<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934. For the quarterly period ended June 30, 1997.
[ ] 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
Plaza 6, Suite 650
Salt Lake City, UT 84116
(801) 595-1405
(Address, including zip code, and telephone number,
including area code, of principal executive offices)
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 9,496,187
Class Outstanding at August 8, 1997
<PAGE> 2
ANESTA CORP.
INDEX
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION PAGE NO.
--------
<S> <C>
Balance Sheets -
June 30, 1997 (unaudited) and December 31, 1996 2
Statements of Operations -
for the three and six months ended June 30, 1997 and 1996 (unaudited)
and the period from inception (August 1, 1985)
to June 30, 1997 (unaudited) 3
Statements of Cash Flows -
for the six months ended June 30, 1997 and 1996 (unaudited)
and the period from inception (August 1, 1985) to
June 30, 1997 (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>
June 30, December 31,
ASSETS 1997 1996
------------ ------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 16,235,725 $ 22,807,608
Current portion of certificate of deposit 255,000 153,000
Marketable debt securities,
available-for-sale 18,235,191 17,173,950
Accounts receivable 89,278 485,648
Prepaid expenses and other current assets 758,167 291,983
------------ ------------
Total current assets 35,573,361 40,912,189
------------ ------------
Property and equipment, at cost:
Furniture and equipment 870,156 847,521
Leasehold improvements 1,477,929 1,476,743
Accumulated depreciation (735,829) (617,058)
------------ ------------
1,612,256 1,707,206
------------ ------------
Other assets:
Certificate of deposit 1,938,000 1,224,000
Other assets 506,295 115,474
------------ ------------
2,444,295 1,339,474
------------ ------------
Total assets $ 39,629,912 $ 43,958,869
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 465,740 $ 518,965
Accrued liabilities
Accrued compensation 400,130 332,020
Accrued research and development costs 200,000 200,000
Other 67,979 92,503
Current portion of notes payable 250,000 150,000
------------ ------------
Total current liabilities 1,383,849 1,293,488
Unearned advance royalty revenues 350,000 350,000
Notes payable 1,900,000 1,200,000
------------ ------------
Total liabilities 3,633,849 2,843,488
------------ ------------
Stockholders' equity:
Common stock, par value, $.001 per share; Authorized:
15,000,000 shares; Issued: 9,490,907
in 1997 and 9,440,129 in 1996 9,491 9,440
Additional paid-in capital 61,660,901 61,531,623
Deficit accumulated during the development stage (25,672,396) (20,413,153)
Treasury stock (345 shares), at cost (4,226) (4,226)
Notes receivable from issuance of common stock (7,000) (7,000)
Unrealized gain (loss) on marketable debt securities,
available-for-sale 9,293 (1,303)
------------ ------------
Total stockholders' equity 35,996,063 41,115,381
------------ ------------
Total liabilities and stockholders' equity $ 39,629,912 $ 43,958,869
============ ============
</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 Six months ended
---------------------------- --------------------------- Period from inception
June 30, June 30, June 30, June 30, (August 1, 1985) to
1997 1996 1997 1996 June 30, 1997
------------ ------------ ------------ ------------ --------------------
<S> <C> <C> <C> <C> <C>
Revenues:
Product sales $ 34,970 $ 30,366 $ 59,201 $ 49,950 $ 249,632
Royalty revenue 1,036 887 1,753 1,458 107,344
Revenues from contract research 375,000 750,000 9,978,931
------------ ------------ ------------ ------------ ------------
Total revenues 36,006 406,253 60,954 801,408 10,335,907
------------ ------------ ------------ ------------ ------------
Operating costs and expenses:
Cost of goods sold 10,122 9,387 17,144 15,440 84,833
Royalties 1,080 938 1,829 1,542 9,329
Research and development 1,532,848 1,961,339 3,349,299 3,755,914 26,195,061
Depreciation and amortization 59,628 60,210 119,188 120,198 946,744
Marketing, general and administrative 1,305,805 951,307 2,841,109 1,562,785 12,198,680
------------ ------------ ------------ ------------ ------------
Total costs and expenses 2,909,483 2,983,181 6,328,569 5,455,879 39,434,647
------------ ------------ ------------ ------------ ------------
Loss from operations (2,873,477) (2,576,928) (6,267,615) (4,654,471) (29,098,740)
Non operating income (expense):
Interest income 489,514 461,686 1,061,464 769,739 5,405,821
Interest expense (36,724) (31,248) (55,990) (57,261) (408,974)
Other 3,683 8,387 3,708 8,393 (35,653)
