$ATXI
Avenue Therapeutics Inc

2019 Q1 Form 10-K Financial Statement

#000114420419013543 Filed on March 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.120M $4.120M $1.100M
YoY Change 13.13% 13.81% 266.67%
% of Gross Profit
Research & Development $10.24M $17.70M $5.220M
YoY Change 8.5% 164.2% 2385.71%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.24M $17.70M $6.325M
YoY Change 8.5% 164.2% 1125.78%
Operating Profit -$11.36M -$21.82M
YoY Change 8.97% 91.02%
Interest Expense $90.00K $0.00 $80.00K
YoY Change -100.0% -126.67%
% of Operating Profit
Other Income/Expense, Net $175.0K $82.00K
YoY Change -127.42%
Pretax Income -$11.27M -$21.55M -$6.240M
YoY Change 8.57% 75.77% 660.98%
Income Tax
% Of Pretax Income
Net Earnings -$11.27M -$21.55M -$6.243M
YoY Change 8.6% 75.79% 666.01%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$820.2K -$2.104M -$624.6K
COMMON SHARES
Basic Shares Outstanding 16.50M 10.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.45M $2.670M $21.78M
YoY Change 96.86% -87.74% 10790.0%
Cash & Equivalents $29.45M $2.670M $11.78M
Short-Term Investments $0.00 $10.00M
Other Short-Term Assets $310.0K $1.850M $390.0K
YoY Change 0.0% 374.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $29.76M $4.530M $22.17M
YoY Change 94.89% -79.57% 10985.0%
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 $3.000K $0.00 $0.00
YoY Change 0.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $29.76M $4.530M $22.17M
Total Long-Term Assets $3.000K $0.00 $0.00
Total Assets $29.76M $4.530M $22.17M
YoY Change 94.87% -79.57% 11153.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.259M $3.090M $1.545M
YoY Change 85.7% 12.77% 362.57%
Accrued Expenses $2.150M $2.070M $50.00K
YoY Change 6.97% 4040.0% -97.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $9.412M $5.160M $2.790M
YoY Change 58.99% 84.95% -56.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.412M $5.160M $2.790M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $9.412M $5.160M $2.790M
YoY Change 58.99% 84.95% -66.96%
SHAREHOLDERS EQUITY
Retained Earnings -$53.48M -$20.66M
YoY Change 72.3% 145.88%
Common Stock $73.83M $38.94M
YoY Change 82.79% 36633.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.35M -$630.0K $19.38M
YoY Change
Total Liabilities & Shareholders Equity $29.76M $4.530M $22.17M
YoY Change 94.87% -79.57% 11153.81%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$11.27M -$21.55M -$6.243M
YoY Change 8.6% 75.79% 666.01%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.568M -$18.22M -$4.270M
YoY Change -18.35% 167.8% 6000.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00M $0.00
YoY Change -100.0% -200.0%
Cash From Investing Activities $0.00 $10.00M $0.00
YoY Change -100.0% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $35.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.35M -895.0K 0.000
YoY Change -103.15% -100.0%
NET CHANGE
Cash From Operating Activities -5.568M -18.22M -4.270M
Cash From Investing Activities 0.000 10.00M 0.000
Cash From Financing Activities 32.35M -895.0K 0.000
Net Change In Cash 26.78M -9.111M -4.270M
YoY Change 741.78% -178.64% -2611.76%
FREE CASH FLOW
Cash From Operating Activities -$5.568M -$18.22M -$4.270M
Capital Expenditures $0.00
Free Cash Flow -$4.270M
YoY Change 6000.0%

