2017 Q1 Form 10-Q Financial Statement
#000119312517168585 Filed on May 12, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q4 | 2016 Q1 |
|---|---|---|---|
| Revenue | $1.192M | $766.0K | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $200.0K | $190.0K | $3.120M |
| YoY Change | -93.59% | -93.38% | 16.42% |
| % of Gross Profit | |||
| Research & Development | $4.651M | $3.184M | $9.770M |
| YoY Change | -52.4% | -55.51% | 94.58% |
| % of Gross Profit | |||
| Depreciation & Amortization | $66.00K | $61.00K | |
| YoY Change | 8.2% | 48.78% | |
| % of Gross Profit | |||
| Operating Expenses | $6.738M | $5.274M | $12.89M |
| YoY Change | -47.72% | -47.41% | 67.33% |
| Operating Profit | |||
| YoY Change | |||
| Interest Expense | $797.0K | $457.0K | $663.0K |
| YoY Change | 20.21% | -33.67% | -8.04% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$793.0K | -$437.0K | -$654.0K |
| YoY Change | 21.25% | -36.39% | -8.91% |
| Pretax Income | -$240.0K | -$200.0K | -$13.54M |
| YoY Change | -98.23% | -98.13% | 60.62% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$6.339M | -$4.945M | -$13.54M |
| YoY Change | -53.19% | -53.85% | 60.83% |
| Net Earnings / Revenue | -531.8% | -645.56% | |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$263.7K | -$227.3K | -$4.942M |
| COMMON SHARES | |||
| Basic Shares Outstanding | 29.02M | 27.44M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q4 | 2016 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $12.03M | $40.00K | $60.52M |
| YoY Change | -80.12% | -99.95% | 7.46% |
| Cash & Equivalents | $94.02K | $44.61K | $60.52M |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.450M | ||
| YoY Change | |||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $1.139M | $823.0K | $1.590M |
| Other Receivables | $0.00 | $0.00 | |
| Total Short-Term Assets | $15.61M | $36.79M | $62.10M |
| YoY Change | -74.86% | -52.41% | 6.01% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $114.0K | $668.0K | $690.0K |
| YoY Change | -83.48% | 15.97% | 109.09% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $230.0K | $12.68K | $230.0K |
| YoY Change | 0.0% | -96.35% | -50.96% |
| Total Long-Term Assets | $344.0K | $898.0K | $920.0K |
| YoY Change | -62.61% | -2.71% | 15.14% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $15.61M | $36.79M | $62.10M |
| Total Long-Term Assets | $344.0K | $898.0K | $920.0K |
| Total Assets | $15.95M | $37.69M | $63.02M |
| YoY Change | -74.69% | -51.82% | 6.13% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $644.0K | $1.446M | $2.190M |
| YoY Change | -70.59% | -35.04% | 30.2% |
| Accrued Expenses | $3.538M | $4.611M | $5.560M |
| YoY Change | -36.37% | -28.61% | 103.22% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $700.0K | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $0.00 | $7.830M | |
| YoY Change | -100.0% | 832.14% | |
| Total Short-Term Liabilities | $6.682M | $755.2K | $15.58M |
| YoY Change | -57.11% | -95.38% | 194.57% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $10.69M |
| YoY Change | -100.0% | -100.0% | -21.28% |
| Other Long-Term Liabilities | $162.0K | $1.206M | $770.0K |
| YoY Change | -78.96% | 154.97% | 600.0% |
| Total Long-Term Liabilities | $1.530M | $7.638M | $11.46M |
| YoY Change | -86.65% | -41.89% | -16.25% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $6.682M | $755.2K | $15.58M |
| Total Long-Term Liabilities | $1.530M | $7.638M | $11.46M |
| Total Liabilities | $8.212M | $755.2K | $27.04M |
| YoY Change | -69.63% | -97.44% | 42.52% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$207.0M | -$727.8K | |
| YoY Change | -99.55% | ||
| Common Stock | $214.8M | $17.21K | |
| YoY Change | -99.99% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $7.741M | -$710.6K | $35.98M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $15.95M | $44.61K | $63.02M |
| YoY Change | -74.69% | -99.94% | 6.13% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q4 | 2016 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$6.339M | -$4.945M | -$13.54M |
| YoY Change | -53.19% | -53.85% | 60.83% |
| Depreciation, Depletion And Amortization | $66.00K | $61.00K | |
| YoY Change | 8.2% | 48.78% | |
| Cash From Operating Activities | -$50.00K | -$160.0K | -$13.26M |
| YoY Change | -99.62% | -98.05% | 67.0% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $359.0K | ||
| YoY Change | 1137.93% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $120.0K | |
| YoY Change | -100.0% | ||
| Cash From Investing Activities | $0.00 | -$240.0K | |
| YoY Change | -100.0% | 700.0% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $62.00K | $41.00K | |
| YoY Change | 51.22% | -98.3% | |
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 100.0K | 200.0K | -1.890M |
| YoY Change | -105.29% | -96.97% | -114.42% |
| NET CHANGE | |||
| Cash From Operating Activities | -50.00K | -160.0K | -13.26M |
| Cash From Investing Activities | 0.000 | -240.0K | |
