$AVTX
Avalo Therapeutics, Inc. Stock $avtx

$avtx Overview Financials Valuation SEC Filings Company Website

2019 Q2 Form 10-Q Financial Statement

#000162828019006439 Filed on May 09, 2019

Income Statement

Concept	2019 Q2	2019 Q1	2018 Q1
Revenue	$1.400M	$2.600M	$4.483M
YoY Change	-70.74%	-42.0%	1066.76%
Cost Of Revenue	-$1.497M	$752.5K	$863.6K
YoY Change	-205.18%	-12.86%
Gross Profit	$2.897M	$1.847M	$3.619M
YoY Change	-13.85%	-48.95%	841.98%
Gross Profit Margin	206.91%	71.06%	80.73%
Selling, General & Admin	$2.666M	$3.072M	$4.444M
YoY Change	-47.55%	-30.87%	234.05%
% of Gross Profit	92.05%	166.28%	122.78%
Research & Development	$3.713M	$3.401M	$1.650M
YoY Change	242.9%	106.16%	73.1%
% of Gross Profit	128.17%	184.1%	45.58%
Depreciation & Amortization	$1.100M	$1.098M	$1.023M
YoY Change	-11.29%	7.37%	17447.86%
% of Gross Profit	37.97%	59.46%	28.27%
Operating Expenses	$10.43M	$12.43M	$8.237M
YoY Change	-1.07%	50.95%	260.76%
Operating Profit	-$2.548M	-$5.005M	-$3.755M
YoY Change	-55.71%	33.3%	97.7%
Interest Expense	$38.41K	$30.22K	-$100.4K
YoY Change	-115.85%	-130.1%	73.86%
% of Operating Profit
Other Income/Expense, Net	$57.32K	-$26.76K	-$105.0K
YoY Change	-124.04%	-74.51%	70.7%
Pretax Income	-$2.491M	-$5.032M	-$3.860M
YoY Change	-58.42%	30.35%	96.94%
Income Tax	$100.0K	$130.7K	$23.31K
% Of Pretax Income
Net Earnings	-$6.223M	-$7.454M	-$3.883M
YoY Change	3.59%	91.97%	98.04%
Net Earnings / Revenue	-444.51%	-286.69%	-86.62%
Basic Earnings Per Share
Diluted Earnings Per Share	-$1.74	-$2.16	-$1.46
COMMON SHARES
Basic Shares Outstanding	42.75M shares	42.65M shares	31.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2019 Q2	2019 Q1	2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$9.390M	$16.12M	$2.520M
YoY Change	330.73%	539.68%	-16.0%
Cash & Equivalents	$9.387M	$16.12M	$2.524M
Short-Term Investments
Other Short-Term Assets	$900.0K	$1.330M	$780.0K
YoY Change	-6.25%	70.51%	188.89%
Inventory	$617.6K	$1.047M	$3.440M
Prepaid Expenses
Receivables	$2.860M	$2.720M	$2.830M
Other Receivables	$140.0K	$5.530M	$3.810M
Total Short-Term Assets	$13.90M	$26.74M	$13.39M
YoY Change	17.41%	99.69%	287.22%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.526M	$1.477M	$58.21K
YoY Change	2511.99%	2437.7%	48.43%
Goodwill	$16.41M	$16.41M	$18.68M
YoY Change	-9.18%	-12.14%
Intangibles	$27.63M	$30.16M	$33.10M
YoY Change	-13.66%	-8.88%
Long-Term Investments
YoY Change
Other Assets	$150.0K	$80.00K	$130.0K
YoY Change	-16.67%	-38.46%	116.67%
Total Long-Term Assets	$45.72M	$48.13M	$51.97M
YoY Change	-9.11%	-7.39%	50825.18%
TOTAL ASSETS
Total Short-Term Assets	$13.90M	$26.74M	$13.39M
Total Long-Term Assets	$45.72M	$48.13M	$51.97M
Total Assets	$59.62M	$74.87M	$65.36M
YoY Change	-4.06%	14.55%	1735.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.445M	$1.249M	$3.166M
YoY Change	-50.83%	-60.53%	431.31%
Accrued Expenses	$11.19M	$11.01M	$6.980M
YoY Change	17.91%	57.74%	990.63%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$1.050M	$1.050M	$787.5K
YoY Change	0.0%	33.33%	-47.23%
Total Short-Term Liabilities	$18.77M	$28.13M	$14.79M
YoY Change	-1.47%	90.25%	440.41%
LONG-TERM LIABILITIES
Long-Term Debt	$14.28M	$14.30M	$14.59M
YoY Change	-0.68%	-1.97%	877.67%
Other Long-Term Liabilities	$1.212M	$1.189M	$304.2K
YoY Change		290.91%	-75.66%
Total Long-Term Liabilities	$15.49M	$15.49M	$14.89M
YoY Change	7.75%	4.02%	898.05%
TOTAL LIABILITIES
Total Short-Term Liabilities	$18.77M	$28.13M	$14.79M
Total Long-Term Liabilities	$15.49M	$15.49M	$14.89M
Total Liabilities	$41.92M	$51.75M	$40.78M
YoY Change	-2.33%	26.91%	922.89%
SHAREHOLDERS EQUITY
Retained Earnings	-$111.9M	-$105.7M	-$62.00M
YoY Change	64.42%	70.48%	-13.88%
Common Stock	$42.90K	$42.75K	$31.41K
YoY Change	26.95%	36.11%	188.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$17.70M	$23.12M	$24.58M
YoY Change
Total Liabilities & Shareholders Equity	$59.62M	$74.87M	$65.36M
YoY Change	-4.06%	14.55%	1735.58%

