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SEC Filings

S-1/A
OREXIGEN THERAPEUTICS, INC. filed this Form S-1/A on 04/09/2007
Entire Document
 
Table of Contents

 
OREXIGEN THERAPEUTICS, INC.
(a development stage company)

NOTES TO FINANCIAL STATEMENTS — (Continued)

4.   Investment Securities, Available-for-Sale

 
The Company invests its excess cash in investment securities, principally debt instruments of financial institutions and corporations with strong credit ratings. A summary of the estimated fair value of investment securities, available-for-sale, is as follows at December 31, 2005 and 2006:
 
                                     
            Unrealized    
December 31, 2005
 
Maturity in Years
  Amortized Cost   Gains   Losses   Fair Value
 
Corporate debt obligations
  Less than 1-3   $ 18,954,535     $ 224     $ (47,572 )   $ 18,907,187  
                                     
 
                                     
              Unrealized        
December 31, 2006
 
Maturity in Years
  Amortized Cost     Gains     Losses     Fair Value  
 
Corporate debt obligations
  Less than 1   $ 31,819,626     $ 11,168     $     $ 31,830,794  
Corporate debt obligations
  Various through 2009     1,249,435       265             1,249,700  
                                     
          33,069,061       11,433             33,080,494  
Less cash equivalents
        18,092,324                       18,092,324  
                                     
Amounts classified as investments
      $ 14,976,737     $ 11,433     $     $ 14,988,170  
                                     
 
The unrealized losses on these investments at December 31, 2005 were caused by interest rate increases and not credit quality. The Company has determined the unrealized losses to be temporary since the duration of the decline in value of the investments has been short and the extent of the decline has not been significant.
 
5.   Property and Equipment
 
Property and equipment consists of the following:
 
                     
        December 31,  
    Useful Life   2005     2006  
 
Furniture and fixtures
  5   $     $ 310,859  
Computer and equipment
  3 to 5     25,085       105,104  
Leasehold improvements
  5           36,432  
Laboratory equipment
  5     125,890       125,890  
                     
          150,975       578,285  
Accumulated depreciation
        (5,575 )     (50,208 )
                     
Equipment, net
      $ 145,400     $ 528,077  
                     


F-17