$CARA
Cara Therapeutics, Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514406363 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $914.0K $1.125M $1.018M
YoY Change -6.06% 10.51% 69.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.800M $1.500M $800.0K
YoY Change 63.64% 87.5% -20.0%
% of Gross Profit
Research & Development $3.500M $6.208M $3.764M
YoY Change 75.0% 64.93% 370.5%
% of Gross Profit
Depreciation & Amortization $190.0K $200.0K $190.0K
YoY Change -5.0% 5.26% -24.0%
% of Gross Profit
Operating Expenses $5.300M $7.728M $4.559M
YoY Change 70.97% 69.51% 153.28%
Operating Profit -$6.603M -$3.541M
YoY Change 86.47%
Interest Expense $0.00 $26.00K -$1.034M
YoY Change -102.51%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.300M -$6.577M -$4.575M
YoY Change 104.76% 43.76% 281.25%
Income Tax -$100.0K -$32.00K $0.00
% Of Pretax Income
Net Earnings -$4.172M -$6.545M -$4.575M
YoY Change 98.67% 43.06% 281.25%
Net Earnings / Revenue -456.46% -581.78% -449.41%
Basic Earnings Per Share -$1.07
Diluted Earnings Per Share -$184.2K -$286.3K -$1.07
COMMON SHARES
Basic Shares Outstanding 22.78M shares 22.71M shares 4.288M shares
Diluted Shares Outstanding 22.71M shares 4.288M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.70M $58.40M $17.70M
YoY Change 325.0% 229.94%
Cash & Equivalents $52.66M $58.39M $17.73M
Short-Term Investments
Other Short-Term Assets $300.0K $900.0K $600.0K
YoY Change -85.71% 50.0%
Inventory
Prepaid Expenses $287.0K $928.0K
Receivables
Other Receivables
Total Short-Term Assets $53.15M $59.41M $18.30M
YoY Change 265.09% 224.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.084M $2.262M $3.000M
YoY Change -26.23% -24.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $700.0K $700.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.784M $2.962M $3.800M
YoY Change -21.02% -22.05%
TOTAL ASSETS
Total Short-Term Assets $53.15M $59.41M $18.30M
Total Long-Term Assets $2.784M $2.962M $3.800M
Total Assets $55.93M $62.37M $22.10M
YoY Change 209.32% 182.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $515.0K $1.715M $1.300M
YoY Change -23.82% 31.92%
Accrued Expenses $1.400M $2.400M $1.200M
YoY Change 7.69% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $300.0K
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.398M $6.093M $7.300M
YoY Change -37.46% -16.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K $900.0K $1.200M
YoY Change -18.18% -25.0%
Total Long-Term Liabilities $900.0K $900.0K $1.200M
YoY Change -18.18% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.398M $6.093M $7.300M
Total Long-Term Liabilities $900.0K $900.0K $1.200M
Total Liabilities $4.300M $7.000M $8.500M
YoY Change -34.85% -17.65%
SHAREHOLDERS EQUITY
Retained Earnings -$80.20M -$76.03M
YoY Change 28.41%
Common Stock $131.9M $23.00K
YoY Change 1473.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.66M $55.34M -$52.00M
YoY Change
Total Liabilities & Shareholders Equity $55.93M $62.40M $22.10M
YoY Change 209.03% 182.35%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$4.172M -$6.545M -$4.575M
YoY Change 98.67% 43.06% 281.25%
Depreciation, Depletion And Amortization $190.0K $200.0K $190.0K
YoY Change -5.0% 5.26% -24.0%
Cash From Operating Activities -$5.820M -$4.490M -$3.440M
YoY Change 15.02% 30.52% 282.22%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$20.00K $0.00
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$10.00K -$20.00K $0.00
YoY Change 0.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0K 90.00K 0.000
YoY Change -135.48%
NET CHANGE
Cash From Operating Activities -5.820M -4.490M -3.440M
Cash From Investing Activities -10.00K -20.00K 0.000
Cash From Financing Activities 110.0K 90.00K 0.000
Net Change In Cash -5.720M -4.420M -3.440M
YoY Change 6.32% 28.49% 739.02%
FREE CASH FLOW
Cash From Operating Activities -$5.820M -$4.490M -$3.440M
Capital Expenditures -$10.00K -$20.00K $0.00
Free Cash Flow -$5.810M -$4.470M -$3.440M
YoY Change 15.05% 29.94% 282.22%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
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Cara Therapeutics, Inc.
