2017 Q3 Form 10-Q Financial Statement
#000110820517000012 Filed on August 03, 2017
Income Statement
Concept | 2017 Q3 | 2017 Q2 | 2016 Q2 |
---|---|---|---|
Revenue | $2.444M | $2.061M | $1.680M |
YoY Change | 38.94% | 22.68% | -19.35% |
Cost Of Revenue | $120.0K | $100.0K | $100.0K |
YoY Change | -99.34% | 0.0% | 0.0% |
Gross Profit | $2.320M | $1.970M | $1.590M |
YoY Change | -114.22% | 23.9% | -19.7% |
Gross Profit Margin | 94.93% | 95.58% | 94.64% |
Selling, General & Admin | $3.410M | $3.820M | $3.440M |
YoY Change | -27.14% | 11.05% | 0.88% |
% of Gross Profit | 146.98% | 193.91% | 216.35% |
Research & Development | $13.38M | $11.26M | $8.822M |
YoY Change | 97.35% | 27.58% | 341.1% |
% of Gross Profit | 576.81% | 571.32% | 554.84% |
Depreciation & Amortization | $70.00K | $50.00K | $60.00K |
YoY Change | 40.0% | -16.67% | 50.0% |
% of Gross Profit | 3.02% | 2.54% | 3.77% |
Operating Expenses | $13.38M | $11.26M | $8.822M |
YoY Change | 97.35% | 27.58% | 341.1% |
Operating Profit | -$14.47M | -$13.11M | -$10.68M |
YoY Change | -47.93% | 22.74% | 44.93% |
Interest Expense | $1.109M | $1.119M | $729.0K |
YoY Change | 68.8% | 53.5% | -13.52% |
% of Operating Profit | |||
Other Income/Expense, Net | -$986.0K | -$981.0K | -$610.0K |
YoY Change | 77.34% | 60.82% | -19.63% |
Pretax Income | -$15.46M | -$14.09M | -$11.29M |
YoY Change | -45.47% | 24.8% | 38.87% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$15.46M | -$14.09M | -$11.29M |
YoY Change | -45.47% | 24.8% | 38.89% |
Net Earnings / Revenue | -632.45% | -683.65% | -672.02% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$527.6K | -$489.9K | -$436.8K |
COMMON SHARES | |||
Basic Shares Outstanding | 143.9M shares | 143.8M shares | 129.2M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2017 Q3 | 2017 Q2 | 2016 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $69.20M | $51.00M | $61.70M |
YoY Change | 29.59% | -17.34% | -37.8% |
Cash & Equivalents | $49.84M | $26.68M | $8.643M |
Short-Term Investments | $19.40M | $24.40M | $53.00M |
Other Short-Term Assets | $1.400M | $1.200M | $1.000M |
YoY Change | 0.0% | 20.0% | 25.0% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $2.456M | $2.231M | $1.869M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $73.00M | $54.38M | $64.52M |
YoY Change | 28.86% | -15.7% | -36.79% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $384.0K | $426.0K | $451.0K |
YoY Change | -5.42% | -5.54% | 39.58% |
Goodwill | $8.982M | $8.982M | $8.982M |
YoY Change | 0.0% | 0.0% | 0.0% |
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $3.000K | $3.000K | $3.000K |
YoY Change | 0.0% | 0.0% | -95.14% |
Total Long-Term Assets | $9.369M | $9.411M | $9.589M |
YoY Change | -1.83% | -1.86% | 0.73% |
TOTAL ASSETS | |||
Total Short-Term Assets | $73.00M | $54.38M | $64.52M |
Total Long-Term Assets | $9.369M | $9.411M | $9.589M |
Total Assets | $82.37M | $63.80M | $74.10M |
YoY Change | 24.44% | -13.91% | -33.58% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $6.519M | $8.202M | $3.875M |
YoY Change | 28.94% | 111.66% | 62.45% |
Accrued Expenses | $2.528M | $2.480M | $2.012M |
YoY Change | 8.78% | 23.26% | 10.67% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $5.116M | $3.931M | $5.429M |
YoY Change | 0.24% | -27.59% | 12.02% |
Total Short-Term Liabilities | $14.16M | $14.61M | $11.32M |
YoY Change | 13.45% | 29.14% | 25.04% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $37.76M | $39.95M | $16.54M |
YoY Change | 139.0% | 141.57% | -24.1% |
Other Long-Term Liabilities | $0.00 | $0.00 | $62.00K |
YoY Change | -100.0% | -100.0% | -60.89% |
Total Long-Term Liabilities | $37.76M | $39.95M | $16.60M |
YoY Change | 138.39% | 140.67% | -24.37% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $14.16M | $14.61M | $11.32M |
Total Long-Term Liabilities | $37.76M | $39.95M | $16.60M |
Total Liabilities | $51.92M | $54.57M | $27.92M |
YoY Change | 83.32% | 95.46% | -9.94% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$944.2M | -$928.8M | -$859.3M |
YoY Change | 6.38% | 8.09% | 4.85% |
Common Stock | $976.2M | $939.5M | $906.9M |
YoY Change | 5.31% | 3.6% | 0.59% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $1.524M | $1.524M | $1.524M |
YoY Change | 0.0% | 0.0% | 0.0% |
Treasury Stock Shares | 1.223M shares | 1.223M shares | 1.223M shares |
Shareholders Equity | $30.45M | $9.228M | $46.19M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $82.37M | $63.80M | $74.10M |
YoY Change | 24.44% | -13.91% | -33.58% |
Cashflow Statement
Concept | 2017 Q3 | 2017 Q2 | 2016 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$15.46M | -$14.09M | -$11.29M |
YoY Change | -45.47% | 24.8% | 38.89% |
Depreciation, Depletion And Amortization | $70.00K | $50.00K | $60.00K |
YoY Change | 40.0% | -16.67% | 50.0% |
Cash From Operating Activities | -$16.48M | -$9.220M | -$10.85M |
YoY Change | 117.41% | -15.02% | 59.79% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$20.00K | -$80.00K | -$250.0K |
YoY Change | 100.0% | -68.0% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $4.960M | -$5.940M | $5.370M |
YoY Change | -75.49% | -210.61% | -65.86% |
Cash From Investing Activities | $4.930M | -$6.010M | $5.130M |
YoY Change | -75.62% | -217.15% | -67.39% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 34.71M | -510.0K | -320.0K |
YoY Change | -5698.39% | 59.38% | -65.22% |
NET CHANGE | |||
Cash From Operating Activities | -16.48M | -9.220M | -10.85M |
Cash From Investing Activities | 4.930M | -6.010M | 5.130M |
Cash From Financing Activities | 34.71M | -510.0K | -320.0K |
Net Change In Cash | 23.16M | -15.74M | -6.040M |
