$AVTX
Avalo Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000162828021010083 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $3.355M $473.0K $2.754M
YoY Change 150.75% -82.82% 5.92%
Cost Of Revenue $83.00K $77.00K $66.00K
YoY Change 6.41% 16.67% -91.23%
Gross Profit $3.272M $396.0K $2.688M
YoY Change 159.68% -85.27% 45.5%
Gross Profit Margin 97.53% 83.72% 97.6%
Selling, General & Admin $7.404M $5.346M $3.353M
YoY Change 9.62% 59.44% 9.15%
% of Gross Profit 226.28% 1350.0% 124.74%
Research & Development $12.57M $2.500M $4.768M
YoY Change 112.42% -47.57% 40.19%
% of Gross Profit 384.14% 631.31% 177.38%
Depreciation & Amortization $456.0K $451.0K $453.0K
YoY Change -48.12% -0.44% -58.76%
% of Gross Profit 13.94% 113.89% 16.85%
Operating Expenses $19.97M $7.846M $8.121M
YoY Change 57.63% -3.39% -34.69%
Operating Profit -$17.13M -$30.58M -$31.41M
YoY Change 44.98% -2.65% 527.64%
Interest Expense -$239.0K $17.00K $10.00K
YoY Change -2755.56% 70.0% -66.91%
% of Operating Profit
Other Income/Expense, Net -$244.0K $17.00K $7.101M
YoY Change -83.34% -99.76% -26635.87%
Pretax Income -$17.37M -$30.56M -$24.31M
YoY Change 30.82% 25.71% 383.18%
Income Tax -$200.0K $11.00K -$2.200M
% Of Pretax Income
Net Earnings -$17.11M -$30.68M -$21.12M
YoY Change 28.79% 45.29% 183.3%
Net Earnings / Revenue -509.84% -6486.26% -766.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.134M -$4.157M -$4.70
COMMON SHARES
Basic Shares Outstanding 95.47M shares 89.10M shares 57.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.44M $38.29M $20.37M
YoY Change -10.92% 87.98% 26.36%
Cash & Equivalents $40.44M $38.29M $5.659M
Short-Term Investments $14.71M
Other Short-Term Assets $1.791M $2.618M $840.0K
YoY Change 108.9% 211.67% -36.84%
Inventory $20.00K $0.00 $16.28K
Prepaid Expenses
Receivables $4.120M $3.130M $2.190M
Other Receivables $998.0K $2.056M $2.064M
Total Short-Term Assets $47.36M $46.10M $25.49M
YoY Change -5.73% 80.87% -4.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.431M $1.530M $1.417M
YoY Change -17.79% 7.99% -4.08%
Goodwill $14.41M $14.41M $14.41M
YoY Change 0.0% 0.0% -12.2%
Intangibles $732.0K $1.161M $2.696M
YoY Change -68.07% -56.93% -91.06%
Long-Term Investments
YoY Change
Other Assets $149.0K $149.0K $110.0K
YoY Change -71.24% 35.45% 37.5%
Total Long-Term Assets $16.72M $17.25M $18.63M
YoY Change -11.81% -7.43% -61.28%
TOTAL ASSETS
Total Short-Term Assets $47.36M $46.10M $25.49M
Total Long-Term Assets $16.72M $17.25M $18.63M
Total Assets $64.09M $63.35M $44.12M
YoY Change -7.4% 43.58% -41.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.965M $11.91M $2.726M
YoY Change 55.02% 337.01% 118.17%
Accrued Expenses $17.61M $14.24M $6.190M
YoY Change 171.45% 130.02% -43.78%
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 $21.67M $26.36M $15.33M
YoY Change 48.5% 71.95% -45.51%
LONG-TERM LIABILITIES
Long-Term Debt $17.14M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.558M $1.719M $1.094M
YoY Change -23.31% 57.09% -7.99%
Total Long-Term Liabilities $1.558M $1.719M $1.094M
YoY Change -23.31% 57.09% -92.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.67M $26.36M $15.33M
Total Long-Term Liabilities $1.558M $1.719M $1.094M
Total Liabilities $42.50M $30.19M $18.53M
YoY Change 128.15% 62.92% -64.19%
SHAREHOLDERS EQUITY
Retained Earnings -$225.6M -$208.5M -$135.4M
YoY Change 51.71% 53.98% 28.11%
Common Stock $96.00K $89.00K $59.56K
YoY Change 28.17% 49.43% 39.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.59M $33.16M $25.59M
YoY Change
Total Liabilities & Shareholders Equity $64.09M $63.35M $44.12M
YoY Change -7.4% 43.58% -41.07%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$17.11M -$30.68M -$21.12M
YoY Change 28.79% 45.29% 183.3%
Depreciation, Depletion And Amortization $456.0K $451.0K $453.0K
YoY Change -48.12% -0.44% -58.76%
Cash From Operating Activities -$19.19M -$18.32M -$5.739M
YoY Change 34.23% 219.15% 83.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $21.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$21.00K -$1.251M
YoY Change -100.0% -98.32% 653.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 21.22M $37.83M $9.098M
YoY Change -52.41% 315.75% 3.19%
NET CHANGE
Cash From Operating Activities -19.19M -$18.32M -$5.739M
Cash From Investing Activities 0.000 -$21.00K -$1.251M
Cash From Financing Activities 21.22M $37.83M $9.098M
Net Change In Cash 2.031M $19.49M $2.108M
YoY Change -95.15% 824.48% -61.88%
FREE CASH FLOW
Cash From Operating Activities -$19.19M -$18.32M -$5.739M
Capital Expenditures $0.00 $21.00K $0.00
Free Cash Flow -$19.19M -$18.34M -$5.739M
YoY Change 34.23% 219.52% 74.57%