------------ ------------ ------------ ------------ ------------
Loss before provision for income
taxes, extraordinary item and cumulative
effect of change in accounting (2,417,004) (2,138,103) (5,258,433) (3,933,600) (24,137,546)
Provision for income taxes (810) (100) (24,215)
------------ ------------ ------------ ------------ ------------
Loss before extraordinary item and
cumulative effect of change in accounting (2,417,004) (2,138,103) (5,259,243) (3,933,700) (24,161,761)
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)
------------ ------------ ------------ ------------ ------------
Net loss $ (2,417,004) $ (2,138,103) $ (5,259,243) $ (3,933,700) $(25,180,512)
============ ============ ============ ============ ============
Loss per common share amounts--
Loss before extraordinary item and cumulative
effect of change in accounting $ (0.25) $ (0.27) $ (0.56) $ (0.52)
Cumulative effect of change in accounting
------------ ------------ ------------ ------------
Net loss per common share $ (0.25) $ (0.27) $ (0.56) $ (0.52)
============ ============ ============ ============
Shares used in computing net
loss per common share 9,485,378 7,951,101 9,473,810 7,586,005
============ ============ ============ ============
</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>
Six months ended
-------------------------------- Period from inception
June 30, June 30, (August 1, 1985) to
1997 1996 June 30, 1997
-------------- -------------- --------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (5,259,243) $ (3,933,700) $ (25,180,512)
Adjustments to reconcile net loss to net cash
used in operating activities
Cumulative effect of change in accounting 1,041,047
Depreciation and amortization 119,188 120,198 946,744
Debt conversion expense 101,330
Interest converted to equity 94,104
Compensatory stock options and stock 3,539
(Gain) loss on retirement of assets 302 (8,387) 62,680
Increase (decrease) due to changes in:
Accounts receivable 396,369 (48,479) (89,278)
Prepaid expenses and other current assets (466,184) (339,748) (758,167)
Other assets (390,821) 1,229 (508,873)
Accounts payable (53,225) 193,692 465,740
Accrued liabilities 43,586 (88,990) 668,109
Unearned advance royalty revenues 350,000
-------------- -------------- --------------
Net cash used in operating activities (5,610,028) (4,104,185) (22,803,537)
-------------- -------------- --------------
Cash flows from investing activities:
Capital expenditures (24,564) (24,856) (2,345,152)
Proceeds from sale of assets 25 150 10,250
Costs associated with license agreements (1,109,533)
Advances to employees (1,650)
Purchase of marketable debt securities,
available-for-sale (6,030,428) (5,384,626) (45,657,963)
Proceeds from sale of marketable debt securities,
available-for-sale 4,979,783 8,363,528 27,413,661
Purchase of treasury bills (1,174,419)
Proceeds from maturity of treasury bills 1,174,419
Purchase of certificate of deposit (816,000) (2,346,000)
Proceeds from maturity of certificate of deposit 153,000
-------------- -------------- --------------
Net cash provided by (used in) investing activities: (1,891,184) 2,954,196 (23,883,387)
-------------- -------------- --------------
Cash flows from financing activities:
Principal payments on notes payable (187,500)
Proceeds from issuance of notes payable 800,000 3,337,700
Principal payments on obligations under capital leases (12,983) (194,488)
Proceeds from issuance of common stock 129,329 28,263,858 59,921,702
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 929,329 28,250,875 62,922,649
-------------- -------------- --------------
Net increase (decrease) in cash and cash equivalents (6,571,883) 27,100,886 16,235,725
Cash and cash equivalents at beginning of period 22,807,608 3,540,147
-------------- -------------- --------------
Cash and cash equivalents at end of period $ 16,235,725 $ 30,641,033 $ 16,235,725
============== ============== ==============
</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>
Six months ended
--------------------------- Period from inception
June 30, June 30, (August 1, 1985) to
1997 1996 June 30, 1997
------------ ----------- ----------------------
<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 June 30, 1997, and the
results of its operations for the three and six months ended June 30,
1997 and 1996 and for the period from inception (August 1, 1985) to
June 30, 1997, and its cash flows for the six months ended June 30,
1997 and 1996 and for the period from inception (August 1, 1985) to
June 30, 1997. 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,
1996.