YoY Change | 92.68% | 160.6% | -175.31% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$16.48M | -$9.220M | -$10.85M |
Capital Expenditures | -$20.00K | -$80.00K | -$250.0K |
Free Cash Flow | -$16.46M | -$9.140M | -$10.60M |
YoY Change | 117.44% | -13.77% | 56.11% |
Facts In Submission
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---|---|---|---|---|
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Cash Distribution Paidto Parent Company
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|
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|
3 | term |
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7500000 | USD |
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2017-06-30 | ||
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CY2017Q2 | us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
0 | USD |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-5994000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-18841000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-24369000 | USD | |
CY2016Q2 | us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
0 | USD |
us-gaap |
Other Nonoperating Expense
OtherNonoperatingExpense
|
0 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-11290000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-20731000 | USD | |
CY2017Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-14090000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-29832000 | USD | |
us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment | |
CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-10680000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-19487000 | USD | |
CY2017Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13109000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-28161000 | USD | |
CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
348000 | USD |
CY2017Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
168000 | USD |
CY2016Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3000 | USD |
CY2017Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3000 | USD |
CY2016Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
18000 | USD |
CY2017Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
0 | USD |
CY2016Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-610000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1244000 | USD | |
CY2017Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-981000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1671000 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | USD | |
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
192000 | USD | |
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
48744000 | USD | |
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
27476000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
256000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
126000 | USD | |
CY2016Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1257000 | USD |
CY2017Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
958000 | USD |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
6214000 | USD | |
us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
698000 | USD | |
us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
890000 | USD | |
us-gaap |
Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
|
0 | USD | |
us-gaap |
Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
|
45000000 | USD | |
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
44836000 | USD | |
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
21608000 | USD | |
CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
413000 | USD |
CY2017Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
426000 | USD |
us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
2141000 | USD | |
us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
2607000 | USD | |
us-gaap |
Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
|
0 | USD | |
CY2017Q2 | us-gaap |
Revenues
Revenues
|
2061000 | USD |
us-gaap |
Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
|
18303000 | USD | |
us-gaap |
Revenues
Revenues
|
4192000 | USD | |
CY2016Q2 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-162000 | USD |
us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-180000 | USD | |
CY2017Q2 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-41000 | USD |
us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-102000 | USD | |
CY2016Q2 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
8822000 | USD |
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
15650000 | USD | |
CY2017Q2 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
11255000 | USD |
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
24795000 | USD | |
CY2016Q4 | us-gaap |
Restricted Investments Current
RestrictedInvestmentsCurrent
|
0 | USD |
CY2017Q2 | us-gaap |
Restricted Investments Current
RestrictedInvestmentsCurrent
|
153000 | USD |
CY2016Q4 | us-gaap |
Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
|
153000 | USD |
CY2017Q2 | us-gaap |
Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
|
0 | USD |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-898948000 | USD |
CY2017Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-928779000 | USD |
CY2016Q2 | us-gaap |
Revenues
Revenues
|
1680000 | USD |
us-gaap |
Revenues
Revenues
|
3406000 | USD | |
CY2016Q2 | us-gaap |
Royalty Expense
RoyaltyExpense
|
95000 | USD |
us-gaap |
Royalty Expense
RoyaltyExpense
|
184000 | USD | |
CY2017Q2 | us-gaap |
Royalty Expense
RoyaltyExpense
|
96000 | USD |
us-gaap |
Royalty Expense
RoyaltyExpense
|
207000 | USD | |
CY2016Q2 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
