$CARA
Cara Therapeutics, Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516759107 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $0.00 $0.00 $2.440M
YoY Change -100.0% 116.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.000M $2.100M $1.900M
YoY Change -9.09% 10.53% 26.67%
% of Gross Profit
Research & Development $20.30M $9.671M $5.584M
YoY Change 167.11% 73.19% -10.05%
% of Gross Profit
Depreciation & Amortization $120.0K $100.0K $190.0K
YoY Change -53.85% -47.37% -5.0%
% of Gross Profit
Operating Expenses $22.30M $11.77M $7.449M
YoY Change 129.9% 58.05% -3.61%
Operating Profit -$11.77M -$5.009M
YoY Change 135.04% -24.14%
Interest Expense $200.0K $200.0K $22.00K
YoY Change 100.0% 809.09% -15.38%
% of Operating Profit
Other Income/Expense, Net $176.0K $22.00K
YoY Change 700.0%
Pretax Income -$22.20M -$11.60M -$4.987M
YoY Change 128.87% 132.54% -24.18%
Income Tax -$200.0K -$55.00K -$200.0K
% Of Pretax Income
Net Earnings -$21.97M -$11.54M -$4.787M
YoY Change 130.55% 141.11% -26.86%
Net Earnings / Revenue -196.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$805.9K -$421.2K -$188.2K
COMMON SHARES
Basic Shares Outstanding 27.28M shares 27.28M shares 25.55M shares
Diluted Shares Outstanding 27.28M shares 25.55M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.28M $71.40M $111.1M
YoY Change -45.38% -35.73% 90.24%
Cash & Equivalents $12.09M $5.426M $111.1M
Short-Term Investments $46.18M $66.00M
Other Short-Term Assets $2.200M $4.800M $2.000M
YoY Change 29.41% 140.0% 122.22%
Inventory
Prepaid Expenses $1.530M $4.820M $1.971M
Receivables
Other Receivables
Total Short-Term Assets $61.45M $77.02M $115.7M
YoY Change -43.59% -33.42% 94.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.614M $1.665M $1.517M
YoY Change 27.79% 9.76% -32.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $1.500M $700.0K
YoY Change 14.29% 114.29% 0.0%
Total Long-Term Assets $2.383M $3.134M $2.217M
YoY Change 21.4% 41.36% -25.15%
TOTAL ASSETS
Total Short-Term Assets $61.45M $77.02M $115.7M
Total Long-Term Assets $2.383M $3.134M $2.217M
Total Assets $63.83M $80.15M $117.9M
YoY Change -42.44% -32.02% 89.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.738M $2.387M $1.263M
YoY Change 141.12% 88.99% -26.36%
Accrued Expenses $6.800M $4.400M $2.100M
YoY Change 106.06% 109.52% -12.5%
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 $11.53M $6.825M $3.374M
YoY Change 118.93% 102.28% -44.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.600M $1.500M $700.0K
YoY Change 166.67% 114.29% -22.22%
Total Long-Term Liabilities $1.600M $1.500M $700.0K
YoY Change 166.67% 114.29% -22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.53M $6.825M $3.374M
Total Long-Term Liabilities $1.600M $1.500M $700.0K
Total Liabilities $13.10M $8.400M $4.000M
YoY Change 122.03% 110.0% -42.86%
SHAREHOLDERS EQUITY
Retained Earnings -$162.2M -$140.2M -$95.36M
YoY Change 54.61% 47.02% 25.43%
Common Stock $212.9M $212.0M $209.2M
YoY Change 1.39% 1.32% 909569.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.73M $71.80M $113.9M
YoY Change
Total Liabilities & Shareholders Equity $63.83M $80.15M $117.9M
YoY Change -42.44% -32.02% 88.94%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$21.97M -$11.54M -$4.787M
YoY Change 130.55% 141.11% -26.86%
Depreciation, Depletion And Amortization $120.0K $100.0K $190.0K
YoY Change -53.85% -47.37% -5.0%
Cash From Operating Activities -$13.19M -$12.90M -$7.810M
YoY Change 216.31% 65.17% 73.94%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$490.0K $0.00
YoY Change 600.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $20.61M $15.28M
YoY Change -122.49%
Cash From Investing Activities $20.54M $14.78M $0.00
YoY Change -122.41% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.23M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 0.000 75.74M
YoY Change -142.11% -100.0% 84055.56%
NET CHANGE
Cash From Operating Activities -13.19M -12.90M -7.810M
Cash From Investing Activities 20.54M 14.78M 0.000
Cash From Financing Activities 80.00K 0.000 75.74M
Net Change In Cash 7.430M 1.880M 67.93M
YoY Change -107.74% -97.23% -1636.88%
FREE CASH FLOW
Cash From Operating Activities -$13.19M -$12.90M -$7.810M
Capital Expenditures -$70.00K -$490.0K $0.00
Free Cash Flow -$13.12M -$12.41M -$7.810M
YoY Change 215.38% 58.9% 74.72%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company&#x2019;s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America, or GAAP. In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December 31, 2015 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, 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 milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, 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-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> <i>Significant Accounting Policies</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 31, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Recent Accounting Pronouncements&#xA0;&#xA0;&#xA0;&#xA0;</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-13, <i>Financial