$ATXI
Avenue Therapeutics Inc

2017 Q1 Form 10-Q Financial Statement

#000114420417026957 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $370.0K $280.0K
YoY Change 32.14%
% of Gross Profit
Research & Development $133.0K $564.0K
YoY Change -76.42%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $504.0K $840.0K
YoY Change -40.0%
Operating Profit -$504.0K -$840.0K
YoY Change -40.0%
Interest Expense $95.00K $85.00K
YoY Change 11.76%
% of Operating Profit
Other Income/Expense, Net -$157.0K -$207.0K
YoY Change -24.15%
Pretax Income -$660.0K -$1.050M
YoY Change -37.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$661.0K -$1.047M
YoY Change -36.87%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$79.14K -$125.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets $230.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $230.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.000K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $230.0K
Total Long-Term Assets $4.000K
Total Assets $234.0K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $870.0K
YoY Change
Accrued Expenses $1.980M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.670M
YoY Change
Total Short-Term Liabilities $7.825M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.310M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.310M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.825M
Total Long-Term Liabilities $1.310M
Total Liabilities $9.138M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$9.064M
YoY Change
Common Stock $160.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.904M
YoY Change
Total Liabilities & Shareholders Equity $234.0K
YoY Change

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$661.0K -$1.047M
YoY Change -36.87%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$34.00K -$880.0K
YoY Change -96.14%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$163.0K 880.0K
YoY Change -118.52%
NET CHANGE
Cash From Operating Activities -$34.00K -880.0K
Cash From Investing Activities $0.00
Cash From Financing Activities -$163.0K 880.0K
Net Change In Cash -$197.0K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$34.00K -$880.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q4 atxi Common Stock Shares Issuable
CommonStockSharesIssuable
250595 shares
CY2017Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
234000 USD
CY2016Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
0 USD
CY2017Q1 atxi Accruedexpensesrelatedpartycurrent
Accruedexpensesrelatedpartycurrent
1568000 USD
CY2016Q4 atxi Accruedexpensesrelatedpartycurrent
Accruedexpensesrelatedpartycurrent
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CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
5000 USD
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2017Q1 atxi Accruedinterestrelatedpartycurrent
Accruedinterestrelatedpartycurrent
404000 USD
CY2016Q4 atxi Accruedinterestrelatedpartycurrent
Accruedinterestrelatedpartycurrent
346000 USD
CY2017Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
2919000 USD
CY2016Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
2848000 USD
CY2017Q1 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
1750000 USD
CY2016Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
1000000 USD
CY2017Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
311000 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
314000 USD
CY2017Q1 us-gaap Liabilities Current
LiabilitiesCurrent
7825000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
6419000 USD
CY2017Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
204000 USD
CY2016Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
200000 USD
CY2017Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
1109000 USD
CY2016Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
1826000 USD
CY2017Q1 us-gaap Liabilities
Liabilities
9138000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
8445000 USD
CY2017Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q1 us-gaap Common Stock Value
CommonStockValue
1000 USD
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
1000 USD
CY2017Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
159000 USD
CY2016Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
105000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9064000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8403000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
-8904000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-8248000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
234000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
197000 USD
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Assets
Assets
197000 USD
CY2017Q1 us-gaap Assets
Assets
234000 USD
CY2017Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
868000 USD
CY2016Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
506000 USD
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10024405 shares
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10024405 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9773810 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
9773810 shares
CY2017Q1 atxi Common Stock Shares Issuable
CommonStockSharesIssuable
0 shares
CY2016Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
33000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
133000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
564000 USD
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
371000 USD
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
276000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-504000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-840000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
95000 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
85000 USD
CY2017Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
61000 USD
CY2017Q1 atxi Fair Value Adjustments Of Convertible Notes Payable
FairValueAdjustmentsOfConvertibleNotesPayable
4000 USD
CY2016Q1 atxi Fair Value Adjustments Of Convertible Notes Payable
