$DARE
Dare Bioscience, Inc. Stock $dare

$dare Overview Financials Valuation SEC Filings Company Website

2014 Q3 Form 10-Q Financial Statement

#000119312514306610 Filed on August 12, 2014

Income Statement

Concept	2014 Q3	2014 Q2	2013 Q2
Revenue	$0.00	$33.00K	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$2.440M	$2.030M	$1.390M
YoY Change	98.37%	46.04%
% of Gross Profit
Research & Development	$2.928M	$2.648M	$3.195M
YoY Change	84.62%	-17.12%
% of Gross Profit
Depreciation & Amortization	$30.00K	$20.00K	$50.00K
YoY Change	-25.0%	-60.0%
% of Gross Profit
Operating Expenses	$5.369M	$4.677M	$4.587M
YoY Change	90.86%	1.96%
Operating Profit
YoY Change
Interest Expense	$191.0K	$268.0K	$326.0K
YoY Change	-49.47%	-17.79%
% of Operating Profit
Other Income/Expense, Net	-$189.0K	-$2.759M	-$306.0K
YoY Change	-50.91%	801.63%
Pretax Income	-$5.560M	-$7.400M	-$4.890M
YoY Change	73.75%	51.33%
Income Tax	$0.00	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$5.558M	-$7.403M	-$4.893M
YoY Change	73.8%	51.3%
Net Earnings / Revenue		-22433.33%
Basic Earnings Per Share
Diluted Earnings Per Share	-$2.766M	-$4.379M	-$3.420M
COMMON SHARES
Basic Shares Outstanding	20.12M shares	20.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2014 Q3	2014 Q2	2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$57.79M	$64.27M
YoY Change	483.15%
Cash & Equivalents	$57.79M	$64.27M	$5.084M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables	$1.910M	$1.120M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$59.70M	$65.39M
YoY Change	482.99%
LONG-TERM ASSETS
Property, Plant & Equipment	$268.0K	$221.0K
YoY Change	-4.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$120.0K	$124.0K
YoY Change	-14.29%
Total Long-Term Assets	$388.0K	$345.0K
YoY Change	-7.62%
TOTAL ASSETS
Total Short-Term Assets	$59.70M	$65.39M
Total Long-Term Assets	$388.0K	$345.0K
Total Assets	$60.09M	$65.74M
YoY Change	463.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.461M	$579.0K
YoY Change	28.16%
Accrued Expenses	$1.571M	$2.110M
YoY Change	-18.6%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change	-100.0%
Long-Term Debt Due	$3.350M	$3.270M
YoY Change	9.12%
Total Short-Term Liabilities	$6.379M	$5.963M
YoY Change	-57.36%
LONG-TERM LIABILITIES
Long-Term Debt	$590.0K	$1.450M
YoY Change	-84.99%
Other Long-Term Liabilities	$45.00K	$14.00K
YoY Change	-96.28%
Total Long-Term Liabilities	$1.175M	$1.968M
YoY Change	-77.14%
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.379M	$5.963M
Total Long-Term Liabilities	$1.175M	$1.968M
Total Liabilities	$7.554M	$7.931M
YoY Change	-62.42%
SHAREHOLDERS EQUITY
Retained Earnings	-$114.3M	-$108.8M
YoY Change
Common Stock	$2.000K	$2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$52.53M	$57.81M
YoY Change
Total Liabilities & Shareholders Equity	$60.09M	$65.74M
YoY Change	463.66%