Facts In Submission

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CY2021Q1 us-gaap Nature Of Operations
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Business <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">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 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-weight:400;line-height:107%">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. CERC-007 targets the cytokine IL-18 and is in clinical development for the treatment of Still’s disease (adult onset Still’s disease and systemic juvenile idiopathic arthritis) and multiple myeloma. CERC-006, 801, 802 and 803 have all received Orphan Drug Designation and Rare Pediatric Disease Designation, 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 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-weight:400;line-height:107%">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:107%;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:107%">, 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-align:justify"><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"><span><br/></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%">In January 2021, the Company closed an underwritten public offering of 13,971,889 shares of its common stock and 1,676,923 pre-funded warrants for net proceeds of approximately $37.7 million (see Note 9 for additional information). As of March 31, 2021, Cerecor had $38.3 million in cash and cash equivalents. </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-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 three months ended March 31, 2021, Cerecor generated a net loss of $30.7 million and negative cash flows from operations of $18.3 million. As of March 31, 2021, Cerecor had an accumulated deficit of $208.5 million.</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-weight:400;line-height:120%">The accompanying condensed 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 condensed consolidated 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"><span><br/></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%">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) dilutive and/or non-dilutive 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 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 financing 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 Quarterly Report were issued. </span></div>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.
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13971889 shares
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7300000 USD
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EmployeeRelatedLiabilitiesCurrent
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93000 USD
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AccruedMarketingCostsCurrent
31000 USD
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3630000 USD
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2500000 USD
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P6M
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2 class_of_stock
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205000000 shares
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4400000 USD
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5700000 USD
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4000000 shares
CY2018Q4 us-gaap Warrants And Rights Outstanding Term
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P5Y6M
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12.50
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314000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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174000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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178000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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183000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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187000 USD
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192000 USD
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474000 USD
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1375000 USD
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20000000.0 USD
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2000000.0 USD
CY2019Q3 cerc Royalty Agreement Period After Public Launch To Terminate Agreement
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P3Y
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0.75

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