1998 Financial Statements

The following information is excerpted from Noven's 1998 Annual Report to Shareholders.

Balance Sheets

At December 31, 1998 1997
(in thousands except share amounts)

Assets

Current Assets:

1998
1997
  Cash and cash equivalents

$  5,573

$ 11,268

  Securities held to maturity

—

5,880

  Accounts receivable (less allowance for doubtful   accounts of $268 in 1998 and $237 in 1997)

3,044

1,225

  Due from Vivelle Ventures LLC

3,489

—

  Inventories

2,733

2,501

  Prepaid and other current assets

421

282

15,260

21,156

Property, Plant and Equipment:

  Property, plant and equipment, at cost

20,376

18,990

  Less: accumulated depreciation and amortization

4,859

3,747

15,517

15,243

Other Assets:

  Investment in Vivelle Ventures LLC

7,500

—

  Patent development costs, net

1,765

1,761

  Deposit and other assets

114

64

9,379

1,825

$ 40,156

$ 38,224

 

Liabilities and Stockholders’ Equity
Current Liabilities:		  
  Accounts payable

$  4,954

$  2,163

  Note payable

179

—

  Accrued compensation and related liabilities

913

220

  Other accrued liabilities

141

90

6,187

2,473

Deferred License Revenue

5,644

5,870

Commitments and Contingencies (Note 7)

—

—

11,831

8,343

Stockholders’ Equity:
  Preferred stock—authorized 100,000 shares of $.01   par value; no shares issued or outstanding

—

—

  Common stock—authorized 40,000,000 shares of   $.0001 par value; issued and outstanding   21,482,423 in 1998 and 20,475,531 in 1997

2

2

  Additional paid-in capital

66,669

64,146

  Accumulated deficit

(37,683)

(33,604)

  Treasury stock, 97,100 shares, at cost

(663)

(663)

28,325

29,881

$ 40,156

$ 38,244

See accompanying notes to financial statements.

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Copyright ©  1999 Noven Pharmaceuticals, Inc. All rights reserved.