Cashflow Statement

Concept	2014 Q3	2014 Q2	2013 Q2
OPERATING ACTIVITIES
Net Income	-$5.558M	-$7.403M	-$4.893M
YoY Change	73.8%	51.3%
Depreciation, Depletion And Amortization	$30.00K	$20.00K	$50.00K
YoY Change	-25.0%	-60.0%
Cash From Operating Activities	-$5.550M	-$4.230M	-$5.520M
YoY Change	72.36%	-23.37%
INVESTING ACTIVITIES
Capital Expenditures	-$80.00K	-$30.00K	-$10.00K
YoY Change		200.0%
Acquisitions
YoY Change
Other Investing Activities	$0.00	$30.00K	$0.00
YoY Change
Cash From Investing Activities	-$80.00K	$0.00	-$10.00K
YoY Change		-100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-850.0K	60.03M	-770.0K
YoY Change	-110.56%	-7896.1%
NET CHANGE
Cash From Operating Activities	-5.550M	-4.230M	-5.520M
Cash From Investing Activities	-80.00K	0.000	-10.00K
Cash From Financing Activities	-850.0K	60.03M	-770.0K
Net Change In Cash	-6.480M	55.80M	-6.300M
YoY Change	-234.16%	-985.71%
FREE CASH FLOW
Cash From Operating Activities	-$5.550M	-$4.230M	-$5.520M
Capital Expenditures	-$80.00K	-$30.00K	-$10.00K
Free Cash Flow	-$5.470M	-$4.200M	-$5.510M
YoY Change	69.88%	-23.77%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	655945	shares
CY2014Q2	us-gaap	Debt Instrument Interest Rate Stated Percentage DebtInstrumentInterestRateStatedPercentage	0.07	pure
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CY2014Q2	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	5.18
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	1755786	shares
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice	5.72
CY2014Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber	1047066	shares
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	4.27
CY2014Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	120000000	shares
CY2014Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2014Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2014Q2	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2014Q2	us-gaap	Loans Payable Current LoansPayableCurrent	3274000
CY2014Q2	us-gaap	Preferred Stock Value PreferredStockValue
CY2014Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	2110000
CY2014Q2	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	332000
CY2014Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	166562000
CY2014Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	579000
CY2014Q2	us-gaap	Long Term Loans Payable LongTermLoansPayable	1451000
CY2014Q2	ceru	Accrued Clinical Trial Costs Current AccruedClinicalTrialCostsCurrent	983000
CY2012Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16707000
CY2014Q2	us-gaap	Liabilities Current LiabilitiesCurrent	5963000
CY2014Q2	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	484000
CY2014Q2	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	14000
CY2014Q2	us-gaap	Stockholders Equity StockholdersEquity	57808000
CY2014Q2	us-gaap	Other Accrued Liabilities Noncurrent OtherAccruedLiabilitiesNoncurrent	503000
CY2014Q2	us-gaap	Contractual Obligation ContractualObligation	0
CY2014Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-108756000
CY2014Q2	us-gaap	Common Stock Value CommonStockValue	2000
CY2014Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	65739000
CY2014Q2	us-gaap	Liabilities Noncurrent LiabilitiesNoncurrent	1968000
CY2014Q2	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
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CY2014Q2	us-gaap	Assets Assets	65739000
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CY2014Q2	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	64135000
CY2014Q2	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	1061000
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	1789000
CY2014Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	221000
CY2014Q2	ceru	Accounts Receivable Prepaid Expense And Other Current Assets AccountsReceivablePrepaidExpenseAndOtherCurrentAssets	1123000
CY2014Q2	ceru	Accrued Manufacturing Expenses Current AccruedManufacturingExpensesCurrent	311000
CY2013Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	785531	shares
CY2013Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	785531	shares
CY2013Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2013Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	3.98
CY2013Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	1062694	shares
CY2013Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2013Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	120000000	shares
CY2013Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2013Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2013Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2013Q4	us-gaap	Loans Payable Current LoansPayableCurrent	3134000
CY2013Q4	us-gaap	Preferred Stock Value PreferredStockValue
CY2013Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	2274000
CY2013Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	379000
CY2013Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	4140000
CY2013Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	914000
CY2013Q4	us-gaap	Long Term Loans Payable LongTermLoansPayable	3124000