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 June 30, 1997 has not been
presented as such information is not considered to be relevant or
meaningful.
2. Cash and Cash Equivalents and Marketable Debt Securities:
At June 30, 1997, the Company maintained a majority of its cash and
cash equivalents and marketable debt securities in two banks in San
Francisco, California.
3. Income Taxes:
The provision for income taxes for the six months ended June 30, 1997
and 1996 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 Agreements:
On January 11, 1995, the Company entered into a revolving/term
promissory note in the amount of $1.5 million and 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. Additionally,
on March 20, 1997 the Company entered into a 8 year term note for an
additional $800,000, for a total of $2.3 million. The agreements
provide for a constant interest rate of "160 basis points" above the
financial institution's certificate of deposit rate (5.25% at June 30,
1997). As of June 30, 1997 one payment in the amount of $150,000 had
been made leaving a balance of $2,150,000. A second payment of $150,000
will be made on July 15, 1997 and thereafter, yearly payments of
$250,000 will be made on approximately July 15 of the next 8 years
beginning on July 15, 1998. Borrowings under the agreement are
collateralized by a certificate of deposit in the amount of $2,193,000,
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 provided $1,500,000 of funding to further the
clinical development of Actiq(TM) to treat cancer-related pain (the
"Actiq Cancer Pain Program"). Under the agreement, the Company provided
additional funding required for this program during the year ended
December 31, 1996 and completed certain program milestones.
7
<PAGE> 9
ANESTA CORP.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS, Continued
(Unaudited)
---------
6. Stockholders' Equity:
The table below presents the activity in stockholders' equity
from January 1, 1997 to June 30, 1997:
<TABLE>
<CAPTION>
Deficit
Common Stock 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, 1997 $ 9,440,129 $ 9,440 $61,531,623 $(20,413,153) $ 345 $ (4,226)
Exercise of stock options in Feb. 1997
(at $.80 per share) 28,563 28 22,822
Exercise of stock options in Mar. 1997
(at $.80 to $6.75 per share) 10,250 11 18,765
Exercise of stock options in Apr. 1997
(at $1.00 per share) 400 400
Exercise of stock options in May 1997
(at $5.00 to $11.00 per share) 7,578 8 64,139
Exercise of stock options in June 1997
(at $.80 to $12.75 per share) 3,987 4 23,152
Net change in unrealized gain on
marketable debt securities, available-
for-sale
Net loss (5,259,243)
----------- ----------- ----------- ------------ ----------- -----------
Balance at June 30, 1997 $ 9,490,907 $ 9,491 $61,660,901 $(25,672,396) $ 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, 1997 $ (7,000) $ (1,303) $41,115,381
Exercise of stock options in Feb. 1997
(at $.80 per share) 22,850
Exercise of stock options in Mar. 1997
(at $.80 to $6.75 per share) 18,776
Exercise of stock options in Apr. 1997
(at $1.00 per share) 400
Exercise of stock options in May 1997
(at $5.00 to $11.00 per share) 64,147
Exercise of stock options in June 1997
(at $.80 to $12.75 per share) 23,156
Net change in unrealized gain on
marketable debt securities, available-
for-sale 10,596 10,596
Net loss (5,259,243)
----------- ----------- -----------
Balance at June 30, 1997 $ (7,000) $ 9,293 $35,996,063
=========== =========== ===========
</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 $370,200 or 91.1% for the three months ended June
30, 1997 as compared to the corresponding period in 1996 and by $740,500 or
92.4% for the six months ended June 30, 1997 as compared to the corresponding
period in 1996. The decrease is primarily a result of the completion of funding
by Abbott in 1996 under a collaborative funding agreement. Substantially all
revenues in the period ended June 30, 1996 were from development funding under a
collaborative agreement with Abbott relating to the Actiq cancer pain program.