dei Trading Symbol
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CARA
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Cara Therapeutics, Inc. (the &#x201C;Company&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D; or &#x201C;us&#x201D;) is a clinical-stage biopharmaceutical corporation formed on July&#xA0;2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting kappa opioid receptors. The Company&#x2019;s primary activities to date have been organizing and staffing the company, developing its product candidates, including conducting preclinical studies and clinical trials of CR845-based product candidates and raising capital.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On January&#xA0;30, 2014, the Company&#x2019;s registration statement on Form S-1 (File No 333-192230) was declared effective by the Securities and Exchange Commission (&#x201C;SEC&#x201D;) for its initial public offering (&#x201C;IPO&#x201D;), pursuant to which the Company registered the offering and sale of 5,750,000 shares of its common stock (including 750,000 shares upon exercise of an option by the underwriters) at a public offering price of $11.00 per share for aggregate gross offering proceeds of $63,250. As a result of the IPO, the Company received net proceeds of approximately $56,247 from the sale of 5,750,000 shares of its common stock, after deducting $4,427 of underwriting discounts and commissions and $2,576 of offering expenses, which had been paid or accrued as of September&#xA0;30, 2014.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Prior to the IPO, the Company raised several rounds of equity financing and issued debt, resulting in aggregate net proceeds of approximately $73,309 through December&#xA0;31, 2013. Upon closing of the IPO, all outstanding shares of the Company&#x2019;s convertible preferred stock were automatically converted to shares of the Company&#x2019;s common stock (see Note 8). The Company has incurred substantial losses and negative cash flows from operating activities in nearly every fiscal period since inception, and expects operating losses and negative cash flows to continue into the foreseeable future.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As of September&#xA0;30, 2014, the Company has unrestricted cash and cash equivalents of $58,393 and an accumulated deficit of $(76,029).&#xA0;The&#xA0;Company had net cash (used in) provided by operating activities of $(11,818) and $7,893 for the nine months ended September&#xA0;30, 2014 and 2013, respectively. The Company expects that cash and cash equivalents at September&#xA0;30, 2014 will be sufficient to fund its operations beyond one year. The Company recognized net losses of $(6,545) and $(4,575) for the three months ended September&#xA0;30, 2014 and 2013, respectively, and $(13,573) and $(1,870) for the nine months ended September&#xA0;30, 2014 and 2013, respectively, and expects to incur additional losses for the full year ending December&#xA0;31, 2014.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company is subject to risks common to other life science companies including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration (&#x201C;FDA&#x201D;) and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company's Board of Directors and stockholders approved a 1-for-2.5 reverse stock split of the Company's common stock effective on January 16, 2014, which resulted in an adjustment to the preferred stock conversion price to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company&#x2019;s estimates and assumptions. Significant estimates include useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and non-substantive milestone payments, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2013.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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dei Amendment Flag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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dei Entity Central Index Key
EntityCentralIndexKey
0001346830
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0272 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
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us-gaap Stock Issued During Period Value New Issues
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us-gaap License And Services Revenue
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
104000
us-gaap Revenues
Revenues
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Depreciation Depletion And Amortization
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Operating Expenses
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us-gaap Research And Development Expense
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Income Tax Expense Benefit
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Conversion Of Stock Amount Converted1
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Share Based Compensation
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cara Deferred Rent Liability Benefit
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194000
cara Completion Date Of Initial Public Offering One
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2014-02-05
cara Employment Agreement Term
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cara Percentage Of Research And Development Tax Credits Exchanged For Cash
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0.65 pure
cara Net Income Loss Available To Common Stockholders Basic And Diluted
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cara Revenue Recognized From Sale Of Clinical Compound
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159000
cara Noncash Or Part Noncash Unpaid Initial Public Offering Issuance Costs
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50000
cara Proceeds From Issuance Initial Public Offering Net Of Offering Costs Paid
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57762000
cara Stock Issuance Costs Underwriting Discounts Commissions And Offering Costs
StockIssuanceCostsUnderwritingDiscountsCommissionsAndOfferingCosts
7003000
cara Employment Agreement Renewal Term
EmploymentAgreementRenewalTerm
P1Y
cara Collaborative Revenue
CollaborativeRevenue
1961000
cara Number Of Months Salary Paid As Severance Benefit
NumberOfMonthsSalaryPaidAsSeveranceBenefit
Under these employment agreements, each executive officer is eligible for severance benefits in specified circumstances, including 6 to 12 months of salary.