CY2013Q4	us-gaap	Liabilities Current LiabilitiesCurrent	15146000
CY2013Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	5488000
CY2013Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	5233000
CY2013Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	7028000
CY2013Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	245000
CY2013Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	618000
CY2013Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	6827000
CY2013Q4	us-gaap	Liabilities Noncurrent LiabilitiesNoncurrent	4455000
CY2013Q4	us-gaap	Liabilities Fair Value Disclosure LiabilitiesFairValueDisclosure	928000
CY2013Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2013Q4	us-gaap	Temporary Equity Value Excluding Additional Paid In Capital TemporaryEquityValueExcludingAdditionalPaidInCapital	81525000
CY2013Q4	ceru	Accounts Receivable Prepaid Expense And Other Current Assets AccountsReceivablePrepaidExpenseAndOtherCurrentAssets	959000
CY2013Q4	ceru	Accrued Manufacturing Expenses Current AccruedManufacturingExpensesCurrent	433000
CY2013Q4	ceru	Accrued Clinical Trial Costs Current AccruedClinicalTrialCostsCurrent	610000
CY2013Q4	ceru	Debt Instrument Accrued Interest DebtInstrumentAccruedInterest	234000
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0109	pure
CY2013Q4	us-gaap	Assets Current AssetsCurrent	6447000
CY2013Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	135000
CY2013Q4	us-gaap	Assets Assets	6827000
CY2013Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	12000
CY2013Q4	us-gaap	Stockholders Equity StockholdersEquity	-94299000
CY2013Q4	us-gaap	Other Accrued Liabilities Noncurrent OtherAccruedLiabilitiesNoncurrent	391000
CY2013Q4	us-gaap	Warrants And Rights Outstanding WarrantsAndRightsOutstanding	928000
CY2013Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-98439000
CY2013Q4	us-gaap	Convertible Notes Payable Current ConvertibleNotesPayableCurrent	8824000
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.79	pure
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P6Y
	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	613754	shares
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	-10123000
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	2.67
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate		pure
	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-17.05
	us-gaap	Interest Paid Net InterestPaidNet	364000
	us-gaap	Gain Loss On Sale Of Property Plant Equipment GainLossOnSaleOfPropertyPlantEquipment	-1000
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic
	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	1511000
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-427000
	us-gaap	Investment Income Interest InvestmentIncomeInterest	1000
	us-gaap	Net Income Loss NetIncomeLoss	-10465000
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	5000
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-251000
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	3364000
	us-gaap	Paid In Kind Interest PaidInKindInterest	315000
	us-gaap	Straight Line Rent Adjustments StraightLineRentAdjustments	-9000
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-1495000
	us-gaap	State And Local Income Tax Expense Benefit Continuing Operations StateAndLocalIncomeTaxExpenseBenefitContinuingOperations	0
	us-gaap	Share Based Compensation ShareBasedCompensation	443000
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-11623000
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-5000
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-1053000
	us-gaap	Interest Expense InterestExpense	679000
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	860000
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	16000
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	6674000
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	121000
	us-gaap	Federal Income Tax Expense Benefit Continuing Operations FederalIncomeTaxExpenseBenefitContinuingOperations	0
	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	443000
	us-gaap	Operating Expenses OperatingExpenses	10038000
	ceru	Increase Decrease Accounts Receivable Prepaid Expenses And Other Current Assets IncreaseDecreaseAccountsReceivablePrepaidExpensesAndOtherCurrentAssets	85000
	dei	Entity Registrant Name EntityRegistrantName	CERULEAN PHARMA INC.
	dei	Amendment Flag AmendmentFlag	false
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2014
	dei	Document Type DocumentType	10-Q
	dei	Document Period End Date DocumentPeriodEndDate	2014-06-30
	dei	Entity Incorporation Date Of Incorporation EntityIncorporationDateOfIncorporation	2005-11-28
	dei	Entity Central Index Key EntityCentralIndexKey	0001401914
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
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	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum	0.59	pure
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice	7.35
