2017 Q4 Form 10-K Financial Statement

#000114420418033269 Filed on June 07, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q1 2017
Revenue $74.00K $2.717M $59.00K
YoY Change -98.03% 1112.95% -98.68%
Cost Of Revenue $0.00 $130.0K $128.0K
YoY Change -100.0% 30.0% -71.62%
Gross Profit $70.00K $2.590M $2.838M
YoY Change -98.07% 2058.33% -29.28%
Gross Profit Margin 94.59% 95.33% 4810.17%
Selling, General & Admin $920.0K $1.296M $4.342M
YoY Change -17.86% -42.3% -33.36%
% of Gross Profit 1314.29% 50.04% 153.0%
Research & Development $910.0K $711.0K $3.721M
YoY Change 18.18% -29.88% -7.62%
% of Gross Profit 1300.0% 27.45% 131.11%
Depreciation & Amortization $70.00K $80.00K $100.0K
YoY Change -22.22% 135.29% 0.0%
% of Gross Profit 100.0% 3.09% 3.52%
Operating Expenses $1.830M $2.007M $8.063M
YoY Change -3.68% -38.44% -23.53%
Operating Profit -$1.754M $582.0K -$5.200M
YoY Change -201.45% -118.55% -20.7%
Interest Expense -$120.0K $177.0K -$592.0K
YoY Change -40.0% -28.92% -166.29%
% of Operating Profit 30.41%
Other Income/Expense, Net $0.00 -$177.0K $0.00
YoY Change -28.05% -100.0%
Pretax Income -$1.870M $405.0K -$5.817M
YoY Change -222.22% -111.97% -21.26%
Income Tax -$26.74M $0.00 -$135.0K
% Of Pretax Income 0.0%
Net Earnings -$1.738M $405.0K -$5.682M
YoY Change -213.3% -111.97% -23.09%
Net Earnings / Revenue -2348.65% 14.91% -9630.51%
Basic Earnings Per Share -$0.08 $0.03
Diluted Earnings Per Share -$0.08 $0.03 -$357.3K
COMMON SHARES
Basic Shares Outstanding 11.91M shares
Diluted Shares Outstanding 12.08M shares 15.90M shares

Balance Sheet

Concept 2017 Q4 2017 Q1 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.220M $3.840M $2.220M
YoY Change -17.2% -65.0% -17.2%
Cash & Equivalents $2.220M $3.843M $2.220M
Short-Term Investments
Other Short-Term Assets $280.0K $2.800M $275.0K
YoY Change -89.89% 833.33% -90.07%
Inventory $0.00 $0.00 $0.00
Prepaid Expenses
Receivables $0.00 $40.00K $0.00
Other Receivables $70.00K $50.00K $71.00K
Total Short-Term Assets $2.566M $6.738M $2.566M
YoY Change -56.58% -42.06% -56.58%
LONG-TERM ASSETS
Property, Plant & Equipment $679.0K $739.0K $679.0K
YoY Change -21.68% -28.25% -21.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.038M $2.118M $2.038M
YoY Change -11.31% -24.09% -11.31%
TOTAL ASSETS
Total Short-Term Assets $2.566M $6.738M $2.566M
Total Long-Term Assets $2.038M $2.118M $2.038M
Total Assets $4.604M $8.856M $4.604M
YoY Change -43.91% -38.59% -43.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000K $209.0K $3.000K
YoY Change -96.1% -45.0% -96.1%
Accrued Expenses $939.0K $1.040M $1.639M
YoY Change 33.57% -14.05% 133.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.694M $2.798M $2.694M
YoY Change 13.38% 8.66% 13.38%
Total Short-Term Liabilities $4.631M $4.403M $4.631M
YoY Change 32.81% -0.61% 32.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.142M $0.00
YoY Change -100.0% -55.47% -100.0%
Other Long-Term Liabilities $0.00 $600.0K $0.00
YoY Change -100.0% 39.53% -100.0%
Total Long-Term Liabilities $0.00 $2.142M $0.00
YoY Change -100.0% -59.12% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.631M $4.403M $4.631M
Total Long-Term Liabilities $0.00 $2.142M $0.00
Total Liabilities $4.631M $7.143M $4.631M
YoY Change -34.08% -26.13% -34.08%
SHAREHOLDERS EQUITY
Retained Earnings -$380.4M -$374.3M
YoY Change 1.52%
Common Stock $380.4M $376.0M
YoY Change 1.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$27.00K $1.713M -$27.00K
YoY Change
Total Liabilities & Shareholders Equity $4.604M $8.856M $4.604M
YoY Change -43.91% -38.59% -43.91%

Cashflow Statement

Concept 2017 Q4 2017 Q1 2017
OPERATING ACTIVITIES
Net Income -$1.738M $405.0K -$5.682M
YoY Change -213.3% -111.97% -23.09%
Depreciation, Depletion And Amortization $70.00K $80.00K $100.0K
YoY Change -22.22% 135.29% 0.0%
Cash From Operating Activities -$1.620M $1.298M -$4.510M
YoY Change -191.01% -167.6% -18.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $310.0K $309.0K
YoY Change -90.25% -97.16%
Cash From Investing Activities $0.00 $309.0K $309.0K
YoY Change -90.13% -97.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -950.0K -$445.0K $1.240M
YoY Change 9.2% 8.54% -148.84%
NET CHANGE
Cash From Operating Activities -1.620M $1.298M -$4.510M
Cash From Investing Activities 0.000 $309.0K $309.0K
Cash From Financing Activities -950.0K -$445.0K $1.240M
Net Change In Cash -2.570M $1.162M -$2.961M
YoY Change -382.42% 45.25% -209.83%
FREE CASH FLOW
Cash From Operating Activities -$1.620M $1.298M -$4.510M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.620M $1.298M -$4.510M
YoY Change -190.5% -165.92% -20.01%

