2016 Q4 Form 10-Q Financial Statement
#000162828016020671 Filed on November 03, 2016
Income Statement
Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
---|---|---|---|
Revenue | $2.362M | $1.759M | $2.045M |
YoY Change | 12.91% | -13.99% | 15.87% |
Cost Of Revenue | $120.0K | $18.08M | $120.0K |
YoY Change | 20.0% | 14966.67% | 33.33% |
Gross Profit | $2.240M | -$16.32M | $1.930M |
YoY Change | 12.56% | -945.6% | 14.88% |
Gross Profit Margin | 94.83% | -927.8% | 94.38% |
Selling, General & Admin | $3.610M | $4.680M | $2.770M |
YoY Change | 22.79% | 68.95% | 1.84% |
% of Gross Profit | 161.16% | 143.52% | |
Research & Development | $9.390M | $6.781M | $4.001M |
YoY Change | -23.6% | 69.48% | 7.98% |
% of Gross Profit | 419.2% | 207.31% | |
Depreciation & Amortization | $50.00K | $50.00K | $40.00K |
YoY Change | 25.0% | 25.0% | 0.0% |
% of Gross Profit | 2.23% | 2.07% | |
Operating Expenses | $13.01M | $6.781M | $4.001M |
YoY Change | -14.63% | 69.48% | 7.98% |
Operating Profit | -$10.76M | -$27.79M | -$4.844M |
YoY Change | -18.75% | 473.68% | 1.91% |
Interest Expense | -$570.0K | $657.0K | $827.0K |
YoY Change | -25.0% | -20.56% | -11.45% |
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | -$556.0K | -$699.0K |
YoY Change | -100.0% | -20.46% | -15.49% |
Pretax Income | -$11.33M | -$28.35M | -$5.540M |
YoY Change | -15.82% | 411.73% | -0.72% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$11.34M | -$28.35M | -$5.543M |
YoY Change | -15.79% | 411.37% | -0.67% |
Net Earnings / Revenue | -479.89% | -1611.43% | -271.05% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$402.5K | -$1.073M | -$215.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 140.5M shares | 129.5M shares | 129.6M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $44.50M | $53.40M | $93.50M |
YoY Change | -45.86% | -42.89% | 71.25% |
Cash & Equivalents | $26.04M | $20.67M | $28.66M |
Short-Term Investments | $18.40M | $32.70M | $64.80M |
Other Short-Term Assets | $1.300M | $1.400M | $800.0K |
YoY Change | 8.33% | 75.0% | 14.29% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $2.459M | $1.857M | $2.318M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $48.20M | $56.65M | $96.61M |
YoY Change | -43.63% | -41.36% | 69.17% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $413.0K | $406.0K | $315.5K |
YoY Change | 48.56% | 28.7% | -22.56% |
Goodwill | $9.000M | $8.982M | $8.982M |
YoY Change | 0.2% | 0.0% | 0.0% |
Intangibles | |||
YoY Change | |||
Long-Term Investments | $0.00 | ||
YoY Change | -100.0% | ||
Other Assets | $3.000K | $3.000K | $56.03K |
YoY Change | -94.12% | -94.65% | -27.76% |
Total Long-Term Assets | $9.551M | $9.544M | $9.506M |
YoY Change | 0.92% | 0.4% | -14.37% |
TOTAL ASSETS | |||
Total Short-Term Assets | $48.20M | $56.65M | $96.61M |
Total Long-Term Assets | $9.551M | $9.544M | $9.506M |
Total Assets | $57.75M | $66.19M | $106.1M |
YoY Change | -39.19% | -37.62% | 55.57% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $5.883M | $5.056M | $2.569M |
YoY Change | 39.51% | 96.81% | 8.34% |
Accrued Expenses | $2.725M | $2.324M | $1.874M |
YoY Change | 40.9% | 24.02% | -3.5% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $4.939M | $5.104M | $4.860M |
YoY Change | 7.21% | 5.01% | -11.97% |
Total Short-Term Liabilities | $13.55M | $12.48M | $9.303M |
YoY Change | 25.92% | 34.19% | -5.4% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $14.92M | $15.80M | $20.67M |
YoY Change | -23.71% | -23.56% | -12.2% |
Other Long-Term Liabilities | $18.00K | $41.00K | $148.7K |
YoY Change | -87.05% | -72.44% | -20.64% |
Total Long-Term Liabilities | $14.94M | $15.84M | $20.82M |
YoY Change | -24.16% | -23.91% | -12.27% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $13.55M | $12.48M | $9.303M |
Total Long-Term Liabilities | $14.94M | $15.84M | $20.82M |
Total Liabilities | $28.49M | $28.32M | $30.12M |
YoY Change | -6.47% | -5.97% | -10.26% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$898.9M | -$887.6M | -$825.1M |
YoY Change | 7.2% | 7.58% | 6.62% |
Common Stock | $929.7M | $927.0M | $902.5M |
YoY Change | 2.79% | 2.71% | 103369.27% |
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 | $29.45M | $37.87M | $75.99M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $57.75M | $66.19M | $106.1M |
YoY Change | -39.19% | -37.62% | 55.57% |
Cashflow Statement
Concept | 2016 Q4 | 2016 Q3 | 2015 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$11.34M | -$28.35M | -$5.543M |
YoY Change | -15.79% | 411.37% | -0.67% |
Depreciation, Depletion And Amortization | $50.00K | $50.00K | $40.00K |
YoY Change | 25.0% | 25.0% | 0.0% |
Cash From Operating Activities | -$9.390M | -$7.580M | -$4.480M |
YoY Change | -13.54% | 69.2% | 115.38% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$60.00K | -$10.00K | -$40.00K |
YoY Change | -75.0% | 300.0% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $14.12M | $20.24M | $2.800M |
YoY Change | -9.83% | 622.86% | 305.8% |
Cash From Investing Activities | $14.06M | $20.22M | $2.760M |
YoY Change | -10.22% | 632.61% | 305.88% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 690.0K | -620.0K | -1.110M |
YoY Change | -286.49% | -44.14% | 35.37% |
NET CHANGE | |||
Cash From Operating Activities | -9.390M | -7.580M | -4.480M |
Cash From Investing Activities | 14.06M | 20.22M | 2.760M |
Cash From Financing Activities | 690.0K | -620.0K | -1.110M |
Net Change In Cash | 5.360M | 12.02M | -2.830M |
YoY Change | 20.99% | -524.73% | 27.48% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$9.390M | -$7.580M | -$4.480M |
Capital Expenditures | -$60.00K | -$10.00K | -$40.00K |
Free Cash Flow | -$9.330M | -$7.570M | -$4.440M |
YoY Change | -14.09% | 70.5% | 114.49% |
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CY2015Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
19558000 | USD |
CY2016Q3 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
15798000 | USD |
CY2015Q4 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
49100000 | USD |
CY2016Q3 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
32684000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