cara Net Income Loss Available To Common Stockholders Basic And Diluted Per Share
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedPerShare
-0.67
cara Stockholder Equity Reverse Stock Split Effective Date
StockholderEquityReverseStockSplitEffectiveDate
2014-01-16
cara Non Cash Or Part Non Cash Prepaid Initial Public Offering Costs Offset Against Proceeds Of Initial Public Offering
NonCashOrPartNonCashPrepaidInitialPublicOfferingCostsOffsetAgainstProceedsOfInitialPublicOffering
1465000
cara Stock Issued During Period Value Warrants Exercised Cashless
StockIssuedDuringPeriodValueWarrantsExercisedCashless
cara Maximum Potential Revenue To Be Recognized From Nonsubstantive Milestones
MaximumPotentialRevenueToBeRecognizedFromNonsubstantiveMilestones
8000000
cara Maximum Potential Revenue To Be Recognized From Substantive Milestones
MaximumPotentialRevenueToBeRecognizedFromSubstantiveMilestones
2500000
cara Share Based Goods And Nonemployee Services Transaction Options Vested Fair Value
ShareBasedGoodsAndNonemployeeServicesTransactionOptionsVestedFairValue
5.87
CY2014Q2 cara Nonrefundable Contingent Payment Received License Agreement
NonrefundableContingentPaymentReceivedLicenseAgreement
480000
CY2013 cara Proceeds From Issuance Of Debt And Equity Financing Prior To Initial Public Offering
ProceedsFromIssuanceOfDebtAndEquityFinancingPriorToInitialPublicOffering
73309000
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4288243 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4288243 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4288243 shares
CY2013Q3 us-gaap License And Services Revenue
LicenseAndServicesRevenue
0
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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InterestIncomeExpenseNonoperatingNet
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CY2013Q3 us-gaap Revenues
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CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2013Q3 us-gaap Operating Expenses
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CY2013Q3 us-gaap Research And Development Expense
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CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013Q3 us-gaap General And Administrative Expense
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CY2013Q3 cara Amortization Of Deferred Revenue
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CY2013Q3 cara Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
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CY2013Q3 cara Revenue Recognized From Sale Of Clinical Compound
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58000
CY2013Q3 cara Collaborative Revenue
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CY2013Q3 cara Net Income Loss Available To Common Stockholders Basic And Diluted Per Share
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedPerShare
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q3 us-gaap License And Services Revenue
LicenseAndServicesRevenue
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CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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InterestIncomeExpenseNonoperatingNet
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Revenues
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NetIncomeLoss
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CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
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CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2014Q3 cara Amortization Of Deferred Revenue
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CY2014Q3 cara Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
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CY2014Q3 cara Revenue Recognized From Sale Of Clinical Compound
RevenueRecognizedFromSaleOfClinicalCompound
0
CY2014Q3 cara Collaborative Revenue
CollaborativeRevenue
1125000
CY2014Q3 cara Net Income Loss Available To Common Stockholders Basic And Diluted Per Share
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedPerShare
-0.29

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