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2000 USD
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2556000 USD
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0 USD
CY2017Q4 us-gaap Operating Loss Carryforwards
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167700000 USD
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57000 USD
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332000 USD
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600000 shares
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0 USD
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2500000 USD
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CY2017Q4 us-gaap Income Taxes Receivable Noncurrent
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135000 USD
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CY2017 us-gaap Inventory Write Down
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CY2017 us-gaap Investment Income Nonoperating
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CY2016 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
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4000000 USD
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2135000 USD
CY2017Q2 us-gaap Costs And Expenses
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2083000 USD
CY2017Q3 us-gaap Costs And Expenses
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2145000 USD
CY2017Q4 acur Cash Cash Equivalent And Marketable Securities
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2200000 USD
CY2017Q4 acur Working Capital
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2100000 USD
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1828000 USD
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582000 USD
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EarningsPerShareBasic
0.03
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EarningsPerShareBasic
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405000 USD
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0 USD
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7000 USD
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11834000 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20796000 shares
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <strong><i>Reclassifications</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Certain reclassifications have been made to the prior year&#8217;s amounts to conform to the current year's presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.2in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <strong><i>Use of Estimates</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <strong><i>Concentration of Credit Risk</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions which are in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-105000 USD
CY2017 acur Effective Income Tax Rate Reconciliation Tax Credit Federal Research Amount
EffectiveIncomeTaxRateReconciliationTaxCreditFederalResearchAmount
70000 USD
CY2016 acur Effective Income Tax Rate Reconciliation Tax Credit Federal Research Amount
EffectiveIncomeTaxRateReconciliationTaxCreditFederalResearchAmount
0 USD
CY2017 acur Effective Income Tax Rate Reconciliation Tax Credit Federal Alternative Minimum Tax Amount
EffectiveIncomeTaxRateReconciliationTaxCreditFederalAlternativeMinimumTaxAmount
135000 USD
CY2016 acur Effective Income Tax Rate Reconciliation Tax Credit Federal Alternative Minimum Tax Amount
EffectiveIncomeTaxRateReconciliationTaxCreditFederalAlternativeMinimumTaxAmount
0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
26603000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1231000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1161000 USD
CY2017Q4 acur Deferred Tax Assets State Research Tax Credit Carryforwards
DeferredTaxAssetsStateResearchTaxCreditCarryforwards
0 USD
CY2016Q4 acur Deferred Tax Assets State Research Tax Credit Carryforwards
DeferredTaxAssetsStateResearchTaxCreditCarryforwards
159000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2512000 USD
CY2017Q1 acur License Agreement Option Products Description
LicenseAgreementOptionProductsDescription
In addition, MainPointe has the option to add to the MainPointe Agreement certain additional products, or Option Products, containing PSE and utilizing the Impede technology for a fee of $500 thousand per product (for all product strengths). Such Option Products include the product candidate Loratadine with pseudoephedrine. If the territory has been expanded prior to the exercise of a product option, the option fee will be increased to $750 thousand per product. If the territory is expanded after the payment of the $500 thousand product option fee, a one-time $250 thousand fee will be due for each product. If a third party is interested in developing or licensing rights to an Option Product, MainPointe must exercise its option for that product or its option rights for such product will terminate.
CY2017 acur Agreement Termination Notice Description
AgreementTerminationNoticeDescription
Egalet may terminate the Egalet Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Egalets launch of Oxaydo. Termination does not affect a partys rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Egalet Agreement provides for the transition of development and marketing of Oxaydo from Egalet to us, including the conveyance by Egalet to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Egalets supply of Oxaydo for a transition period.
CY2017Q4 acur Accrued Cost Sharing Expenses Clinical Studies
AccruedCostSharingExpensesClinicalStudies
328000 USD
CY2016Q4 acur Accrued Cost Sharing Expenses Clinical Studies
AccruedCostSharingExpensesClinicalStudies
150000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2807000 USD
CY2017Q4 acur Impairment Of Property Plant And Equipment Reserve
ImpairmentOfPropertyPlantAndEquipmentReserve
0 USD
CY2016Q4 acur Impairment Of Property Plant And Equipment Reserve
ImpairmentOfPropertyPlantAndEquipmentReserve
-82000 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2016 us-gaap Depreciation
Depreciation
100000 USD
CY2017Q4 acur Accrued Cost Sharing Expenses
AccruedCostSharingExpenses
328000 USD
CY2016Q4 acur Accrued Cost Sharing Expenses
AccruedCostSharingExpenses
150000 USD
CY2017Q4 acur Accrued Other Professional Fees Current
AccruedOtherProfessionalFeesCurrent
326000 USD
CY2016Q4 acur Accrued Other Professional Fees Current
AccruedOtherProfessionalFeesCurrent
131000 USD
CY2017 acur Inventory Reserve Expense
InventoryReserveExpense
32000 USD
CY2016 acur Inventory Reserve Expense
InventoryReserveExpense
96000 USD
CY2013Q4 us-gaap Secured Debt
SecuredDebt
10000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
4000000 USD
CY2017 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15790000 shares
CY2016 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
11834000 shares
CY2017 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
113000 shares
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2017Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
82000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4510000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5563000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
309000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10798000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1240000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2539000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
355000 USD

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