Cashflow Statement

Concept	2019 Q2	2019 Q1	2018 Q1
OPERATING ACTIVITIES
Net Income	-$6.223M	-$7.454M	-$3.883M
YoY Change	3.59%	91.97%	98.04%
Depreciation, Depletion And Amortization	$1.100M	$1.098M	$1.023M
YoY Change	-11.29%	7.37%	17447.86%
Cash From Operating Activities	-$6.720M	-$3.122M	-$280.4K
YoY Change	1936.36%	1013.16%	-87.46%
INVESTING ACTIVITIES
Capital Expenditures	$90.00K	$166.0K	$19.22K
YoY Change	800.0%	763.34%	967.41%
Acquisitions		$0.00	$1.00
YoY Change		-100.0%
Other Investing Activities	$0.00	$0.00	$0.00
YoY Change
Cash From Investing Activities	-$90.00K	-$166.0K	-$19.23K
YoY Change	800.0%	763.3%	967.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$8.976M	$0.00
YoY Change			-100.0%
Debt Paid & Issued, Net		$24.34K	$0.00
YoY Change			-100.0%
Cash From Financing Activities	90.00K	$8.817M	$363.4K
YoY Change	125.0%	2326.35%	200.42%
NET CHANGE
Cash From Operating Activities	-6.720M	-$3.122M	-$280.4K
Cash From Investing Activities	-90.00K	-$166.0K	-$19.23K
Cash From Financing Activities	90.00K	$8.817M	$363.4K
Net Change In Cash	-6.720M	$5.530M	$63.74K
YoY Change	2140.0%	8574.96%	-103.01%
FREE CASH FLOW
Cash From Operating Activities	-$6.720M	-$3.122M	-$280.4K
Capital Expenditures	$90.00K	$166.0K	$19.22K
Free Cash Flow	-$6.810M	-$3.288M	-$299.6K
YoY Change	1902.94%	997.13%	-86.61%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2018Q4	cerc	Accrued Research And Development Expenses AccruedResearchAndDevelopmentExpenses	278132	USD
CY2019Q1	cerc	Accrued Research And Development Expenses AccruedResearchAndDevelopmentExpenses	1123051	USD
CY2018Q4	cerc	Accrued Sales Returns And Allowances AccruedSalesReturnsAndAllowances	3972510	USD
CY2019Q1	cerc	Accrued Sales Returns And Allowances AccruedSalesReturnsAndAllowances	4249977	USD
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CY2019Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Business</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cerecor Inc. (the "Company" or “Cerecor”) is a fully integrated biopharmaceutical company with commercial operations and research and development capabilities. The Company is building a pipeline of innovative therapies in neurology, pediatric healthcare, and orphan rare diseases. The Company's neurology pipeline is led by CERC-301, which recently received positive interim results from the Phase I safety study of Neurogenic Orthostatic Hypotension ("nOH"). The Company is also developing </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> other neurological compounds, </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> of which is in preclinical testing and the other is in the clinical ready stage. The Company's pediatric orphan rare disease pipeline is led by CERC-801, CERC-802, and CERC-803. All </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> of these compounds are therapies for inherited metabolic disorders known as Congenital Disorders of Glycosylation ("CDGs") by means of substrate replacement therapy. The U.S. Food and Drug Administration ("FDA") has granted Rare Pediatric Disease designation ("RPDD") and Orphan Drug Designation ("ODD") to all </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> compounds. Under the FDA’s Rare Pediatric Disease Priority Review Voucher ("PRV") program, upon the approval of a new drug application ("NDA") for the treatment of a rare pediatric disease, the sponsor of such application would be eligible for a PRV that can be used to obtain priority review for a subsequent new drug application or biologics license application. The PRV may be sold or transferred an unlimited number of times. The Company plans to leverage the 505(b)(2) NDA pathway for all </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> compounds to accelerate development and approval. The Company is also in the process of developing </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> other preclinical pediatric orphan rare disease compound. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company also has a diverse portfolio of marketed products. Our marketed products are led by our prescribed dietary supplements and prescribed drugs. Our prescribed dietary supplements include Poly-Vi-Flor and Tri-Vi-Flor, which are prescription vitamin and fluoride supplements used in infants and children to treat or prevent deficiency of essential vitamins and fluoride. The Company also markets a number of prescription drugs that treat a range of pediatric diseases, disorders and conditions. Cerecor's prescription drugs include Millipred®, Ulesfia®, Karbinal™ ER, AcipHex® Sprinkle™, and Cefaclor for Oral Suspension. Finally, the Company has </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> marketed medical device, Flexichamber™. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cerecor was incorporated in 2011, commenced operations in the second quarter of 2011 and completed an initial public offering in October 2015. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 17, 2017, the Company acquired TRx Pharmaceuticals, LLC (“TRx”) and its wholly-owned subsidiaries (see "TRx Acquisition" in Note 5 below for a description of this transaction).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 16, 2018, Cerecor acquired all rights to Avadel Pharmaceuticals PLC’s (“Avadel”) marketed pediatric products (the “Acquired Products”) in exchange for Cerecor assuming certain financial obligations of Avadel (see "Avadel Pediatric Products Acquisition" in Note 5 below for a description of this transaction).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 25, 2018, the Company acquired Ichorion Therapeutics, Inc., a privately-held biopharmaceutical company focused on developing treatments and increasing awareness of inherited metabolic disorders known as CDGs (see "Ichorion Asset Acquisition" in Note 5 below for a description of this transaction).