| Cash From Financing Activities | 100.0K | 200.0K | -1.890M |
| Net Change In Cash | 50.00K | 40.00K | -15.39M |
| YoY Change | -100.32% | -102.33% | -399.42% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$50.00K | -$160.0K | -$13.26M |
| Capital Expenditures | $359.0K | ||
| Free Cash Flow | -$13.62M | ||
| YoY Change | 70.9% |
Facts In Submission
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10-Q | |
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| CY2017Q1 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
102000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-14422000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-625000 | |
| CY2017Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
33000 | |
| CY2017Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <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"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> Nature of Business — Cerulean Pharma Inc. (the “Company”) was incorporated on November 28, 2005, as a Delaware corporation and is located in Waltham, Massachusetts. The Company was formed to develop novel, nanotechnology-based therapeutics in the areas of oncology and other diseases. In 2013, the Company formed a wholly owned subsidiary, Cerulean Pharma Australia Pty Ltd as an Australian-based proprietary limited company to perform clinical activities in Australia.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The Company’s operations have consisted primarily of raising capital, product research and development, and initial market development.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The Company has not generated any revenue related to its primary business purpose to date and is subject to a number of risks common to other development stage life science companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products, and the need to obtain adequate additional financing to fund the development of product candidates. The Company is also subject to a number of risks similar to other companies in the industry, including rapid technological change, regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On February 1, 2017, the Company announced that its board of directors had initiated a review of strategic alternatives that could result in changes to the Company’s business strategy and future operations. As part of this process, the board determined to review alternatives with the goal of maximizing stockholder value, including a potential sale of the Company, a reverse merger, a business combination or a sale, license or other disposition of company assets.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On March 17, 2017, the Company entered into a payoff letter with Hercules Technology Growth Capital, Inc. (“Hercules”) pursuant to which the Company agreed to pay off and thereby terminate its loan with Hercules. Pursuant to the payoff letter, the Company paid, on March 20, 2017, a total of $12.4 million to Hercules, representing the principal, accrued and unpaid interest, fees, costs and expenses outstanding in repayment of its outstanding obligations under the loan agreement (see Note 6 – Loan Agreements).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On March 19, 2017, the Company entered into an asset purchase agreement (the “Novartis Asset Purchase Agreement”) with Novartis. Under the Novartis Asset Purchase Agreement the Company agreed to sell and assign to Novartis all of the Company’s right, title and interest in and to the patent rights, <font style="WHITE-SPACE: nowrap">know-how</font> and third-party license agreements relating to the Company’s proprietary Dynamic Tumor Targeting Platform (the “Platform”). At the closing of the Novartis transaction, Novartis will be obligated to pay a purchase price of $6.0 million. Consummation of the Novartis transaction is subject to the Company obtaining, pursuant to Delaware law, the approval of the holders of at least a majority of its common stock for the sale of substantially all of its assets in the Novartis transaction. Each party’s obligation to consummate the Novartis transaction is also subject to other customary closing conditions.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On March 19, 2017, the Company also entered into an asset purchase agreement (the “BlueLink Asset Purchase Agreement) with BlueLink Pharmaceuticals, Inc. (“BlueLink”). Under the BlueLink Asset Purchase Agreement the Company sold and assigned to BlueLink all of the Company’s right, title and interest in and to its clinical product candidates CRLX101 and CRLX301 (the “Products”). The Company also transferred and assigned to BlueLink the accompanying intellectual property rights and <font style="WHITE-SPACE: nowrap">know-how</font> to the Products. On March 21, 2017, BlueLink paid the purchase price of $1.5 million. Also in connection with the BlueLink Asset Purchase Agreement, the Company and BlueLink entered into a license agreement in favor of BlueLink, pursuant to which the Company agreed to grant to BlueLink an exclusive, worldwide, perpetual, sublicensable right and license, under the Platform, to research, develop and commercialize the Products. Pursuant to the Novartis Asset Purchase Agreement between the Company and Novartis, Novartis will assume the BlueLink License upon the closing of the Novartis transaction.