Summary Consolidated Financial Data (In Thousands, Except Per Share Data)
THREE MONTHS ENDED
YEAR ENDED SEPTEMBER 30, DECEMBER 31,
1992 1993 1994 1995 1996 1995 1996
CONSOLIDATED STATEMENTS
OF OPERATIONS DATA: (UNAUDITED)
Total revenues.......... $ 1,916 $ 3,371 $ 5,000 $ 7,364 $11,270 $ 2,510 $ 5,491 Total costs and expenses............... 7,663 9,333 11,197 13,417 15,838 3,666 5,388 Operating income (loss)................. (5,747) (5,962) (6,197) (6,053) (4,568) (1,156) 103 Net income (loss)....... (6,594) (6,336) (6,629) (7,020) (4,415) (1,126) 92 Pro forma net income (loss) per share(2).... $ (0.25) $ 0.01 Pro forma shares used in per share calculations(2)........ 17,432 20,018
DECEMBER 31, 1996
ACTUAL AS ADJUSTED(3)
CONSOLIDATED BALANCE
SHEET DATA: (UNAUDITED)
Cash, cash equivalents and marketable securities............. $ 10,928 $ Total assets............ 18,703 Total debt(4)........... 1,932 Stockholders' deficit... (11,657)
(1) Based on the number of shares of Common Stock outstanding as of December 31, 1996. Excludes 3,302,041 shares of Common Stock issuable upon the exercise of options outstanding under the Company's 1990 Stock Plan at December 31, 1996, with a weighted average exercise price of $1.62 per share, and 116,500 shares of Common Stock issuable upon the exercise of options granted under the Company's 1990 Stock Plan subsequent to December 31, 1996, with a weighted average exercise price of $7.73 per share. Also excludes (i) 1,000,000 shares of Common Stock reserved for issuance under the Company's 1997 Stock Plan, (ii) 400,000 shares of Common Stock reserved for issuance under the Company's 1997 Employee Stock Purchase Plan and (iii) 1,000,000 shares of Common Stock issuable upon exercise of an outstanding warrant at an exercise price of $10.00 per share. See "Capitalization," "Management--Stock Plans" and Notes 10 and 17 of Notes to Consolidated Financial Statements. (2) See Note 2 of Notes to Consolidated Financial Statements for an explanation of the determination of pro forma net income (loss) per share and the pro forma shares used in per share calculations. (3) Adjusted to reflect the sale by the Company of shares of Common Stock offered hereby at an assumed initial public offering price of $ per share, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by the Company. See "Use of Proceeds" and "Capitalization." (4) Total debt includes indebtedness for borrowed money and capital lease obligations.