Last10K.com

Affymax Inc (AFFY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Affymax Inc

CIK: 1158223 Ticker: AFFY

Exhibit 99.1

 

GRAPHIC

 

Corporate Contact:

Herb Cross

Chief Financial Officer

Affymax, Inc.

650-812-8847

 

AFFYMAX REPORTS FOURTH QUARTER AND YEAR-END 2012 FINANCIAL RESULTS

 

PALO ALTO, Calif., April 2, 2013 —

Affymax, Inc. (Nasdaq: AFFY) today reported financial results for the fourth quarter and year ended December 31, 2012.  The net loss for the fourth quarter of 2012 was $68.3 million (or ($1.85) per share) compared to a net loss of $29.4 million (or ($0.82) per share) for the fourth quarter of 2011.

 

On February 23, 2013, Affymax and its partner, Takeda Pharmaceutical Company Limited (Takeda) announced a nationwide voluntary recall of OMONTYS as a result of postmarketing reports regarding safety concerns, including anaphylaxis, which can be life-threatening or fatal.  We and Takeda are actively investigating the cause of these reactions but there can be no assurance that a solution will be found. As of the result of the recall, we re-evaluated a number of estimates made as of period-end and recorded financial statement adjustments to reflect changes in those estimates as to the recoverability of inventory and deposits made to our contract manufacturing organizations, or CMOs, potential losses on firm purchase commitments and changes in the short-term and long-term classification of certain liabilities.  In the aggregate, we recorded $45.0 million in impairment due to inventory and firm purchase commitments in the quarter ended December 31, 2012, with no comparable charge in the prior year.

 

Earlier this month, the Company began reorganizing its operations in order to significantly reduce operating costs and negotiating with Takeda to collaboratively focus on the OMONTYS safety and other related FDA issues associated with the recall of the product. In addition to the significant reduction in force of approximately 230 employees (75% of the Company’s workforce), including the commercial and medical affairs field forces as well as other officers and employees throughout the organization, the Company is continuing to transition many of the ongoing activities to Takeda and negotiating with Takeda on costs allocated between the parties under the collaboration arrangement. In connection with this restructuring, the Board

 


The following information was filed by Affymax Inc (AFFY) on Tuesday, April 2, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Affymax Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Affymax Inc.

Continue

Assess how Affymax Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Affymax Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Balance Sheets
Balance Sheets (parenthetical)
Statement Of Operations
Statement Of Stockholders' Equity
Statements Of Cash Flows
Statements Of Comprehensive Loss
Balance Sheet Components
Balance Sheet Components (accrued Liabilities) (details)
Balance Sheet Components (property And Equipment, Net) (details)
Balance Sheet Components (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies Commitments And Contingencies (details Textual)
Contractual Arrangements
Contractual Arrangements (details)
Development And Commercialization Agreements With Takeda
Development And Commercialization Agreements With Takeda (details)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (deferred Tax Assets) (details)
Income Taxes (details Textual)
Income Taxes (provision For Income Taxes) (details)
Income Taxes (reconciliation Of Federal Statutory Income Tax Rate) (details)
Income Taxes (reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Investments
Investments (details)
Investments (tables)
Loan And Security Agreement
Loan And Security Agreement (details)
Loan And Security Agreement (tables)
Quarterly Financial Data
Quarterly Financial Data (details Textual)
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Restructuring Charge
Restructuring Charge (details)
Restructuring Charge (tables)
Retirement Savings Plan
Retirement Savings Plan (details)
Stock-based Compensation
Stock-based Compensation (details Textual)
Stock-based Compensation (details)
Stock-based Compensation (restricted Stock Unit Activity) (details)
Stock-based Compensation (statements Of Operaitons) (details)
Stock-based Compensation (stock Options Outstanding And Exercisable) (details)
Stock-based Compensation (stock Options) (details)
Stock-based Compensation (tables)
Stockholder's Equity
Stockholder's Equity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (concentration Of Risk) (details)
Summary Of Significant Accounting Policies (inventory) (details)
Summary Of Significant Accounting Policies (net Loss Per Common Share) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property And Equipment) (details)
Summary Of Significant Accounting Policies (reclassifications) (details)
Summary Of Significant Accounting Policies (revenue Recognition) (details)
Summary Of Significant Accounting Policies (tables)
The Company
The Company (details)
Ticker: AFFY
CIK: 1158223
Form Type: 10-K Annual Report
Accession Number: 0001445305-13-000765
Submitted to the SEC: Mon Apr 01 2013 6:23:42 PM EST
Accepted by the SEC: Tue Apr 02 2013
Period: Monday, December 31, 2012
Industry: Pharmaceutical Preparations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/affy/0001445305-13-000765.htm