2016 Q2 Form 10-Q Financial Statement

#000156459016019363 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $400.0K $396.6K $360.0K
YoY Change 252.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.020M $1.110M $1.040M
YoY Change 5.15% 37.04% 50.72%
% of Gross Profit
Research & Development $3.570M $2.174M $1.820M
YoY Change 109.11% 200.5% 219.3%
% of Gross Profit
Depreciation & Amortization $20.00K $17.29K $10.00K
YoY Change 221.82%
% of Gross Profit
Operating Expenses $4.590M $3.284M $2.870M
YoY Change 71.5% 113.89% 127.78%
Operating Profit -$2.887M
YoY Change 88.06%
Interest Expense $0.00 $6.430K $0.00
YoY Change -100.0% 556.79%
% of Operating Profit
Other Income/Expense, Net -$5.017K $0.00
YoY Change 1097.37%
Pretax Income -$4.190M -$2.890M -$2.500M
YoY Change 63.67% 87.66% 98.41%
Income Tax
% Of Pretax Income
Net Earnings -$4.190M -$2.892M -$2.500M
YoY Change 63.51% 88.33% 98.41%
Net Earnings / Revenue -1047.5% -729.26% -694.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$108.1K -$76.84K -$66.37K
COMMON SHARES
Basic Shares Outstanding 37.61M 37.61M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.00M $9.688M $12.34M
YoY Change 138.01% 94.87% 97.02%
Cash & Equivalents $22.00M $9.688M $12.34M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $300.0K $500.0K $400.0K
YoY Change 50.0% 150.0% 33.33%
Inventory
Prepaid Expenses $474.6K $376.5K
Receivables
Other Receivables
Total Short-Term Assets $22.30M $10.16M $12.71M
YoY Change 134.93% 96.1% 94.62%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0K $296.5K $124.1K
YoY Change 410.86% 488.36% 129.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $300.0K $332.9K $160.5K
YoY Change 314.05% 419.12% 136.84%
TOTAL ASSETS
Total Short-Term Assets $22.30M $10.16M $12.71M
Total Long-Term Assets $300.0K $332.9K $160.5K
Total Assets $22.60M $10.50M $12.88M
YoY Change 136.28% 100.05% 95.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $1.230M $1.314M
YoY Change 87.05% 553.46% 281.91%
Accrued Expenses $1.900M $1.298M $562.3K
YoY Change 387.13% 341.51% 125.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $100.0K $200.0K
YoY Change 0.0% 100.0%
Total Short-Term Liabilities $5.000M $4.076M $3.630M
YoY Change 113.6% 634.79% 391.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $14.85K $300.0K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $14.85K $300.0K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.000M $4.076M $3.630M
Total Long-Term Liabilities $0.00 $14.85K $300.0K
Total Liabilities $5.000M $4.091M $3.890M
YoY Change 78.85% 637.47% 427.11%
SHAREHOLDERS EQUITY
Retained Earnings -$16.17M -$13.28M
YoY Change 171.18% 199.92%
Common Stock $22.57M $22.26M
YoY Change 868133.15% 116.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.70M $6.404M $8.985M
YoY Change
Total Liabilities & Shareholders Equity $22.60M $10.50M $12.88M
YoY Change 136.28% 100.05% 95.06%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$4.190M -$2.892M -$2.500M
YoY Change 63.51% 88.33% 98.41%
Depreciation, Depletion And Amortization $20.00K $17.29K $10.00K
YoY Change 221.82%
Cash From Operating Activities -$2.530M -$2.510M -$880.0K
YoY Change -12750.0% 96.09% -33.33%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K $65.32K -$90.00K
YoY Change 500.0% 3682.4%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$120.0K -$70.00K -$90.00K
YoY Change 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.99M -70.00K 160.0K
YoY Change 251.05% 600.0% 220.0%
NET CHANGE
Cash From Operating Activities -2.530M -2.510M -880.0K
Cash From Investing Activities -120.0K -70.00K -90.00K
Cash From Financing Activities 14.99M -70.00K 160.0K
Net Change In Cash 12.34M -2.650M -810.0K
YoY Change 188.99% 105.43% -36.22%
FREE CASH FLOW
Cash From Operating Activities -$2.530M -$2.510M -$880.0K
Capital Expenditures -$120.0K $65.32K -$90.00K
Free Cash Flow -$2.410M -$2.575M -$790.0K
YoY Change -6125.0% 100.93% -40.15%

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">NATURE OF OPERATIONS</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Business</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Corbus Pharmaceuticals Holdings, Inc. (&#8220;CPHI&#8221; or &#8220;the Company&#8221;) is a clinical stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases.&#160;Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company&#8217;s business is subject to significant risks and uncertainties and the Company will be dependent on raising substantial additional capital before it becomes profitable and it may never achieve profitability.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the opinion of management of the Company, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2016 and the results of its operations and cash flows for the three months ended March 31, 2016 and 2015.&#160;&#160;The December 31, 2015 condensed consolidated balance sheet was derived from audited financial statements.&#160;&#160;Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.&#160;&#160;It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 28, 2016.&#160;&#160;The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.</p></div>
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits.</p></div>
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AssetImpairmentCharges
0
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2892241
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1535718
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7120060
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17346696
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
334391
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
178486
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
37857
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54348
CY2016Q1 crbp Operating Lease Terms
OperatingLeaseTerms
P3Y
CY2016Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13728
CY2016Q1 crbp Area Of Land Expected To Be Occupied
AreaOfLandExpectedToBeOccupied
6326
CY2016Q1 crbp Expected Operating Lease Terms
ExpectedOperatingLeaseTerms
P5Y
CY2016Q1 us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
36375
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
109124
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
148398
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
151561
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
154723
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
157886
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
13179
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
734871
CY2016Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
36546
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
13725
CY2016Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1130
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
979
CY2016Q1 us-gaap Notes Payable
NotesPayable
92958
CY2015Q4 us-gaap Notes Payable
NotesPayable
162019
CY2016Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
0
CY2015Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
0
CY2016Q1 crbp Accrued Clinical Operations And Trials Costs
AccruedClinicalOperationsAndTrialsCosts
1028181
CY2015Q4 crbp Accrued Clinical Operations And Trials Costs
AccruedClinicalOperationsAndTrialsCosts
365188
CY2016Q1 crbp Accrued Product Development Costs
AccruedProductDevelopmentCosts
141756
CY2015Q4 crbp Accrued Product Development Costs
AccruedProductDevelopmentCosts
152018
CY2016Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
60000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
16500
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
68051
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28573
CY2015Q1 us-gaap Revenues
Revenues
0
CY2015Q2 crbp Deferred Revenue Gross
DeferredRevenueGross
1250000
CY2016Q1 us-gaap Deferred Revenue
DeferredRevenue
1455020
CY2015Q4 us-gaap Deferred Revenue
DeferredRevenue
1851618
CY2016Q1 crbp Issuance Of Common Stock Upon Exercise Of Options And Warrants
IssuanceOfCommonStockUponExerciseOfOptionsAndWarrants
693
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3982065
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1195000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
24380
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5152685
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
2142468
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.03
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.40
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.11
CY2016Q1 crbp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2016Q1 crbp Class Of Warrant Or Right Cancelled
ClassOfWarrantOrRightCancelled
0
CY2015Q1 crbp Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2015Q1 crbp Class Of Warrant Or Right Cancelled
ClassOfWarrantOrRightCancelled
0

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