$AVTX
Avalo Therapeutics, Inc. Stock $avtx

$avtx Overview Financials Valuation SEC Filings Company Website

2019 Q4 Form 10-Q Financial Statement

#000162828019014207 Filed on November 14, 2019

Income Statement

Concept	2019 Q4	2019 Q3	2018 Q4
Revenue	$580.0K	$2.201M	-$6.310M
YoY Change	-109.19%	-45.98%	-430.19%
Cost Of Revenue	$50.00K	$132.4K	-$2.140M
YoY Change	-102.34%	-95.75%	-436.48%
Gross Profit	$540.0K	$2.069M	-$4.180M
YoY Change	-112.92%	114.72%	-427.84%
Gross Profit Margin	93.1%	93.99%
Selling, General & Admin	$3.020M	$2.852M	-$2.670M
YoY Change	-213.11%	-32.01%	-166.85%
% of Gross Profit	559.26%	137.87%
Research & Development	$2.910M	$1.743M	$2.010M
YoY Change	44.78%	66.38%	2.5%
% of Gross Profit	538.89%	84.27%
Depreciation & Amortization	$610.0K	$1.070M	$1.220M
YoY Change	-50.0%	0.0%	197.56%
% of Gross Profit	112.96%	51.72%
Operating Expenses	$6.250M	$9.329M	-$2.530M
YoY Change	-347.04%	-67.14%	-142.49%
Operating Profit	-$5.710M	-$2.862M	-$1.650M
YoY Change	246.06%	-88.23%	-64.74%
Interest Expense	$130.0K	-$205.9K	$730.0K
YoY Change	-82.19%	-12.31%	2254.84%
% of Operating Profit
Other Income/Expense, Net	-$70.00K	$52.71K	$0.00
YoY Change		-122.16%
Pretax Income	-$5.660M	-$2.809M	-$920.0K
YoY Change	515.22%	-88.56%	-78.9%
Income Tax	-$30.00K	$100.0K	-$140.0K
% Of Pretax Income
Net Earnings	$1.620M	-$4.016M	-$7.220M
YoY Change	-122.44%	-83.68%	133.58%
Net Earnings / Revenue	279.31%	-182.46%
Basic Earnings Per Share
Diluted Earnings Per Share	$0.43	-$1.11	-$2.11
COMMON SHARES
Basic Shares Outstanding	44.11M shares	42.91M shares	40.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2019 Q4	2019 Q3	2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$11.24M	$5.250M	$10.65M
YoY Change	5.54%	-23.25%	331.17%
Cash & Equivalents	$3.609M	$5.251M	$10.65M
Short-Term Investments	$7.630M		$0.00
Other Short-Term Assets	$1.230M	$1.770M	$4.880M
YoY Change	-74.8%	36.15%	597.14%
Inventory	$21.33K	$402.3K	$317.9K
Prepaid Expenses
Receivables	$1.000M	$4.960M	$820.0K
Other Receivables	$4.241M	$200.0K	$5.262M
Total Short-Term Assets	$17.72M	$12.59M	$21.93M
YoY Change	-19.19%	-31.85%	105.47%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.448M	$1.496M	$586.5K
YoY Change	146.83%	1524.86%	1214.7%
Goodwill	$14.41M	$16.41M	$14.40M
YoY Change	0.06%	0.0%	17.17%
Intangibles	$2.426M	$26.60M	$3.765M
YoY Change	-35.56%	-18.06%	-78.68%
Long-Term Investments
YoY Change
Other Assets	$100.0K	$100.0K	$29.56M
YoY Change	-99.66%	-44.44%	22638.46%
Total Long-Term Assets	$18.38M	$44.60M	$48.32M
YoY Change	-61.95%	-9.23%	50.37%
TOTAL ASSETS
Total Short-Term Assets	$17.72M	$12.59M	$21.93M
Total Long-Term Assets	$18.38M	$44.60M	$48.32M
Total Assets	$36.11M	$57.19M	$70.25M
YoY Change	-48.6%	-15.41%	64.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$2.078M	$826.5K	$1.446M
YoY Change	43.66%	-46.19%	11.33%
Accrued Expenses	$5.570M	$12.18M	$5.370M
YoY Change	3.72%	20.12%	-28.69%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due		$1.050M	$1.050M
YoY Change		0.0%
Total Short-Term Liabilities	$12.16M	$17.26M	$26.22M
YoY Change	-53.62%	-30.71%	136.41%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$14.25M	$14.33M
YoY Change	-100.0%	-0.68%
Other Long-Term Liabilities	$1.112M	$1.121M	$385.5K
YoY Change	188.43%		1488.32%
Total Long-Term Liabilities	$1.112M	$15.38M	$14.71M
YoY Change	-92.44%	7.13%	60518.82%
TOTAL LIABILITIES
Total Short-Term Liabilities	$12.16M	$17.26M	$26.22M
Total Long-Term Liabilities	$1.112M	$15.38M	$14.71M
Total Liabilities	$15.11M	$38.97M	$49.34M
YoY Change	-69.37%	-18.98%	230.11%
SHAREHOLDERS EQUITY
Retained Earnings	-$114.3M	-$115.9M	-$98.22M
YoY Change	16.36%	25.08%	68.86%
Common Stock	$44.38K	$44.11K	$40.80K
YoY Change	8.77%	8.49%	30.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$21.00M	$18.22M	$20.91M
YoY Change
Total Liabilities & Shareholders Equity	$36.11M	$57.19M	$70.25M
YoY Change	-48.6%	-15.41%	64.11%