FairValueAdjustmentsOfConvertibleNotesPayable
89000 USD
CY2017Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3000 USD
CY2016Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-661000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-1047000 USD
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9068539 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8310604 shares
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5000 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2017Q1 atxi Working Capital Deficit
WorkingCapitalDeficit
7600000 USD
CY2017Q1 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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i>Use of Estimates</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><i>Valuation of Warrant Related to NSC Note</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 13.2pt; MARGIN: 0in 0in 0pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify">In accordance with ASC 815 <i>Derivatives and Hedging</i>, the Company classified the fair value of the warrant (&#8220;Contingently Issuable Warrants&#8221;) that it may be obligated to issue to NSC Biotech Venture Fund I, LLC (&#8220;NSC&#8221;), in connection with the transfer on October 31, 2015 of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.0</font> million of indebtedness to NSC, as a derivative liability as there was a potential that the Company would not have a sufficient number of authorized common shares available to settle this instrument. The Company valued these Contingently Issuable Warrants using a Black-Scholes model and used estimates for an expected dividend yield, a risk-free interest rate, and expected volatility together with management&#8217;s estimate of the probability of issuance of the Contingently Issuable Warrants. At each reporting period, as long as the Contingently Issuable Warrants were potentially issuable and there was a potential for an insufficient number of authorized shares available to settle the Contingently Issuable Warrants, the Contingently Issuable Warrants should be revalued and any difference from the previous valuation date would be recognized as a change in fair value in the Company&#8217;s statement of operations.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
250000 shares
CY2016Q3 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.025 pure
CY2016 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
49000 USD
CY2017Q4 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
3000000 USD
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
95000 USD
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
81000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
661000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
1047000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000 USD
CY2017Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
33000 USD
CY2016Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
29000 USD
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
362000 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-192000 USD
CY2017Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
220000 USD
CY2016Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
206000 USD
CY2017Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-52000 USD
CY2016Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 USD
CY2017Q1 atxi Accrued Interest Related Party
AccruedInterestRelatedParty
58000 USD
CY2016Q1 atxi Accrued Interest Related Party
AccruedInterestRelatedParty
29000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-34000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-877000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
234000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2017Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
71000 USD
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
875000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-163000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
875000 USD
CY2017Q1 us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-197000 USD
CY2016Q1 us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-2000 USD
CY2015Q4 us-gaap Cash
Cash
14000 USD
CY2016Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
314000 USD
CY2017Q1 us-gaap Line Of Credit
LineOfCredit
2900000 USD
CY2016Q1 us-gaap Cash
Cash
12000 USD
CY2017Q1 us-gaap Interest Paid
InterestPaid
115000 USD
CY2016Q1 us-gaap Interest Paid
InterestPaid
85000 USD
CY2017Q1 atxi Agreement Description Terms
AgreementDescriptionTerms
(i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one half percent (2.5%) of the fully-diluted outstanding equity of Avenue at the time of issuance; (ii) pay an equity fee in shares of Avenue common stock, payable within five (5) business days of the closing of any equity or debt financing for Avenue or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Avenues voting equity, equal to two and one half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Avenues annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Fortress will be paid a one-time change in control fee equal to five (5x) times the product of (i) net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
CY2017Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
311000 USD
CY2017Q1 atxi Common Stock Value Issuable
CommonStockValueIssuable
0 USD
CY2016Q4 atxi Common Stock Value Issuable
CommonStockValueIssuable
49000 USD
CY2017Q1 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
49000 USD

Files In Submission

Name View Source Status
0001144204-17-026957-index-headers.html Edgar Link pending
0001144204-17-026957-index.html Edgar Link pending
0001144204-17-026957.txt Edgar Link pending
0001144204-17-026957-xbrl.zip Edgar Link pending
atxi-20170331.xml Edgar Link completed
atxi-20170331.xsd Edgar Link pending
atxi-20170331_cal.xml Edgar Link unprocessable
atxi-20170331_def.xml Edgar Link unprocessable
atxi-20170331_lab.xml Edgar Link unprocessable
atxi-20170331_pre.xml Edgar Link unprocessable
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