62029000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-2058000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-22089000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
16062000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-19028000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-26424000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5543000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-45520000 | USD | |
CY2016Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-28345000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-49077000 | USD | |
us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment | |
CY2015Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4844000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-43235000 | USD | |
CY2016Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-27789000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-47276000 | USD | |
CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
249000 | USD |
CY2016Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
347000 | USD |
CY2015Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
51000 | USD |
CY2016Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3000 | USD |
CY2015Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
139000 | USD |
CY2016Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
41000 | USD |
CY2015Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-699000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-2285000 | USD | |
CY2016Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-556000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1801000 | USD | |
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
95595000 | USD | |
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
50485000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
48000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
269000 | USD | |
CY2015Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1204000 | USD |
CY2016Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1437000 | USD |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
64619000 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD | |
us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
203000 | USD | |
us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
1161000 | USD | |
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
73521000 | USD | |
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
66816000 | USD | |
us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
19000 | USD | |
us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
0 | USD | |
CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
278000 | USD |
CY2016Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
406000 | USD |
us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
2793000 | USD | |
us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
3219000 | USD | |
CY2015Q3 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-248000 | USD |
us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-212000 | USD | |
CY2016Q3 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
-58000 | USD |
us-gaap |
Royalty Expense
RoyaltyExpense
|
303000 | USD | |
CY2015Q3 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
4001000 | USD |
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
14658000 | USD | |
CY2016Q3 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
6781000 | USD |
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
22431000 | USD | |
CY2015Q3 | us-gaap |
Research And Development In Process
ResearchAndDevelopmentInProcess
|
0 | USD |
us-gaap |
Research And Development In Process
ResearchAndDevelopmentInProcess
|
24348000 | USD | |
CY2016Q3 | us-gaap |
Research And Development In Process
ResearchAndDevelopmentInProcess
|
17989000 | USD |
us-gaap |
Research And Development In Process
ResearchAndDevelopmentInProcess
|
17989000 | USD | |
CY2015Q4 | us-gaap |
Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
|
153000 | USD |
CY2016Q3 | us-gaap |
Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
|
153000 | USD |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-838536000 | USD |
CY2016Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-887613000 | USD |
CY2015Q3 | us-gaap |
Revenues
Revenues
|
2045000 | USD |
us-gaap |
Revenues
Revenues
|
5786000 | USD | |
CY2016Q3 | us-gaap |
Revenues
Revenues
|
1759000 | USD |
us-gaap |
Revenues
Revenues
|
5165000 | USD | |
CY2015Q3 | us-gaap |
Royalty Expense
RoyaltyExpense
|
116000 | USD |
CY2016Q3 | us-gaap |
Royalty Expense
RoyaltyExpense
|
94000 | USD |
us-gaap |
Royalty Expense
RoyaltyExpense
|
278000 | USD | |
CY2015Q3 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
2293000 | USD |
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
5998000 | USD | |
CY2016Q3 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
1817000 | USD |
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
5403000 | USD | |
CY2015Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
901000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2875000 | USD | |
CY2016Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1630000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3311000 | 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
|
0.7 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.68 | ||
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
|
0.019 | ||
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 Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.015 | ||
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 Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
100000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
500000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.71 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.08 | ||
CY2016Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
9200000 | USD |
CY2016Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
15487348 | shares |
CY2016Q3 | us-gaap |
Share Price
SharePrice
|
1.76 | |
CY2016Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
3900000 | USD |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
2100000 | USD | |
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
