$CARM
Carisma Therapeutics Inc

2015 Q1 Form 10-K Financial Statement

#000119312515081274 Filed on March 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $244.0K $375.0K $510.0K
YoY Change -57.04% -26.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.600M $2.210M $1.420M
YoY Change 34.02% 55.63% 25.66%
% of Gross Profit
Research & Development $5.238M $5.260M $3.210M
YoY Change -9.98% 63.86% -17.69%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -16.67%
% of Gross Profit
Operating Expenses $7.841M $7.470M $4.630M
YoY Change 1.08% 61.34% -7.95%
Operating Profit -$7.597M -$7.095M -$4.120M
YoY Change 5.68% 72.21%
Interest Expense -$235.0K -$140.0K -$900.0K
YoY Change 179.76% -84.44% 1700.0%
% of Operating Profit
Other Income/Expense, Net $1.073M -$910.0K -$50.00K
YoY Change -3351.52% 1720.0% 150.0%
Pretax Income -$6.520M -$8.140M -$5.070M
YoY Change -9.7% 60.55% -0.39%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.524M -$8.139M -$5.066M
YoY Change -9.66% 60.66% -0.47%
Net Earnings / Revenue -2673.77% -2170.4% -993.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$362.8K -$487.1K -$3.756M
COMMON SHARES
Basic Shares Outstanding 18.11M shares 16.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.50M $54.10M $7.900M
YoY Change -15.74% 584.81%
Cash & Equivalents $45.55M $54.06M $7.942M
Short-Term Investments
Other Short-Term Assets $600.0K $300.0K $100.0K
YoY Change 50.0% 200.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.14M $54.40M $8.030M
YoY Change -15.2% 577.47%
LONG-TERM ASSETS
Property, Plant & Equipment $422.0K $486.0K $759.0K
YoY Change -40.4% -35.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.00K $19.00K $2.354M
YoY Change 0.0% -99.19%
Total Long-Term Assets $440.0K $599.0K $3.207M
YoY Change -46.34% -81.32%
TOTAL ASSETS
Total Short-Term Assets $46.14M $54.40M $8.030M
Total Long-Term Assets $440.0K $599.0K $3.207M
Total Assets $46.58M $55.00M $11.24M
YoY Change -15.66% 389.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.043M $2.458M $1.746M
YoY Change -33.45% 40.78%
Accrued Expenses $1.327M $1.987M $850.0K
YoY Change 190.37% 133.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $300.0K $1.600M
YoY Change -37.5% -81.25%
Total Short-Term Liabilities $4.642M $5.202M $5.353M
YoY Change -26.35% -2.82%
LONG-TERM LIABILITIES
Long-Term Debt $9.000M $9.700M $2.900M
YoY Change 260.0% 234.48%
Other Long-Term Liabilities $65.00K $4.000K $700.0K
YoY Change -67.5% -99.43%
Total Long-Term Liabilities $65.00K $4.000K $3.600M
YoY Change -97.59% -99.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.642M $5.202M $5.353M
Total Long-Term Liabilities $65.00K $4.000K $3.600M
Total Liabilities $4.707M $5.206M $8.900M
YoY Change -47.7% -41.51%
SHAREHOLDERS EQUITY
Retained Earnings -$98.27M -$91.75M -$57.59M
YoY Change 51.62% 59.3%
Common Stock $18.00K $18.00K $2.000K
YoY Change 12.5% 800.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.97M $36.83M -$54.33M
YoY Change
Total Liabilities & Shareholders Equity $46.58M $55.00M $11.24M
YoY Change -15.66% 389.45%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$6.524M -$8.139M -$5.066M
YoY Change -9.66% 60.66% -0.47%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -16.67%
Cash From Operating Activities -$8.480M -$7.140M -$3.050M
YoY Change 68.59% 134.1% -37.11%
INVESTING ACTIVITIES
Capital Expenditures $32.00K $0.00 $0.00
YoY Change -36.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K $0.00 $0.00
YoY Change -40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$46.00K
YoY Change -100.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 25.25M 7.110M
YoY Change -100.0% 255.13% -23800.0%
NET CHANGE
Cash From Operating Activities -8.480M -7.140M -3.050M
Cash From Investing Activities -30.00K 0.000 0.000
Cash From Financing Activities 0.000 25.25M 7.110M
Net Change In Cash -8.510M 18.11M 4.060M
YoY Change -118.49% 346.06% -183.2%
FREE CASH FLOW
Cash From Operating Activities -$8.480M -$7.140M -$3.050M
Capital Expenditures $32.00K $0.00 $0.00
Free Cash Flow -$8.512M -$7.140M -$3.050M
YoY Change 67.56% 134.1% -37.11%

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The Company has granted ThromboGenics an exclusive, sublicenseable, royalty-bearing license under the Company's rights in these patent rights and know-how, as well as under any other patent rights and know-how that the Company controls during the research term that are necessary for ThromboGenics to perform its obligations to research, develop, manufacture and commercialize collaboration products.
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas, among others: stock-based compensation expense, fair value of warrants to purchase common stock, fair value of embedded derivatives on the Company&#x2019;s long-term debt, revenue recognition and accrued expenses. Actual results could differ from those estimates.</p> </div>
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Under this agreement, the Company and ThromboGenics are collaborating to identify protein or peptide therapeutics that directly modulate any of a specified set of targets in a novel pathway in retinal disease.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentrations of Credit Risk and Off-Balance-Sheet Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company has no significant off-balance-sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company places its cash and cash equivalents in a custodian account in accredited financial institutions.</p> </div>
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