SEC Comment Letter for Vaxart, Inc. (VXRT) (CIK 0000072444) (VXRT) — Jul 3, 2007
Vaxart, Inc. (VXRT) (CIK 0000072444)
Date: July 3, 2007 · CIK: 0000072444 · Accession: 0000000000-07-032381
AI Filing Summary & Sentiment
Reasoning
Letter
Via Facsimile and U.S. Mail Mail Stop 6010 July 3, 2007 Leslie Hudson, Ph.D. Chief Executive Officer and President Nabi Biopharmaceuticals 5800 Park of Commer ce Boulevard N.W. Boca Raton, FL 33487
Re: Nabi Biopharmaceuticals Form 10-K for Fiscal Year Ended December 30, 2006 File No. 0-04829
Dear Dr. Hudson:
We have reviewed your filing and have the following comments. We have limited our review to only your financial stat ements and related disclosures and do not intend to expand our review to other portions of your documents. In our comments, we ask you to provide us with more inform ation so we may better understand your disclosure. After reviewing this information, we may raise additional comments.
Please understand that the purpose of our re view process is to assist you in your compliance with the applicable disclosure requirements and to enhance the overall disclosure in your filings. We look forward to working with you in these respects. We welcome any questions you may have about our comment or any other aspect of our review. Feel free to call us at the telephone numbers listed at the end of this letter.
Form 10-K for the year ended December 30, 2006
Notes to Consolidated Financial Statements
Note 2: Summary of Significant Accounting Policies
Property, plant and equipment, page 76
1. You disclose that you depreciate certain specialized production equipment in your Florida biopharmaceutical manufacturing facility using the units-of-production method with a minimum recorded of 60% of the amount determined under the straight-line method. You also disclose that you have recorded the minimum amount of depreciation in each period since you placed the facility into service. It also appears based on your disclosure in Note 6 on page 82 that the amount of
Leslie Hudson, Ph.D. Nabi Biopharmaceuticals July 3, 2007 Page 2 your adjustment to the minimum in each peri od is material. Please provide us in a disclosure-type format, revised disclosure that explains why it is appropriate to record only 60% of the amount that w ould be recorded under the straight-line method. Separately reference for us the authoritative literat ure you rely upon to support your accounting.
Exhibits 31: Certifications
2. Please represent to us that in future periodic report filings you will provide the wording of the certifications exactly as presented in Item 601(b)(31) of Regulation S-K. In this regard, your most recent certifications include the adjectives “annual” and “quarterly” when identifying the report covered by the certifications. Please remove thes e adjectives in future filings.
Please respond to these comments within 10 business days or tell us when you will provide us with a response. Please s ubmit a letter that keys your responses to our comments and provides the requested information. Detailed letters greatly facilitate our review. Please furnish your letter to us via EDGAR under the form type label CORRESP.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all in formation required under the Securities Exchange Act of 1934 and th at they have provided all information investors require for an informed invest ment decision. Since the company and its management are in possession of all facts re lating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
In connection with responding to our co mments, please provide, in your letter, a statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
In addition, please be advise d that the Division of Enfo rcement has access to all information you provide to the staff of the Divi sion of Corporation Fi nance in our review of your filing or in response to our comments on your filing.
Leslie Hudson, Ph.D. Nabi Biopharmaceuticals July 3, 2007 Page 3 If you have any questions, please co ntact Mark Brunhofer , Senior Staff Accountant, at (202) 551-3638. In this regard, do not hesita te to contact me, at (202) 551-3679.
Sincerely,
Jim B. Rosenberg
Senior Assistant Chief
Accountant
Show Raw Text
Via Facsimile and U.S. Mail
Mail Stop 6010
July 3, 2007
Leslie Hudson, Ph.D.
Chief Executive Officer and President
Nabi Biopharmaceuticals
5800 Park of Commer ce Boulevard N.W.
Boca Raton, FL 33487
Re: Nabi Biopharmaceuticals
Form 10-K for Fiscal Year Ended December 30, 2006
File No. 0-04829
Dear Dr. Hudson:
We have reviewed your filing and have the following comments. We have
limited our review to only your financial stat ements and related disclosures and do not
intend to expand our review to other portions of your documents. In our comments, we
ask you to provide us with more inform ation so we may better understand your
disclosure. After reviewing this information, we may raise additional comments.
Please understand that the purpose of our re view process is to assist you in your
compliance with the applicable disclosure requirements and to enhance the overall
disclosure in your filings. We look forward to working with you in these respects. We
welcome any questions you may have about our comment or any other aspect of our
review. Feel free to call us at the telephone numbers listed at the end of this letter.
Form 10-K for the year ended December 30, 2006
Notes to Consolidated Financial Statements
Note 2: Summary of Significant Accounting Policies
Property, plant and equipment, page 76
1. You disclose that you depreciate certain specialized production equipment in your
Florida biopharmaceutical manufacturing facility using the units-of-production
method with a minimum recorded of 60% of the amount determined under the
straight-line method. You also disclose that you have recorded the minimum amount of depreciation in each period since you placed the facility into service. It
also appears based on your disclosure in Note 6 on page 82 that the amount of
Leslie Hudson, Ph.D.
Nabi Biopharmaceuticals
July 3, 2007
Page 2
your adjustment to the minimum in each peri od is material. Please provide us in a
disclosure-type format, revised disclosure that explains why it is appropriate to record only 60% of the amount that w ould be recorded under the straight-line
method. Separately reference for us the authoritative literat ure you rely upon to
support your accounting.
Exhibits 31: Certifications
2. Please represent to us that in future periodic report filings you will provide the wording of the certifications exactly as presented in Item 601(b)(31) of Regulation S-K. In this regard, your most recent certifications include the adjectives “annual” and “quarterly” when identifying the report covered by the
certifications. Please remove thes e adjectives in future filings.
Please respond to these comments within 10 business days or tell us when you
will provide us with a response. Please s ubmit a letter that keys your responses to our
comments and provides the requested information. Detailed letters greatly facilitate our
review. Please furnish your letter to us via EDGAR under the form type label
CORRESP.
We urge all persons who are responsible for the accuracy and adequacy of the
disclosure in the filing to be certain that the filing includes all in formation required under
the Securities Exchange Act of 1934 and th at they have provided all information
investors require for an informed invest ment decision. Since the company and its
management are in possession of all facts re lating to a company’s disclosure, they are
responsible for the accuracy and adequacy of the disclosures they have made.
In connection with responding to our co mments, please provide, in your letter, a
statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the
filing;
staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United
States.
In addition, please be advise d that the Division of Enfo rcement has access to all
information you provide to the staff of the Divi sion of Corporation Fi nance in our review
of your filing or in response to our comments on your filing.
Leslie Hudson, Ph.D.
Nabi Biopharmaceuticals
July 3, 2007
Page 3
If you have any questions, please co ntact Mark Brunhofer , Senior Staff
Accountant, at (202) 551-3638. In this regard, do not hesita te to contact me, at (202)
551-3679.
Sincerely,
Jim B. Rosenberg
Senior Assistant Chief
Accountant