1842000 | USD |
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
3586000 | USD | |
CY2017Q2 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
2102000 | USD |
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
4294000 | USD | |
CY2016Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
908000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1680000 | USD | |
CY2017Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1585000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2688000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.70 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.64 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.69 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.63 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.018 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.021 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.014 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.020 | ||
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
7986527 | shares |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.59 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
200000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
900000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
417753 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
5913000 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.07 | ||
us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
675335 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
2.53 | ||
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29266000 | USD |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
18572069 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.30 | |
CY2017Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9228000 | USD |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P7Y0M5D | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
2200000 | USD | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
2100000 | USD | |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
1651000 | USD |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13752157 | shares |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.39 | |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
2.39 | |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
1590000 | USD |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
17590685 | shares |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.38 | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
2.90 | ||
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
2.53 | ||
CY2017Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
823000 | USD |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P5Y2M | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y1M10D | ||
CY2016Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1222846 | shares |
CY2017Q2 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1222846 | shares |
CY2016Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1524000 | USD |
CY2017Q2 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1524000 | USD |
CY2016Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
129270639 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
129142989 | shares | |
CY2017Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
143786705 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
142904144 | shares | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Nature of Business</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Curis, Inc. is a biotechnology company seeking to develop and commercialize innovative drug candidates for the treatment of human cancers. As used throughout these consolidated financial statements, the term “the Company” refers to the business of Curis, Inc. and its wholly owned subsidiaries, except where the context otherwise requires, and the term “Curis” refers to Curis, Inc.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company conducts its research and development programs both internally and through strategic collaborations. The Company’s clinical stage drug candidates are CUDC-907, which is being investigated in clinical studies in patients with diffuse large B-cell lymphoma and solid tumors and CA-170, which is being investigated in a Phase 1 study in patients with advanced solid tumors and lymphomas. The Company’s pipeline includes </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> pre-Investigational New Drug, or IND, stage oncology drug candidates, CA-327 and CA-4948. The Company’s drug Erivedge® (vismodegib) is approved for the treatment of advanced basal cell carcinoma, or BCC. The Company is party to a collaboration with F. Hoffmann-La Roche Ltd, or Roche, and Genentech Inc., or Genentech, a member of the Roche Group, under which Roche and Genentech are commercializing Erivedge, a first-in-class orally-administered small molecule Hedgehog signaling pathway inhibitor. In addition to BCC, Roche and Genentech are investigating Erivedge in myelofibrosis.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, and as amended in September 2016, the Company entered into an exclusive collaboration, option and license agreement focused on immuno-oncology and selected precision oncology targets with Aurigene Discovery Technologies Limited, or Aurigene.