Instruments&#x2014;Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments</i>, or ASU 2016-13, which replaces the incurred loss impairment methodology in current GAAP, that delays recognition of a credit loss until it is probable that such loss has been incurred, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring (1) estimating expected credit losses only when the fair value is below the amortized cost of the asset; (2) recording a credit loss without regard to the length of time a security has been in an unrealized loss position; (3) limiting the measurement of the credit loss to the difference between the security&#x2019;s amortized cost basis and its fair value and (4) presenting credit losses as an allowance rather than as a write-down, which will allow the Company to record reversals of credit losses in current period net income, a practice that is currently prohibited. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that adoption of ASU 2016-13 will have on its results of operations, financial position and cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2016, the FASB issued ASU No. 2016-12<i>, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>, or ASU 2016-12, which amends guidance in the new revenue standard, ASU No. 2014-09 <i>Revenue from Contracts with Customers (Topic 606)</i>, or ASU 2014-09, on collectability, noncash consideration, presentation of sales tax and transition. The amendments in ASU 2016-12 are effective for annual reporting periods beginning after December&#xA0;15, 2017 (i.e., January 1, 2018), including interim periods within those reporting periods, which is the same as for ASU 2014-09, as amended by ASU No. 2015-14, <i>Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date</i>, or ASU 2015-14<i>.</i> The Company is currently evaluating the effect that adoption of ASU 2016-12 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In April 2016, the FASB issued ASU No. 2016-10, <i>Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing</i>, or ASU 2016-10<i>,</i> which clarifies the principle for determining whether a good or service is &#x201C;separately identifiable&#x201D; from other promises in the contract and, therefore, should be accounted for as a separate performance obligation. In that regard, ASU 2016-10 requires that an entity determine whether its promise is to transfer individual goods or services to the customer, or a combined item (or items) to which the individual goods and services are inputs. In addition, ASU 2016-10 categorizes intellectual property, or IP, into two categories: &#x201C;functional&#x201D; and &#x201C;symbolic.&#x201D; Functional IP has significant standalone functionality. All other IP is considered symbolic IP. Revenue from licenses of functional IP is generally recognized at a point in time, while revenue from licenses of symbolic IP is recognized over time. ASU 2016-10 has the same effective date and transition requirements as ASU 2014-09, as amended by ASU 2015-14. The Company is currently evaluating the effect that adoption of ASU 2016-10 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In March 2016, the FASB issued ASU No. 2016-08, <i>Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>, or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations contained in ASU 2014-09 by specifying that the determination as to whether an entity that is involved in providing a good or a service to a customer is a principal or an agent is based upon whether the entity controls the good or the service before it is transferred to the customer. ASU 2016-08 has the same effective date and transition requirements as ASU 2014-09, as amended by ASU 2015-14. The Company is currently evaluating the effect that adoption of ASU 2016-08 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In March 2016, the FASB issued ASU No. 2016-09, <i>Improvements to Employee Share-Based Payment Accounting</i>, or ASU 2016-09, which amends Accounting Standards Codification, or ASC, <i>Topic 718</i>,&#xA0;<i>Compensation &#x2013; Stock Compensation</i>. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the accounting for forfeitures, income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09&#xA0;is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. Certain of the amendments will be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which ASU 2016-09 is adopted, while other amendments will be applied retrospectively, prospectively or using either a prospective or a retrospective transition method. Upon adoption on January 1, 2017, the Company will account for forfeitures as they occur rather than estimate a forfeiture rate and will record a cumulative-effect adjustment in equity on the date of initial adoption. In periods subsequent to adoption, a higher expense will be recognized related to stock-based awards that are not forfeited. The Company expects that the income tax amendments within ASU 2016-09 will have no impact on its results of operations or cash flows because it is in a net operating loss position with a full valuation allowance.