Cashflow Statement

Concept	2019 Q4	2019 Q3	2018 Q4
OPERATING ACTIVITIES
Net Income	$1.620M	-$4.016M	-$7.220M
YoY Change	-122.44%	-83.68%	133.58%
Depreciation, Depletion And Amortization	$610.0K	$1.070M	$1.220M
YoY Change	-50.0%	0.0%	197.56%
Cash From Operating Activities	-$1.680M	-$7.610M	-$1.980M
YoY Change	-15.15%	1309.26%	-22.35%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	$0.00	$490.0K
YoY Change	-100.0%	-100.0%	4800.0%
Acquisitions
YoY Change
Other Investing Activities	-$180.0K	$0.00	$0.00
YoY Change		-100.0%	-100.0%
Cash From Investing Activities	-$180.0K	$0.00	-$490.0K
YoY Change	-63.27%	-100.0%	-97.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	140.0K	3.510M	6.160M
YoY Change	-97.73%	-8.59%	61500.0%
NET CHANGE
Cash From Operating Activities	-1.680M	-7.610M	-1.980M
Cash From Investing Activities	-180.0K	0.000	-490.0K
Cash From Financing Activities	140.0K	3.510M	6.160M
Net Change In Cash	-1.720M	-4.100M	3.690M
YoY Change	-146.61%	-187.42%	-117.21%
FREE CASH FLOW
Cash From Operating Activities	-$1.680M	-$7.610M	-$1.980M
Capital Expenditures	$0.00	$0.00	$490.0K
Free Cash Flow	-$1.680M	-$7.610M	-$2.470M
YoY Change	-31.98%	1212.07%	-3.52%