</font></div><div style="line-height:120%;text-align:justify;text-indent:132px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Liquidity</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In order to meet its cash flow needs, the Company applies a disciplined decision-making methodology as it evaluates the optimal allocation of the Company's resources between investing in the Company's current commercial product line, the Company's development portfolio and acquisitions or in-licensing of new assets. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, Cerecor generated </font><font style="font-family:inherit;font-size:10pt;">a net loss</font><font style="font-family:inherit;font-size:10pt;"> of </font><font style="font-family:inherit;font-size:10pt;">$7.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">negative</font><font style="font-family:inherit;font-size:10pt;"> cash flow from operations of </font><font style="font-family:inherit;font-size:10pt;">$3.1 million</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2019</font><font style="font-family:inherit;font-size:10pt;">, Cerecor had an accumulated deficit of </font><font style="font-family:inherit;font-size:10pt;">$105.7 million</font><font style="font-family:inherit;font-size:10pt;"> and a balance of </font><font style="font-family:inherit;font-size:10pt;">$16.1 million</font><font style="font-family:inherit;font-size:10pt;"> in cash and cash equivalents. During the first quarter of 2019, the Company closed an underwritten public offering of common stock for </font><font style="font-family:inherit;font-size:10pt;">1,818,182</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock of the Company, at a price to the public of </font><font style="font-family:inherit;font-size:10pt;">$5.50</font><font style="font-family:inherit;font-size:10pt;"> per share ("public price"). Armistice Capital Master Fund Ltd. ("Armistice"), our largest stockholder, participated in the offering by purchasing </font><font style="font-family:inherit;font-size:10pt;">363,637</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock of the Company from the underwriter at the public price. Cerecor director Steven J. Boyd is Armistice's Chief Investment Officer. The net proceeds of the offering were approximately </font><font style="font-family:inherit;font-size:10pt;">$9.0 million</font><font style="font-family:inherit;font-size:10pt;"> (see "Common Stock Offering" in Note 9 below for description of the transaction). </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company plans to use cash and the anticipated cash flows from the Company's existing product sales to offset costs related to its neurology programs, pediatric rare disease programs, business development, costs associated with its organizational infrastructure, and debt principal and interest payments. Cerecor expects to continue to incur significant expenses and operating losses for the immediate future as it continues to invest in the Company's pipeline assets. Our ability to achieve and maintain profitability in the future is dependent on, among other things, the development, regulatory approval, and commercialization of our new product candidates and achieving a level of revenues from our existing product sales adequate to support our cost structure, which includes significant investment in our pipeline assets. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company believes it will require additional financing to continue to execute its clinical development strategy and fund future operations. The Company plans to meet its capital requirements through operating cash flows from product sales and some combination of equity or debt financings, collaborations, out-licensing arrangements, strategic alliances, federal and private grants, marketing, distribution, or licensing arrangements, or the sale of current or future assets. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. If the Company raises additional funds through collaborations, strategic alliances, or licensing arrangements with third parties, the Company may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or product candidates.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our plan to aggressively develop our pipeline will require substantial cash inflows in excess of what the Company expects our current commercial operations to generate.  However, the Company expects that our existing cash and cash equivalents, together with anticipated revenue, will enable us to fund our operating expenses, capital expenditure requirements, and other non-operating cash payments, such as fixed quarterly payments on our outstanding debt balances, through at least May 2020.</font></div></div>
CY2019Q1	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the fourth quarter of 2018, the Company concluded that going forward it would include change in fair value of contingent consideration within its own stand-alone line in operating expenses in the Company's statements of operations. The Company has reclassified </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> from other expenses to operating expenses in the March 31, 2018 statement of operations to conform with current period presentation. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

Files In Submission

Name	View Source	Status
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$AVTX
Avalo Therapeutics, Inc. Stock $avtx

2019 Q2 Form 10-Q Financial Statement

#000162828019006439 Filed on May 09, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$AVTX Avalo Therapeutics, Inc. Stock $avtx

2019 Q2 Form 10-Q Financial Statement

#000162828019006439 Filed on May 09, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$AVTX
Avalo Therapeutics, Inc. Stock $avtx