Under the Company's agreements with Abbott, Abbott manufactures Anesta's
OT-fentanyl product line (Fentanyl Oralet(R) and Actiq) and sells these
products to the Company at a price which reflects Abbott's cost of
manufacturing. The Company then sells the products to Abbott at a price related
to Abbott's selling price which results in a gross profit to the Company
ranging from approximately 40-70%. In addition, the Company is entitled to
receive a royalty on OT-fentanyl product sales by Abbott.
Operating Expenses.
Research and development expenses decreased by $428,500 or 21.8% for the three
months ended June 30, 1997 as compared to the corresponding period in 1996 and
by $406,600 or 10.8% for the six months ended June 30, 1997 as compared to the
corresponding period in 1996. The decrease in research and development expenses
is due to higher expenditures in 1996 related to the Actiq cancer pain clinical
research program. The Company expects that its research and development
expenses will increase in the future as a result of increased expenses related
to the hiring of additional personnel, preclinical studies, clinical trials,
product development and manufacturing process development activities.
Depreciation expense decreased by $600 or 1.0% for the three months ended June
30, 1997 as compared to the corresponding period in 1996 and by $1,000 or 0.8%
for the six months ended June 30, 1997 as compared to the corresponding period
in 1996.
Marketing, general and administrative expenses increased by $354,500 or 37.3%
for the three months ended June 30, 1997 as compared to the corresponding
period in 1996 and by $1,278,300 or 81.8% for the six months ended June 30,
1997 as compared to the corresponding period in 1996. The increase in
marketing, general and administrative expenses is due primarily to higher
expenditures for personnel, corporate development activities, marketing
research, Actiq pre-marketing activities, and equipment leasing. The Company
expects that its marketing and general and administrative expenses will
increase in the future as a result of the increased support required for
marketing research, Actiq pre-launch market development and market launch
activities, and corporate development activities.
9
<PAGE> 11
Non Operating Income (Expense).
Interest income increased by $27,800 or 6.0% for the three months ended June
30, 1997 as compared to the corresponding period in 1996 and by $291,700 or
37.9% for the six months ended June 30, 1997 as compared to the corresponding
period in 1996. The increase is primarily due to invested net proceeds of
$27,858,225 from the Company's secondary offering in June 1996.
Interest expense increased by $5,500 or 17.6% for the three months ended June
30, 1997 as compared to the corresponding period in 1996 and decreased by
$1,300 or 2.3% for the six months ended June 30, 1997 as compared to the
corresponding period in 1996. The increase for the three months ended June 30,
1997 is primarily due to increased borrowings under the term note (See Note 4
to Financial Statements) and the decrease for the six months ended June 30,
1997 is primarily due to a lower balance of capital lease obligations.
Net Loss.
As a result of the decrease in total revenues, marketing, general and
administrative activities and other factors discussed above, the net loss for
the three months ended June 30, 1997 was $2,417,000 or $0.25 per share as
compared to $2,138,100 or $0.27 per share for the same period in 1996. The net
loss for the six months ended June 30, 1997 was $5,259,200 or $0.56 per share
as compared to $3,933,700 or $0.52 per share for the same period in 1996
LIQUIDITY AND CAPITAL RESOURCES
In June 1996 the Company realized net proceeds of $27,858,225 through the
issuance of common stock in a secondary offering. As of June 30, 1997, the
Company had cash and cash equivalents totaling $16,235,700, $2,193,000 in a
certificate of deposit used as collateral for a revolving/term loan (See Note 4
to Financial Statements) and $18,235,200 in marketable debt securities which
are available for sale. Thus cash, cash equivalents, certificate of deposit and
marketable debt securities totaled $36,663,916 as of June 30, 1997. 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 $5,610,000 for the six months
ended June 30, 1997 compared to $4,104,200 for the corresponding period in
1996. The increase in cash used in the period is a direct result of the
increase in marketing, general and administrative activities discussed above.
