$AVTX
Avalo Therapeutics, Inc.

2021 Q1 Form 10-K Financial Statement

#000162828021004162 Filed on March 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $473.0K $6.699M $580.0K
YoY Change -82.82% -0.76% -109.19%
Cost Of Revenue $77.00K $300.0K $50.00K
YoY Change 16.67% -152.95% -102.34%
Gross Profit $396.0K $6.399M $540.0K
YoY Change -85.27% -12.54% -112.92%
Gross Profit Margin 83.72% 95.52% 93.1%
Selling, General & Admin $5.346M $19.76M $3.020M
YoY Change 59.44% 70.23% -213.11%
% of Gross Profit 1350.0% 308.78% 559.26%
Research & Development $2.500M $32.19M $2.910M
YoY Change -47.57% 173.65% 44.78%
% of Gross Profit 631.31% 503.09% 538.89%
Depreciation & Amortization $451.0K $1.843M $610.0K
YoY Change -0.44% -52.54% -50.0%
% of Gross Profit 113.89% 28.8% 112.96%
Operating Expenses $7.846M $51.95M $6.250M
YoY Change -3.39% 122.29% -347.04%
Operating Profit -$30.58M -$72.84M -$5.710M
YoY Change -2.65% 351.39% 246.06%
Interest Expense $17.00K $49.00K $130.0K
YoY Change 70.0% -59.61% -82.19%
% of Operating Profit
Other Income/Expense, Net $17.00K $5.666M -$70.00K
YoY Change -99.76% 3755.18%
Pretax Income -$30.56M -$67.18M -$5.660M
YoY Change 25.71% 320.1% 515.22%
Income Tax $11.00K -$2.793M -$30.00K
% Of Pretax Income
Net Earnings -$30.68M -$63.50M $1.620M
YoY Change 45.29% 295.08% -122.44%
Net Earnings / Revenue -6486.26% -947.9% 279.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.157M -$11.43M $0.43
COMMON SHARES
Basic Shares Outstanding 89.10M shares 44.11M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.29M $18.92M $11.24M
YoY Change 87.98% 68.35% 5.54%
Cash & Equivalents $38.29M $18.92M $3.609M
Short-Term Investments $0.00 $7.630M
Other Short-Term Assets $2.618M $2.697M $1.230M
YoY Change 211.67% 120.73% -74.8%
Inventory $0.00 $3.140K $21.33K
Prepaid Expenses
Receivables $3.130M $2.177M $1.000M
Other Receivables $2.056M $2.208M $4.241M
Total Short-Term Assets $46.10M $26.01M $17.72M
YoY Change 80.87% 46.72% -19.19%
LONG-TERM ASSETS
Property, Plant & Equipment $1.530M $1.607M $1.448M
YoY Change 7.99% 11.01% 146.83%
Goodwill $14.41M $14.41M
YoY Change 0.0% 0.06%
Intangibles $1.161M $2.426M
YoY Change -56.93% -35.56%
Long-Term Investments
YoY Change
Other Assets $149.0K $148.6K $100.0K
YoY Change 35.45% 45.8% -99.66%
Total Long-Term Assets $17.25M $17.75M $18.38M
YoY Change -7.43% -3.45% -61.95%
TOTAL ASSETS
Total Short-Term Assets $46.10M $26.01M $17.72M
Total Long-Term Assets $17.25M $17.75M $18.38M
Total Assets $63.35M $43.76M $36.11M
YoY Change 43.58% 21.18% -48.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.91M $2.574M $2.078M
YoY Change 337.01% 23.88% 43.66%
Accrued Expenses $14.24M $11.31M $5.570M
YoY Change 130.02% 103.22% 3.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.36M $15.22M $12.16M
YoY Change 71.95% 25.2% -53.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.719M $3.878M $1.112M
YoY Change 57.09% 35.28% 188.43%
Total Long-Term Liabilities $1.719M $3.878M $1.112M
YoY Change 57.09% 35.28% -92.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.36M $15.22M $12.16M
Total Long-Term Liabilities $1.719M $3.878M $1.112M
Total Liabilities $30.19M $19.19M $15.11M
YoY Change 62.92% 27.0% -69.37%
SHAREHOLDERS EQUITY
Retained Earnings -$208.5M -$114.3M
YoY Change 53.98% 16.36%
Common Stock $89.00K $44.38K
YoY Change 49.43% 8.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.16M $24.56M $21.00M
YoY Change
Total Liabilities & Shareholders Equity $63.35M $43.76M $36.11M
YoY Change 43.58% 21.18% -48.6%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$30.68M -$63.50M $1.620M
YoY Change 45.29% 295.08% -122.44%
Depreciation, Depletion And Amortization $451.0K $1.843M $610.0K
YoY Change -0.44% -52.54% -50.0%
Cash From Operating Activities -$18.32M -$40.54M -$1.680M
YoY Change 219.15% 111.87% -15.15%
INVESTING ACTIVITIES
Capital Expenditures $21.00K $63.00K $0.00
YoY Change -75.96% -100.0%
Acquisitions
YoY Change
Other Investing Activities $11.19M -$180.0K
YoY Change -6285.38%
Cash From Investing Activities -$21.00K $11.13M -$180.0K
YoY Change -98.32% -2612.86% -63.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $35.43M
YoY Change 294.7%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $37.83M $44.78M 140.0K
YoY Change 315.75% 256.57% -97.73%
NET CHANGE
Cash From Operating Activities -$18.32M -$40.54M -1.680M
Cash From Investing Activities -$21.00K $11.13M -180.0K
Cash From Financing Activities $37.83M $44.78M 140.0K
Net Change In Cash $19.49M $15.38M -1.720M
YoY Change 824.48% -319.11% -146.61%
FREE CASH FLOW
Cash From Operating Activities -$18.32M -$40.54M -$1.680M
Capital Expenditures $21.00K $63.00K $0.00
Free Cash Flow -$18.34M -$40.60M -$1.680M
YoY Change 219.52% 109.33% -31.98%