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued ASU 2014-09, which changes the principle under which the Company will recognize revenue from contracts with customers from one which requires the Company to satisfy specific criteria before recognizing revenue to one which requires the Company to recognize revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to customers. ASU 2014-09, as amended by ASU 2015-14, is effective for annual reporting periods beginning after December&#xA0;15, 2017 (i.e., January&#xA0;1, 2018), including interim periods within those reporting periods. The standard allows for two transition methods: (1)&#xA0;retrospectively to each prior reporting period presented, or (2)&#xA0;using a modified retrospective approach, with the cumulative effect of initially applying ASU 2014-09 recognized as an adjustment to the opening balance of retained earnings at the date of initial adoption. The Company is currently in the process of deciding which method of transition it will use and the effect of adoption of ASU 2014-09 on its results of operations, financial position and cash flows. The Company currently recognizes revenue only from contracts with Maruishi and CKD, under both of which the Company may earn future milestone payments upon the achievement of defined clinical and regulatory events. The Company is continuing to monitor the timing of achievement of such milestones. To the extent that all defined milestones have not been achieved and the related revenue recognized under current GAAP prior to the adoption of ASU 2014-09, those contracts will be included within the scope of ASU 2014-09. However, since the current accounting for those contracts, as multiple element arrangements with milestone revenue recognized using the milestone method, is similar to ASU 2014-09, the Company does not expect a material effect on its financial statements from the adoption of ASU 2014-09.</p> </div>
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us-gaap Depreciation Depletion And Amortization
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us-gaap Nature Of Operations
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Business</b></td> </tr> </table> <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 peripheral 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"> As of September 30, 2016, the Company has raised aggregate net proceeds of approximately $204,800 from several rounds of equity financing, including its initial public offering, which closed in February 2014 and its follow-on offering, which closed in August 2015, and the issuance of debt. In addition, the Company received approximately $32,500 under its license agreements for CR845, primarily with Maruishi Pharmaceutical Co. Ltd., or Maruishi, and Chong Kun Dang Pharmaceutical Corp., or CKD, and an earlier product candidate for which development efforts ceased in 2007 (see Note 10, <i>Collaborations</i>).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As of September 30, 2016, the Company had unrestricted cash and cash equivalents and marketable securities of $71,420 and an accumulated deficit of $140,199. The Company has incurred substantial net losses and negative cash flows from operating activities in nearly every fiscal period since inception and expects this trend to continue for the foreseeable future. The Company recognized net losses of $35,308 and $15,160 and had net cash used in operating activities of $34,193 and $17,310 for the nine months ended September 30, 2016 and 2015, respectively. The Company expects that cash and cash equivalents and marketable securities as of September 30, 2016 will be sufficient to fund its operations beyond one year.</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, or FDA, and other government regulations.&#xA0;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>
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us-gaap Increase Decrease In Restricted Cash
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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <i>Use of Estimates</i></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 the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, 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 milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, 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> </div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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dei Trading Symbol
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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cara Deferred Rent Liability Expense Benefit
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CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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Files In Submission

Name View Source Status
0001193125-16-759107-index-headers.html Edgar Link pending
0001193125-16-759107-index.html Edgar Link pending
0001193125-16-759107.txt Edgar Link pending
0001193125-16-759107-xbrl.zip Edgar Link pending
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