64510000 | USD |
CY2016Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
37870000 | USD |
CY2015Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1222846 | shares |
CY2016Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
1222846 | shares |
CY2015Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1524000 | USD |
CY2016Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
1524000 | USD |
CY2015Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
128392413 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
121634415 | shares | |
CY2016Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
132065947 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
130122698 | 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:65px;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 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:65px;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 most advanced drug candidate is CUDC-907, which is being investigated in clinical studies in patients with diffuse large B-cell lymphoma and solid tumors.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the Company entered into an exclusive collaboration agreement focused on immuno-oncology and selected precision oncology targets with Aurigene Discovery Technologies Limited, or Aurigene. In September 2016, the Company entered into an amendment to this agreement, pursuant to which Aurigene received </font><font style="font-family:inherit;font-size:10pt;">10,208,333</font><font style="font-family:inherit;font-size:10pt;"> shares of the Company's common stock in lieu of receiving up to </font><font style="font-family:inherit;font-size:10pt;">$24.5 million</font><font style="font-family:inherit;font-size:10pt;"> of milestone and other payments from Curis (see Note 4(b)). </font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The collaboration comprises multiple programs, in which Curis has the option to exclusively license each program, including data, intellectual property and compounds associated with each respective program, once a development candidate is nominated within that 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 focused on the development of orally-available small molecule antagonists of programmed death-1 (PD1) and V-domain Ig suppressor of T-cell activation (VISTA) pathways in the immuno-oncology field. The Company has named CA-170, a programmed death ligand-1 (PDL1)/VISTA antagonist, as the development candidate from this program. The second licensed program is focused on orally-available small molecule inhibitors of Interleukin-1 receptor-associated kinase 4 (IRAK4) enzyme in the precision oncology field and the Company has named CA-4948 as the development candidate from this program. In addition, in October 2015, the Company selected a third program for further development under the collaboration, the second preclinical program within the immuno-oncology field, which is focused on evaluating small molecule antagonists of PD1 and T-cell immunoglobulin and mucin domain containing protein-3 (TIM3) pathways, including small molecules that target PDL1 and TIM3. In October 2016, the Company exercised its option to license this third program, and designated CA-327 as the development candidate. </font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is also 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</font><font style="font-family:inherit;font-size:9pt;">®</font><font style="font-family:inherit;font-size:10pt;"> (vismodegib), a first-in-class orally-administered small molecule Hedgehog signaling pathway inhibitor, in advanced basal cell carcinoma, or BCC. In addition to BCC, Roche and Genentech are separately conducting studies of Erivedge in other diseases, including in idiopathic pulmonary fibrosis and myelofibrosis.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s proprietary small molecule compounds also include CUDC-427, an orally-available, small molecule antagonist of inhibitor of apoptosis, or IAP proteins, and CUDC-305, an orally-available, small molecule antagonist of Heat Shock Protein 90.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;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 United States Food and Drug Administration, or FDA, and in overseas markets by similar regulatory authorities.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;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 Genentech and Roche 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’s wholly owned subsidiary, Curis Royalty, LLC, or Curis Royalty, to satisfy the terms of its loan agreement with BioPharma Secured Debt Fund II Sub, S.à.r.l., a Luxembourg limited liability company managed by Pharmakon Advisors, or BioPharma-II; 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:65px;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 receives 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; positive results in Roche and Genentech’s ongoing clinical trials.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company anticipates that its existing cash, cash equivalents and investments at </font><font style="font-family:inherit;font-size:10pt;">September 30, 2016</font><font style="font-family:inherit;font-size:10pt;"> should enable it to maintain current and planned operations into the second half of 2017. The Company’s ability to continue funding its planned operations beyond this period is dependent upon, among other things, its ability to control expenses and its ability to raise additional funds through equity or debt financings, the success of its collaboration with Genentech, including its receipt of additional contingent cash payments under this collaboration, new collaborations or other sources of financing. The Company may not be able to successfully raise additional funds or enter into or continue any corporate collaborations and the timing, amount and likelihood of such events is highly uncertain. If the Company is unable to obtain adequate financing, the Company may be required to reduce or delay spending on its research and/or development programs.</font></div></div> |