Facts In Submission

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CY2020 us-gaap Nature Of Operations
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Business<div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cerecor Inc. (the “Company” or “Cerecor”) is a biopharmaceutical company focused on becoming a leader in development and commercialization of treatments for rare and orphan diseases. The Company is advancing its clinical-stage pipeline of innovative therapies that address unmet patient needs within rare and orphan diseases. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's rare disease pipeline includes CERC-801, CERC-802 and CERC-803 (“CERC-800 compounds”), which are in development for therapies for congenital disorders of glycosylation and CERC-006, an oral mTORC1/2 inhibitor in development for the treatment of complex lymphatic malformations. The Company is also developing two monoclonal antibodies, CERC-002 and CERC-007. CERC-002 targets the cytokine LIGHT (TNFSF14) and is in clinical development for the treatment of severe pediatric-onset Crohn's disease and COVID-19 acute respiratory distress syndrome (“ARDS”). CERC-007 targets the cytokine IL-18 and is in clinical development for the treatment of Still’s disease (adult onset Still’s disease (“AOSD”) and systemic juvenile idiopathic arthritis (“sJIA”)) and multiple myeloma (“MM”). CERC-006, 801, 802 and 803 have all received Orphan Drug Designation (“ODD”) and Rare Pediatric Disease Designation (“RPDD”), which makes all four eligible for a priority review voucher (“PRV”) upon approval from the U.S. Food and Drug Administration (“FDA”).</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company continues to explore strategic alternatives for its non-core assets, including its commercialized product, Millipred</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, an oral prednisolone indicated across a wide variety of inflammatory conditions, and for its neurology pipeline assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 3, 2020, the Company consummated its merger with Aevi Genomic Medicine, Inc. (“Aevi”), in which Cerecor acquired the rights to CERC-002, CERC-006 and CERC-007 (the “Merger” or the “Aevi Merger”). Cerecor also entered into an employment agreement with Aevi's Chief Executive Officer, Mike Cola, for him to serve as Cerecor's Chief Executive Officer and an employment agreement with Aevi's Chief Scientific Officer, Dr. Garry Neil, for him to serve as Cerecor's Chief Medical Officer (shortly thereafter promoted to Chief Scientific Officer). Additionally, Mr. Cola and Dr. Sol Barer, the former Chairman of the Board of Aevi, were appointed to the Company's Board of Directors. Dr. Barer serves as the Chairman of the Company’s Board. See Note 5 for more information. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cerecor was incorporated and commenced operation in 2011 and completed its initial public offering in October 2015.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2020, the Company closed three equity offerings for net proceeds of approximately $44.4 million (see Note 10 for more information regarding these financings) and in April 2020, the Company sold an investment for net proceeds of $12.8 million (see Note 6 for more information). The Company also closed an underwritten public offering in January 2021 for net proceeds of approximately $37.6 million (see Note 10 for more information). As of December 31, 2020, Cerecor had $18.9 million in cash and cash equivalents. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 existing pipeline assets and acquisitions or in-licensing of new assets. For the year ended December 31, 2020, Cerecor generated a net loss of $63.5 million and negative cash flows from operations of $40.5 million. As of December 31, 2020, Cerecor had an accumulated deficit of $177.8 million. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern; however, losses are expected to continue as the Company continues to invest in its core research and development pipeline assets. The Company will require additional financing to fund its operations and to continue to execute its business strategy at least one year after the date the financial statements included herein were issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To mitigate these conditions and to meet the Company’s capital requirements, management plans to use its current cash on hand along with some combination of the following: (i) equity and/or debt financings, (ii) federal and/or private grants, (iii) other out-licensing or strategic alliances/collaborations of its current pipeline assets, and (iv) out-licensing or sale of its non-core assets. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">might have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates. If the Company requires but is unable to obtain additional funding, the Company may be forced to make reductions in spending, delay, suspend, reduce or eliminate some or all of its planned research and development programs, or liquidate assets where possible. Due to the uncertainty regarding future financings and other potential options to raise additional funds, management has concluded that substantial doubt exists with respect to the Company’s ability to continue as a going concern within one year after the date that the financial statements in this Annual Report on Form 10-K were issued.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Over the long term, the Company's ultimate ability to achieve and maintain profitability will depend on, among other things, the development, regulatory approval, and commercialization of its pipeline assets, and the potential receipt and sale of any PRVs it receives.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">    </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to but not limited to, revenue recognition, cost of product sales, stock-based compensation, fair value measurements, cash flows used in management's going concern assessment, income taxes, goodwill and other intangible assets, and clinical trial accruals. The Company bases its estimates on historical experience and other market‑specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify;text-indent:63pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of a money market account with a financial institution that management believes to be creditworthy. The Company has no financial instruments with off‑balance sheet risk of loss.</span></div>
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0
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0.75

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