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CY2018 atxi Extinguishment Of Fortress Compensation Accrual
ExtinguishmentOfFortressCompensationAccrual
0
CY2017 atxi Extinguishment Of Fortress Compensation Accrual
ExtinguishmentOfFortressCompensationAccrual
632000
CY2018 atxi Interest On Fortress Note On Modification
InterestOnFortressNoteOnModification
0
CY2017 atxi Interest On Fortress Note On Modification
InterestOnFortressNoteOnModification
300000
CY2018 atxi Change Fair Value Of Convertible Note Warrents
ChangeFairValueOfConvertibleNoteWarrents
0
CY2017 atxi Change Fair Value Of Convertible Note Warrents
ChangeFairValueOfConvertibleNoteWarrents
15000
CY2017 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
299000
CY2018 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
250000
CY2018 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-8248000
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
604000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
948000
CY2017Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
166666
CY2017 atxi Stock Issuance Common Stock Issuable During Period Value
StockIssuanceCommonStockIssuableDuringPeriodValue
1103000
CY2017 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
34235000
CY2017Q2 us-gaap Share Price
SharePrice
6.00
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
20000
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.29
CY2018 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; text-align: justify; text-indent: 0in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Valuation of Warrant Related to NSC Note</div></div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.2in; margin-right: 0px; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.25in; margin-right: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In accordance with ASC 815 </div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Derivatives and Hedging</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">, the Company classified the fair value of the warrant (&#8220;Contingently Issuable Warrants&#8221;) that it may be obligated to issue to National Securities, Inc. (&#8220;NSC&#8221;), in connection with the transfer on October 31, 2015 of $3.0 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 had to 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. On June 26, 2017, the warrants were issued (See Note 9).</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 atxi Stock Issued During Period Conversion Of Msa Fees Into Common Value
StockIssuedDuringPeriodConversionOfMsaFeesIntoCommonValue
1000000
CY2017 atxi Stock Issued During Period Issuance Of Warrants Under Nsc Note
StockIssuedDuringPeriodIssuanceOfWarrantsUnderNscNote
750000
CY2017 atxi Share Issued During Period Valueon Exercise Of Warrants
ShareIssuedDuringPeriodValueonExerciseOfWarrants
0
CY2016Q4 us-gaap Notes Payable
NotesPayable
2826000
CY2017 atxi Amortization Of Debt Discount
AmortizationOfDebtDiscount
174000
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin: 0px 0px 0px 0.05in; text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin: 0px 0px 0px 0.05in; text-align: justify; text-indent: 0.23in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.25in; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. 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>
CY2017Q4 us-gaap Notes Payable
NotesPayable
0
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1374643
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
984999
CY2015Q4 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
3000000
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
250000
CY2016Q3 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.025
CY2017Q3 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5000000
CY2017Q3 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5000000
CY2018Q4 us-gaap Notes Payable
NotesPayable
0
CY2016Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
200000
CY2017Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
49748
CY2018 dei Document Type
DocumentType
10-K
CY2017 atxi Change In Fair Value Of Convertible Notes Warrants
ChangeInFairValueOfConvertibleNotesWarrants
15000
CY2017 atxi Modification To Interest On Fortress Note
ModificationToInterestOnFortressNote
300000
CY2017 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
632000
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2018 atxi Share Issued During Period Valueon Exercise Of Warrants
ShareIssuedDuringPeriodValueonExerciseOfWarrants
0
CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1537000
CY2018 atxi Extend Loan Modification Reduction To Interest Expense
ExtendLoanModificationReductionToInterestExpense
300000
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Entity Registrant Name
EntityRegistrantName
AVENUE THERAPEUTICS, INC.
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001644963
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
6.29
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0183
CY2017Q3 us-gaap Share Price
SharePrice
1.85
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2017Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
37000
CY2017Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
presented to reflect the 3.0-to-1.0 reverse stock split.
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2018 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0
CY2019Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16502310
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2018 dei Entity Ex Transition Period
EntityExTransitionPeriod
true
CY2018Q2 dei Entity Public Float
EntityPublicFloat
22950453
CY2018 dei Trading Symbol
TradingSymbol
ATXI
CY2018 dei Entity Small Business
EntitySmallBusiness
true
CY2017 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
200000
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2500000

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