During the six months ended June 30, 1997, the Company made capital
expenditures of approximately $24,600, as compared to capital expenditures of
$24,900 during the corresponding period in 1996.
During the six months ended June 30, 1997, the Company realized cash proceeds
of $129,300 relating to the exercise of stock options as compared to $205,300
during the corresponding period in 1996.
During the six months ended June 30, 1997, the Company made no principal
payments on capital lease obligations as compared to $13,000 for the
corresponding period in 1996.
10
<PAGE> 12
The Company expects to continue to incur substantial expenses related to the
continuation and expansion of research and development, including clinical
trials, and increased marketing, general and administrative activities over at
least the next several years. The Company anticipates that the existing cash,
cash equivalents and marketable debt securities, and interest earned thereon
provides adequate working capital through 1999.
The Company's working capital requirements may change depending on numerous
factors, including the following; the progress of the Company's research and
development programs, the results of clinical studies, the number and nature of
individual products and new 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.
11
<PAGE> 13
Part II. Other Information
Item 4. Submission of Matters to a Vote of Security Holders
The Annual Meeting of Stockholders was held on June 17, 1997, at which the
stockholders elected eight directors to each serve until the next annual
meeting of stockholders and until his successor is elected and has qualified or
until such director's death, resignation or removal. Stockholders also approved
amendments to the Company's 1993 Stock Option Plan and the Company's 1993
Non-Employee Directors' Stock Option Plan and stockholders ratified the
selection of Coopers & Lybrand L.L.P. as independent auditors of the Company
for its fiscal year ending December 31, 1997. Votes were cast as follows:
<TABLE>
<CAPTION>
Votes Against
Votes For Or Withheld Votes Abstained Broker Non-Votes
--------- ----------- --------------- ----------------
<S> <C> <C> <C> <C>
Election of Directors:
Edwin M. Kania, Jr. 8,356,326 254,520 Not Applicable Not Applicable
Thomas B. King 8,356,526 254,320 Not Applicable Not Applicable
Richard H. Leazer 8,356,326 254,520 Not Applicable Not Applicable
William C. Moeller 8,356,526 254,320 Not Applicable Not Applicable
Emanuel M. Papper 7,718,216 892,630 Not Applicable Not Applicable
Daniel L. Kisner 8,354,326 256,520 Not Applicable Not Applicable
Theodore H. Stanley 8,356,526 254,320 Not Applicable Not Applicable
Richard P. Urfer 8,356,526 254,320 Not Applicable Not Applicable
Approval of an amendment
to the Company's 1993
Stock Option Plan 4,478,336 2,834,736 10,350 1,287,424
Approval of an amendment
to the Company's 1993
Non-Employee Directors'
Stock Option Plan 7,675,683 723,482 8,251 203,430
Ratification of Coopers &
Lybrand L.L.P. as independent
auditors for the fiscal year
ending December 31, 1997 8,608,346 100 24,430 None
</TABLE>
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits.
(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: August 13, 1997 ANESTA CORP.
By: /s/ William C. Moeller
---------------------------------
William C. Moeller, Chief
Executive Officer and
Treasurer
(Authorized Signatory and
Principal Financial Officer)
By: /s/ Roger P. Evans
---------------------------------
Roger P. Evans, Controller
(Principal Accounting Officer)
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 16,236
<SECURITIES> 18,235
<RECEIVABLES> 89
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 35,573
<PP&E> 2,348
<DEPRECIATION> 736
<TOTAL-ASSETS> 39,630
<CURRENT-LIABILITIES> 1,384
<BONDS> 1,900
0
0
<COMMON> 9
<OTHER-SE> 35,987
<TOTAL-LIABILITY-AND-EQUITY> 39,630
<SALES> 59
<TOTAL-REVENUES> 61
<CGS> 19
<TOTAL-COSTS> 6,329
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 56
<INCOME-PRETAX> (5,258)
<INCOME-TAX> 1
<INCOME-CONTINUING> (5,259)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,259)
<EPS-PRIMARY> (0.56)
<EPS-DILUTED> (0.56)
</TABLE>