	us-gaap	Nature Of Operations NatureOfOperations	<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> — Cerulean Pharma Inc. (the “Company”) was incorporated on November 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 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 —</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 “SEC”). 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 condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2013 and notes thereto, included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) on April 14, 2014 (the “Prospectus”).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2014 and the results of its operations for the three and six months ended June 30, 2014 and 2013 and cash flows for the six months ended June 30, 2014 and 2013. Such adjustments are of a normal and recurring nature. The results for the six months ended June 30, 2014 are not indicative of the results for the year ending December 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 15, 2014, the Company completed the sale of 8,500,000 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $7.00 per share. On May 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. The sale of the shares to public resulted in net proceeds of $59.9 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.</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’s board of directors and stockholders approved a 1- for-14.5074 reverse stock split of the Company’s common stock effective March 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’s outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April 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’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 15, 2014, the Company’s outstanding warrants to purchase 1,857,226 shares of the Company’s preferred stock automatically converted into warrants to purchase an aggregate of 128,663 shares of the Company’s common stock and, as a result, the Company reclassified the warrant liability to additional paid-in capital.</p> </div>
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P8Y1M6D
	us-gaap	Initial Offering Period InitialOfferingPeriod	April 15, 2014
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	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	8835351	shares
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	6.81
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	-7895000
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	3.82
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate		pure
	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-1.17
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	3.34
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	745910	shares
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum	0.60	pure
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1	P9Y3M18D
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum	0.0183	pure
	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	39530	shares
	us-gaap	Debt Conversion Converted Instrument Rate DebtConversionConvertedInstrumentRate	0.775	pure
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod	13288	shares
	us-gaap	Stockholders Equity Note Stock Split Conversion Ratio1 StockholdersEquityNoteStockSplitConversionRatio1	14.5074	pure
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum	0.0200	pure
	us-gaap	Interest Paid Net InterestPaidNet	234000
	us-gaap	Revenues Revenues	80000
	us-gaap	Gain Loss On Sale Of Property Plant Equipment GainLossOnSaleOfPropertyPlantEquipment	30000
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic
	us-gaap	Repayments Of Notes Payable RepaymentsOfNotesPayable	1640000
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2715000
	us-gaap	Investment Income Interest InvestmentIncomeInterest	3000
	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-2493000
	us-gaap	Net Income Loss NetIncomeLoss	-10317000
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	38000
	us-gaap	Proceeds From Sale Of Machinery And Equipment ProceedsFromSaleOfMachineryAndEquipment	30000
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-504000
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	3539000
	us-gaap	Paid In Kind Interest PaidInKindInterest	229000
	us-gaap	Straight Line Rent Adjustments StraightLineRentAdjustments	2000
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	66676000
	us-gaap	State And Local Income Tax Expense Benefit Continuing Operations StateAndLocalIncomeTaxExpenseBenefitContinuingOperations	0
	us-gaap	Share Based Compensation ShareBasedCompensation	343000
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	58783000
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	2000
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	335000
	us-gaap	Interest Expense InterestExpense	729000
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-335000
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	133000
	us-gaap	Proceeds From Sale Of Property Plant And Equipment ProceedsFromSaleOfPropertyPlantAndEquipment	40000
	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	59861000
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	4143000