Facts In Submission

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CY2018Q4	cerc	Accrued Research And Development Expenses AccruedResearchAndDevelopmentExpenses	278132	USD
CY2019Q3	cerc	Accrued Research And Development Expenses AccruedResearchAndDevelopmentExpenses	1409738	USD
CY2018Q4	cerc	Accrued Sales Returns And Allowances AccruedSalesReturnsAndAllowances	3972510	USD
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	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-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cerecor Inc. (the “Company” or “Cerecor”) is a biopharmaceutical company focused on becoming a leader in the development and commercialization of treatments for orphan diseases and neurological disorders. The Company's orphan 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;"> compounds are therapies for inborn errors of metabolism, specifically 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;"> CERC-800 compounds, thus qualifying the Company to receive a Priority Review Voucher ("PRV") upon approval of a new drug application ("NDA"). 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 their development and approval. Additionally, CERC-801 and CERC-802 were granted Fast Track Designation ("FTD") from the FDA which helps facilitate and expedite development of each compound. 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 orphan disease compound, CERC-913, for the treatment of mitochondrial DNA Depletion Syndrome. The Company's neurology pipeline is led by CERC-301, a Glutamate NR2B selective, NMDA Receptor antagonist, which Cerecor is currently developing as a novel treatment for orthostatic hypotension ("OH"). The Company is also developing CERC-406, a CNS-targeted COMT inhibitor for Parkinson's Disease. The Company also currently has </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> marketed product, Millipred</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;">, an oral prednisolone indicated across a wide variety of inflammatory conditions and indications. </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 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 </font><font style="font-family:inherit;font-size:10pt;">Note 5</font><font style="font-family:inherit;font-size:10pt;"> 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 </font><font style="font-family:inherit;font-size:10pt;">Note 5</font><font style="font-family:inherit;font-size:10pt;"> 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;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;">On October 10, 2019, the Company entered into, and subsequently closed on, an asset purchase agreement (the "Aytu Purchase Agreement") with Aytu BioScience, Inc. (“Aytu”) to sell the Company’s rights, title and interest in, assets relating to its Pediatric Portfolio, namely Aciphex</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">® </sup></font><font style="font-family:inherit;font-size:10pt;">Sprinkle™, Cefaclor for Oral Suspension, Karbinal™ ER, Flexichamber™, Poly-Vi-Flor</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">®</sup></font><font style="font-family:inherit;font-size:10pt;"> and Tri-Vi-Flor™ (the "Divested Assets" or "Pediatric Portfolio"), as well as the corresponding commercial infrastructure consisting of the right to offer employment to Cerecor’s sales force and the assignment of supporting commercial contracts (the “Aytu transaction”).  Aytu provided consideration of cash and preferred stock totaling </font><font style="font-family:inherit;font-size:10pt;">$17 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$4.5 million</font><font style="font-family:inherit;font-size:10pt;"> in cash and </font><font style="font-family:inherit;font-size:10pt;">$12.5 million</font><font style="font-family:inherit;font-size:10pt;"> in Aytu preferred stock) and assumed certain of the Company’s liabilities, including the Company’s payment obligations payable to Deerfield CSF, LLC ("Deerfield") of approximately </font><font style="font-family:inherit;font-size:10pt;">$15 million</font><font style="font-family:inherit;font-size:10pt;"> and certain other liabilities in excess of approximately </font><font style="font-family:inherit;font-size:10pt;">$11 million</font><font style="font-family:inherit;font-size:10pt;">. In addition, Aytu assumed future contractual obligations under existing license agreements associated with the Divested Assets.  The Aytu transaction closed on November 1, 2019. Upon closing of the transaction, Cerecor terminated all sales force personnel, which included both those that Aytu offered employment, as well as any remaining sales force personnel.  Cerecor expects to incur severance charges and legal costs in the fourth quarter as a result of the transaction (see Note 14 for 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;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%;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;">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 development portfolio and acquisitions or in-licensing of new assets. For the nine months ended September 30, 2019, Cerecor generated a net loss of </font><font style="font-family:inherit;font-size:10pt;">$17.7 million</font><font style="font-family:inherit;font-size:10pt;"> and negative cash flow from operations of </font><font style="font-family:inherit;font-size:10pt;">$17.5 million</font><font style="font-family:inherit;font-size:10pt;">.  As of September 30, 2019, Cerecor had an accumulated deficit of </font><font style="font-family:inherit;font-size:10pt;">$115.9 million</font><font style="font-family:inherit;font-size:10pt;"> and a balance of </font><font style="font-family:inherit;font-size:10pt;">$5.3 million</font><font style="font-family:inherit;font-size:10pt;"> in cash and cash equivalents. </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-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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). During the third quarter of 2019, the Company entered into a securities purchase agreement with Armistice, pursuant to which the Company sold </font><font style="font-family:inherit;font-size:10pt;">1,200,000</font><font style="font-family:inherit;font-size:10pt;"> shares of the Company’s common stock for a purchase price of </font><font style="font-family:inherit;font-size:10pt;">$3.132</font><font style="font-family:inherit;font-size:10pt;"> per share. Net proceeds of the private placement were approximately </font><font style="font-family:inherit;font-size:10pt;">$3.7 million</font><font style="font-family:inherit;font-size:10pt;">. During the fourth quarter of 2019, the Company entered into, and subsequently closed on, the Aytu Purchase Agreement to sell the Company's rights, title and interest in, assets relating to its Pediatric Portfolio and related commercial infrastructure for a combination of cash and preferred stock totaling </font><font style="font-family:inherit;font-size:10pt;">$17 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$4.5 million</font><font style="font-family:inherit;font-size:10pt;"> in cash and </font><font style="font-family:inherit;font-size:10pt;">$12.5 million</font><font style="font-family:inherit;font-size:10pt;"> in Aytu preferred stock) and assumption of certain of the Company's liabilities including the Company’s payment obligations payable to Deerfield and certain other liabilities in excess of </font><font style="font-family:inherit;font-size:10pt;">$15 million</font><font style="font-family:inherit;font-size:10pt;">.</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-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company plans to use its current cash on hand inclusive of the </font><font style="font-family:inherit;font-size:10pt;">$4.5 million</font><font style="font-family:inherit;font-size:10pt;"> cash collected in the fourth quarter of 2019 from the sale of the Pediatric Portfolio and related commercial infrastructure and the anticipated cash flows from the Company's sales of Millipred to offset costs related to its neurology programs, orphan disease programs, business development, and costs associated with its organizational infrastructure. 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 pipeline assets, the potential sale of any PRVs we receive and revenue from Millipred product sales, all being adequate to support our cost structure and pipeline asset development. </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 of Millipred and some combination of PRV sales, 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-align:left;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 in excess of what the Company expects our cash from the 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 through at least November 2020.</font></div></div>
	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-style:italic;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;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> from other expenses to operating expenses in the three and nine months ended September, 30, 2018, respectively, on the statement of operations to conform with current period presentation. </font></div></div>

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2019 Q4 Form 10-Q Financial Statement

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$AVTX Avalo Therapeutics, Inc. Stock $avtx

2019 Q4 Form 10-Q Financial Statement

#000162828019014207 Filed on November 14, 2019

Income Statement

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Files In Submission

$AVTX
Avalo Therapeutics, Inc. Stock $avtx