$DARE
Dare Bioscience, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514212644 Filed on May 27, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q4
Revenue $33.00K $47.00K $6.000K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.030M $1.510M $1.580M
YoY Change 46.04% -23.35% 37.39%
% of Gross Profit
Research & Development $2.648M $1.495M $1.440M
YoY Change -17.12% -57.03% -64.36%
% of Gross Profit
Depreciation & Amortization $20.00K $36.00K $40.00K
YoY Change -60.0% -49.3% -50.0%
% of Gross Profit
Operating Expenses $4.677M $3.005M $3.015M
YoY Change 1.96% -44.87% -41.91%
Operating Profit
YoY Change
Interest Expense $268.0K $461.0K $430.0K
YoY Change -17.79% 30.59% -253.57%
% of Operating Profit
Other Income/Expense, Net -$2.759M $44.00K -$471.0K
YoY Change 801.63% -136.36% -4810.0%
Pretax Income -$7.400M -$2.910M -$3.480M
YoY Change 51.33% -47.76% -36.15%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.403M -$2.914M -$3.480M
YoY Change 51.3% -47.7% -36.15%
Net Earnings / Revenue -22433.33% -6200.0% -58000.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.379M -$2.035M -$2.434M
COMMON SHARES
Basic Shares Outstanding 20.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.27M $8.470M $5.490M
YoY Change -67.15%
Cash & Equivalents $64.27M $8.468M $5.488M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.120M $3.030M $960.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.39M $11.50M $6.447M
YoY Change -62.21%
LONG-TERM ASSETS
Property, Plant & Equipment $221.0K $223.0K $245.0K
YoY Change -44.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $124.0K $130.0K $135.0K
YoY Change -15.63%
Total Long-Term Assets $345.0K $353.0K $380.0K
YoY Change -36.67%
TOTAL ASSETS
Total Short-Term Assets $65.39M $11.50M $6.447M
Total Long-Term Assets $345.0K $353.0K $380.0K
Total Assets $65.74M $11.85M $6.827M
YoY Change -61.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $579.0K $2.160M $914.0K
YoY Change 1.56%
Accrued Expenses $2.110M $1.493M $2.274M
YoY Change -17.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $17.32M $8.820M
YoY Change
Long-Term Debt Due $3.270M $3.200M $3.130M
YoY Change 9.06%
Total Short-Term Liabilities $5.963M $24.18M $15.15M
YoY Change 132.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.450M $2.300M $3.120M
YoY Change -50.16%
Other Long-Term Liabilities $14.00K $14.00K $12.00K
YoY Change -98.97%
Total Long-Term Liabilities $1.968M $3.187M $4.455M
YoY Change -40.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.963M $24.18M $15.15M
Total Long-Term Liabilities $1.968M $3.187M $4.455M
Total Liabilities $7.931M $27.37M $19.60M
YoY Change 40.51%
SHAREHOLDERS EQUITY
Retained Earnings -$108.8M -$98.44M
YoY Change
Common Stock $2.000K $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.81M -$97.04M -$94.30M
YoY Change
Total Liabilities & Shareholders Equity $65.74M $11.85M $6.827M
YoY Change -61.34%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income -$7.403M -$2.914M -$3.480M
YoY Change 51.3% -47.7% -36.15%
Depreciation, Depletion And Amortization $20.00K $36.00K $40.00K
YoY Change -60.0% -49.3% -50.0%
Cash From Operating Activities -$4.230M -$3.670M -$3.270M
YoY Change -23.37% -20.22% -35.12%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $14.00K $0.00
YoY Change 200.0% 600.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K $10.00K $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.00K
YoY Change 68.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.03M 6.650M -1.150M
YoY Change -7896.1% -1010.96% -109.06%
NET CHANGE
Cash From Operating Activities -4.230M -3.670M -3.270M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 60.03M 6.650M -1.150M
Net Change In Cash 55.80M 2.980M -4.420M
YoY Change -985.71% -155.91% -158.39%
FREE CASH FLOW
Cash From Operating Activities -$4.230M -$3.670M -$3.270M
Capital Expenditures -$30.00K $14.00K $0.00
Free Cash Flow -$4.200M -$3.684M -$3.270M
YoY Change -23.77% -19.95% -34.07%

Facts In Submission

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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>1.</b></td> <td valign="top" align="left"><b>NATURE OF BUSINESS AND OPERATIONS</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <b>Nature of Business</b>&#xA0;&#x2014; Cerulean Pharma&#xA0;Inc. (the &#x201C;Company&#x201D;) was incorporated on November&#xA0;28, 2005 as a Delaware corporation and is located in Cambridge, Massachusetts. The Company was formed to develop novel, nanotechnology-based therapeutics in the areas of oncology and other diseases. During 2013, the Company formed a wholly-owned subsidiary, Cerulean Pharma Australia Pty&#xA0;Ltd as an Australian-based proprietary limited company. The activity in the subsidiary to date has been insignificant.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <b>Basis of Presentation &#x2013;</b> The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated. The consolidated interim financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#x201C;SEC&#x201D;). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December&#xA0;31, 2013 and notes thereto, included in the Company&#x2019;s prospectus filed with the SEC pursuant to Rule 424(b)(4) on April&#xA0;14, 2014 (the &#x201C;Prospectus&#x201D;).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company&#x2019;s management, the accompanying unaudited interim consolidated financial statements contain all adjustments which are necessary to present fairly the Company&#x2019;s financial position as of March&#xA0;31, 2014 and the results of its operations and cash flows for the three months ended March&#xA0;31, 2014 and 2013 and the period from November&#xA0;28, 2005 (date of incorporation) to March&#xA0;31, 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March&#xA0;31, 2014 are not indicative of the results for the year ending December&#xA0;31, 2014, or for any future period.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> On April&#xA0;15, 2014, the Company completed the sale of 8,500,000 shares of its common stock in its initial public offering (the &#x201C;IPO&#x201D;), at a price to the public of $7.00 per share, resulting in net proceeds to the Company of $53.2 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. On May&#xA0;7, 2014, the Company completed the sale of an additional 1,069,715 shares of common stock at a price to the public of $7.00 per share under a partial exercise by the underwriters of their option to purchase additional shares of common stock, resulting in net proceeds to the Company of $7.0 million after deducting underwriting discounts and commissions.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In preparation for the IPO, the Company&#x2019;s board of directors and stockholders approved a 1-for-14.5074 reverse stock split of the Company&#x2019;s common stock effective March&#xA0;31, 2014. All share and per share amounts in the consolidated financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to this reverse stock split. In connection with the closing of the IPO, all of the Company&#x2019;s outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April&#xA0;15, 2014, resulting in the issuance by the Company of an additional 9,728,237 shares of common stock. The significant increase in shares outstanding in April 2014 is expected to impact the year-over-year comparability of the Company&#x2019;s net loss per share calculations over the next year.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> In connection with the completion of the IPO on April&#xA0;15, 2014 the Company&#x2019;s outstanding warrants to purchase 1,857,226 shares of the Company&#x2019;s preferred stock automatically converted into warrants to purchase an aggregate of 128,663 shares of the Company&#x2019;s common stock and as a result the Company reclassified the warrant liability to additional paid-in capital.</p> </div>
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