	us-gaap	Undistributed Earnings Allocated To Participating Securities UndistributedEarningsAllocatedToParticipatingSecurities	0
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	63000
	us-gaap	Federal Income Tax Expense Benefit Continuing Operations FederalIncomeTaxExpenseBenefitContinuingOperations	0
	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	343000
	us-gaap	Operating Expenses OperatingExpenses	7682000
	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	8322000
	ceru	Reclassification Of Warrants Adjusted In Additional Paid In Capital ReclassificationOfWarrantsAdjustedInAdditionalPaidInCapital	424000
	ceru	Agreement Termination Date AgreementTerminationDate	2014-04-01
	ceru	Conversion Of Accrued Interest And Convertible Notes Payable ConversionOfAccruedInterestAndConvertibleNotesPayable	20138000
	ceru	Increase Decrease Accounts Receivable Prepaid Expenses And Other Current Assets IncreaseDecreaseAccountsReceivablePrepaidExpensesAndOtherCurrentAssets	174000
CY2014Q2	us-gaap	Conversion Of Stock Shares Converted1 ConversionOfStockSharesConverted1	6826004	shares
CY2013	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P7Y2M12D
CY2013	us-gaap	Fair Value Assumptions Expected Dividend Rate FairValueAssumptionsExpectedDividendRate		pure
CY2013Q2	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	614662	shares
CY2013Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	0.00
CY2013Q2	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-7.96
CY2013Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic
CY2013Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-306000
CY2013Q2	us-gaap	Net Income Loss NetIncomeLoss	-4893000
CY2013Q2	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-20000
CY2013Q2	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1392000
CY2013Q2	us-gaap	State And Local Income Tax Expense Benefit Continuing Operations StateAndLocalIncomeTaxExpenseBenefitContinuingOperations	0
CY2013Q2	us-gaap	Interest Expense InterestExpense	326000
CY2013Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	3195000
CY2013Q2	us-gaap	Federal Income Tax Expense Benefit Continuing Operations FederalIncomeTaxExpenseBenefitContinuingOperations	0
CY2013Q2	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	289000
CY2013Q2	us-gaap	Operating Expenses OperatingExpenses	4587000
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.59	pure
CY2014Q2	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P6Y
CY2014Q2	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	16883716	shares
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue	3.24
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate		pure
CY2014Q2	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.44
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum	0.0193	pure
CY2014Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum	0.0197	pure
CY2014Q2	us-gaap	Revenues Revenues	33000
CY2014Q2	us-gaap	Interest Expense InterestExpense	268000
CY2014Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	2648000
CY2014Q2	us-gaap	Federal Income Tax Expense Benefit Continuing Operations FederalIncomeTaxExpenseBenefitContinuingOperations	0
CY2014Q2	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	196000
CY2014Q2	us-gaap	Operating Expenses OperatingExpenses	4677000
CY2014Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic
CY2014Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2759000
CY2014Q2	us-gaap	Investment Income Interest InvestmentIncomeInterest	2000
CY2014Q2	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-2493000
CY2014Q2	us-gaap	Net Income Loss NetIncomeLoss	-7403000
CY2014Q2	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	2029000
CY2014Q2	us-gaap	State And Local Income Tax Expense Benefit Continuing Operations StateAndLocalIncomeTaxExpenseBenefitContinuingOperations	0

Files In Submission

Name	View Source	Status
0001193125-14-306610-index-headers.html	Edgar Link	pending
0001193125-14-306610-index.html	Edgar Link	pending
0001193125-14-306610.txt	Edgar Link	pending
0001193125-14-306610-xbrl.zip	Edgar Link	pending
ceru-20140630.xml	Edgar Link	completed
ceru-20140630.xsd	Edgar Link	pending
ceru-20140630_cal.xml	Edgar Link	unprocessable
ceru-20140630_def.xml	Edgar Link	unprocessable
ceru-20140630_lab.xml	Edgar Link	unprocessable
ceru-20140630_pre.xml	Edgar Link	unprocessable
d765508d10q.htm	Edgar Link	pending
d765508dex102.htm	Edgar Link	pending
d765508dex311.htm	Edgar Link	pending
d765508dex312.htm	Edgar Link	pending
d765508dex321.htm	Edgar Link	pending
d765508dex322.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
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R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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2014 Q3 Form 10-Q Financial Statement

#000119312514306610 Filed on August 12, 2014

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2014 Q3 Form 10-Q Financial Statement

#000119312514306610 Filed on August 12, 2014

Income Statement

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Files In Submission

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