to higher
expenditures for the Actiq cancer pain program (See Note 5 to Financial
Statements), new product development and other expenditures for product
development, including clinical trials. The Company expects that its research
and development expenses will grow significantly during the remainder of 1996
as a result of anticipated increased expenses related to the hiring of
additional personnel, preclinical studies, clinical trials, product development
and process development activities.
9
<PAGE> 11
Selling, general and administrative expenses increased by $166,000 or 37% for
the three months ended March 31, 1996 as compared to the corresponding period
in 1995. The increase in selling, general and administrative expenses is due
primarily to higher expenditures for rent on new facilities, travel and
corporate development activities. The Company expects that its selling,
general and administrative expenses will increase during the remainder of 1996
as a result of the increased support required for research and development,
patent and corporate development activities.
Non Operating Income (Expense).
Interest income decreased by $130,000 for the three months ended March 31, 1996
as compared to the corresponding period in 1995 primarily due to lower average
balances invested.
Interest expense increased by $18,000 for the three months ended March 31, 1996
as compared to the corresponding period in 1995 primarily due to interest
expense related to borrowings on the Company's revolving/term loan in 1995.
Accounting Change.
Effective January 1, 1995, the Company changed its method of accounting for
external legal costs related to patents. Prior to the change, the Company
capitalized these costs and amortized them over the term of the related patent.
Under the new method, these costs will be expensed as incurred.
Net Loss.
As a result of the increase in research and development, selling, general and
administrative activities and other factors discussed above, the net loss for
the three months ended March 31, 1996 was $1,796,000 or $0.25 per share as
compared to $1,692,000 or $0.24 per share for the same period in 1995. The net
loss in 1995 includes the cumulative effect of a change in accounting for
patent costs of $1,041,000 or $0.15 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 1996, the Company had cash and cash equivalents totaling
$1,981,000, $1,530,000 in a certificate of deposit used as collateral for a
revolving/term loan as described below and $16,317,000 in marketable debt
securities which are available for sale. Thus cash, cash equivalents,
certificate of deposit and marketable debt securities totaled $19,828,000 as of
March 31, 1996. Cash in excess of immediate requirements is invested according
to the Company's investment policy, which provides guidelines with regard to
liquidity and return, and, wherever possible, seeks to minimize the potential
effects of concentration of credit risk.
The Company used cash in operating activities of $2,018,000 for the three
months ended March 31, 1996 compared to $1,146,000 for the corresponding period
in 1995. The increase in cash used in the period is a direct result of the
increase in research and development and selling, general and administrative
activities discussed above.
During the three months ended March 31, 1996, the Company made capital
expenditures of approximately $20,000, as compared to capital expenditures of
$625,000 during the corresponding period in 1995. The decrease in capital
expenditures is due to the Company's remodeling of new facilities which were
completed in May 1995. In order to
10
<PAGE> 12
help finance the remodeling of new facilities, the Company, in January 1995,
secured a revolving/term loan in the amount of $1,500,000 (See Note 4 to
Financial Statements), of which $468,000 was funded during the three months
ended March 31, 1995. Such loan converted into a 10 year term loan on May 15,
1995. Such loan bears interest at 1.6% above the lender's certificate of
deposit rate, and is collateralized by a certificate of deposit in the amount
of $1,530,000.
During the three months ended March 31, 1996, the Company realized cash
proceeds of $41,000 relating to the exercise of stock options as compared to
$51,000 during the corresponding period in 1995.
During the three months ended March 31, 1996, the Company made principal
payments on capital lease obligations of $6,000 as compared to $11,000 for the
corresponding period in 1995.
The Company expects to continue to incur substantial expenses related to the
continuation and expansion of research and development, including clinical
trials, and increased selling and administrative activities over at least the
next several years. The Company anticipates that its existing cash, cash
equivalents and marketable debt securities, interest earned thereon, and
funding under the 1996 agreement with Abbott will enable it to maintain its
current and planned operations at least through 1997. In addition, on April
29, 1996 the Company filed a Form S-1 with the Securities and Exchange
Commission with the intent to sell 3,000,000 shares of common stock of which
2,000,000 shares will be sold by the Company and 1,000,000 shares by selling
shareholders. If completed, this transaction will significantly increase
available cash resources and enable the Company to maintain its current and
planned operations at least through 1999.
However, the Company's working capital requirements may change depending on
numerous factors, including, but not limited to, the progress of the Company's
research and development programs, the results of clinical studies, the number
and nature of the indications the Company pursues in clinical studies, the
timing of regulatory approvals, technological advances, determinations as to
the commercial potential of the Company's products, the status of competitive
products, the establishment of collaborative relationships with other companies
and other factors.
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard (SFAS) No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". The
adoption of SFAS No. 121 as of January 1, 1996 had no impact on the Company.
In October 1995, the Financial Accounting Standards Board issued SFAS No. 123,
"Accounting for Stock-Based Compensation". This Statement defines a fair value
method of accounting for an employee stock option or similar equity instrument
and encourages adoption of that method. The Statement also requires that an
employer's financial statements include certain disclosures about stock-based
compensation arrangements regardless of the method used to account for them.
The Statement is effective for financial statements for fiscal years that begin
after December 15, 1995. The Company has elected to continue to apply the
current stock based compensation methods pursuant to APB 25 and to furnish the
additional disclosures required by SFAS No. 123.
11
<PAGE> 13
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits.
(11.1) Statement re: computation of per share earnings
(27) Financial Data Schedule
b) Reports on Form 8-K.
None.
12
<PAGE> 14
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 thereunto duly authorized.
Date: May 3, 1996 ANESTA CORP.
By: /s/ WILLIAM C. MOELLER
------------------------------
William C. Moeller, President,
Chief Executive Officer and
Treasurer
(Authorized Signatory and
Principal Financial Officer)
By: /s/ ROGER P. EVANS
------------------------------
Roger P. Evans, Controller
(Principal Accounting Officer)
13
<PAGE> 15
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE NO.
- ------- ----------- --------
<S> <C> <C>
(11.1) Statement re: computation of per share earnings
(27) Financial Data Schedule
</TABLE>
<PAGE> 1
EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
---------------------------------------------
March 31, March 31,
1996 1995
----------------- -------------------
<S> <C> <C>
Loss before cumulative effect of change in accounting $ (1,795,597) $ (651,272)
Cumulative effect of change in accounting (1,041,047)
----------------- -------------------
Net loss $ (1,795,597) $ (1,692,319)
================= ===================
Weighted average common shares
outstanding in accordance with
generally accepted accounting
principles 7,220,909 7,146,424
----------------- -------------------
Loss per common share amounts--
Loss before cumulative effect of change in accounting $ (0.25) $ (0.09)
Cumulative effect of change in accounting (0.15)
----------------- -------------------
Net loss per common share $ (0.25) $ (0.24)
================= ===================
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM MARCH 31, 1996 10-Q
BALANCE SHEET AND STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH MARCH 31, 1996 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,981
<SECURITIES> 16,317
<RECEIVABLES> 425
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 19,092
<PP&E> 2,399
<DEPRECIATION> 540
<TOTAL-ASSETS> 22,338
<CURRENT-LIABILITIES> 728
<BONDS> 1,350
<COMMON> 7
0
0
<OTHER-SE> 19,904
<TOTAL-LIABILITY-AND-EQUITY> 22,338
<SALES> 20
<TOTAL-REVENUES> 395
<CGS> 7
<TOTAL-COSTS> 2,473
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 26
<INCOME-PRETAX> (1,795)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,796)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,796)
<EPS-PRIMARY> (.25)
<EPS-DILUTED> (.25)
</TABLE>
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