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The collaboration with Aurigene is comprised of multiple programs, and Curis has the option to exclusively license each program, including data, intellectual property and compounds associated therewith, once a development candidate is nominated within such program. In October 2015, the Company exercised options to license the first </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> programs under this collaboration. The first licensed program is in the immuno-oncology field and the Company has named CA-170, an orally-available small molecule antagonist of two immune checkpoints, programmed death ligand-1 (PDL1) and V domain Ig suppressor of T cell activation (VISTA), as the development candidate from this program. CA-170 is currently in Phase 1 clinical testing. The second licensed program is in the precision oncology field and the Company has named CA-4948, an orally-available small molecule inhibitor of Interleukin-1 receptor-associated kinase 4 (IRAK4), as the development candidate. In October 2016, the Company exercised its option to license a third program in the collaboration, and designated CA-327, a distinct orally available small molecule antagonist of two immune checkpoints, PDL1 and T-cell immunoglobulin and mucin domain containing protein-3 (TIM3), as the development candidate from this program. The Company expects to file IND applications with the United States Food and Drug Administration, or FDA, for clinical testing of CA-4948 in the third quarter of 2017 and CA-327 in first quarter of 2018.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in a single reportable segment, which is the research and development of innovative cancer therapeutics. The Company expects that any products that are successfully developed and commercialized would be used in the health care industry and would be regulated in the United States by the FDA and in overseas markets by similar regulatory authorities.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to risks common to companies in the biotechnology industry as well as risks that are specific to the Company’s business, including, but not limited to: the Company’s ability to advance and expand its research and development programs; the Company’s reliance on Aurigene to successfully discover and preclinically develop drug candidates under the parties’ collaboration agreement; the Company’s reliance on Roche and Genentech to successfully commercialize Erivedge in the approved indication of advanced BCC and to progress its clinical development in indications other than BCC; the Company’s ability to obtain adequate financing to fund its operations; the ability of the Company and its wholly owned subsidiary, Curis Royalty, LLC, or Curis Royalty, to satisfy the terms of its credit agreement with HealthCare Royalty Partners III, L.P., a Delaware limited partnership managed by Healthcare Royalty Management, LLC, or HealthCare Royalty; the Company’s ability to obtain and maintain necessary intellectual property protection; development by the Company’s competitors of new or better technological innovations; dependence on key personnel; the Company’s ability to comply with regulatory requirements; and the Company’s ability to execute on its overall business strategies.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s future operating results will largely depend on the progress of drug candidates currently in its development pipeline and the magnitude of payments that it may receive and makes under its current and potential future collaborations. The results of the Company’s operations may vary significantly from year to year and quarter to quarter and depend on a number of factors, including, but not limited to: the timing, outcome and cost of the Company’s preclinical studies and clinical trials for its drug candidates; Aurigene’s ability to successfully discover and develop preclinical programs under the Company’s collaboration with Aurigene, as well as the Company’s decision to exclusively license and further develop programs under this collaboration; Roche and Genentech’s ability to successfully commercialize Erivedge; and positive results in Roche and Genentech’s ongoing clinical trials.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has incurred losses and negative cash flows from operations since its inception. As of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had an accumulated deficit of approximately </font><font style="font-family:inherit;font-size:10pt;">$928.8 million</font><font style="font-family:inherit;font-size:10pt;">. The Company anticipates that its </font><font style="font-family:inherit;font-size:10pt;">$51.0 million</font><font style="font-family:inherit;font-size:10pt;"> of existing cash, cash equivalents and investments at </font><font style="font-family:inherit;font-size:10pt;">June 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> should enable it to maintain its planned operations into 2018. In order to ensure adequate cash resources for 12 months from the issuance date of these financial statements, the Company will reduce or delay spending on its research and development programs and operating expenses to the extent it is unable to raise additional financing through its current </font><font style="font-family:inherit;font-size:10pt;">$30.0 million</font><font style="font-family:inherit;font-size:10pt;"> at-the-market sale agreement with Cowen and Company, LLC, or Cowen or other potential financing. Accordingly, the inability to obtain additional funds in the next 12 months would have a negative impact on the Company’s financial condition and ability to pursue its business strategies. The Company’s ability to raise additional funds will depend on financial, economic and market conditions, many of which are outside of its control, and it may be unable to raise financing when needed, or on terms favorable to the Company.</font></div></div> |