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On March 19, 2017, the Company also entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Daré Bioscience, Inc. (“Daré”), and the holders of capital stock and securities convertible into capital stock of Daré named therein (“Selling Stockholders”), pursuant to which, among other things, the Selling Stockholders agreed to sell to the Company, and the Company agreed to purchase from the Selling Stockholders, all of the outstanding shares of capital stock, including those issuable upon conversion of convertible securities, of Daré (the “Daré Transaction”). Immediately following the closing of the Daré Transaction, the Selling Stockholders are expected to own between approximately 51% and 70% (depending on the respective net cash (as defined in the Stock Purchase Agreement) of the Company and Daré five business days prior to the closing) of the outstanding equity securities of Cerulean Pharma Inc. on a fully-diluted basis immediately following consummation of the Daré Transaction. Consummation of the Daré Transaction is subject to certain closing conditions, including, among other things, approval by the Company’s stockholders. The exchange ratio, and therefore fair value of exchange consideration, are indeterminable at this time, and as such the full disclosures required under Accounting Standards Codification 805, Business Combinations, are impracticable. The Stock Purchase Agreement contains certain termination rights for both the Company and Daré, and further provides that, upon termination of the Stock Purchase Agreement under specified circumstances, the Company may be required to pay Daré a termination fee of $0.3 million, or Daré may be required to pay the Company a termination fee of $0.45 million. There can be no assurances that the Daré Transaction will be consummated.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> With exception of the payoff letter with Hercules and the sale of the clinical product candidates, these transactions are subject to certain closing conditions. There can be no assurances that these transactions will be consummated prior to the exhaustion of the Company’s cash and cash equivalent resources, if at all.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The Company has an accumulated deficit of $207.0 million at March 31, 2017. The Company has financed its operations primarily through private placements of its preferred stock, proceeds from borrowings, an initial public offering completed in 2014 and a <font style="WHITE-SPACE: nowrap">follow-on</font> offering completed in 2015. As of March 31, 2017, the Company had cash and cash equivalents of $12.0 million. With the sale of its two clinical product candidates, the proposed sale of its Platform, and the reduction of staff to eight full-time employees, the Company has effectively ceased prior clinical research and is focused on maintaining its assets until they are either sold or its corporate business strategy with Daré, as described above, is executed, it completes any other strategic transaction, it determines to continue to operate the Platform or it otherwise decides to liquidate its assets or dissolve. The Company has no other sources of significant liquidity in place as of March 31, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The foregoing matters give rise to substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> </div> | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-10000000 | |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
62000 | |
| CY2017Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y7M6D | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.82 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y8M12D | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.21 | |
| CY2017Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
13077000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
CERU | |
| CY2017Q1 | us-gaap |
Straight Line Rent Adjustments
StraightLineRentAdjustments
|
10000 | |
| CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
4651000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.67 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1479450 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.018 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
58633 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
906000 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P4Y7M6D | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
29019582 | shares |
| CY2016Q1 | us-gaap |
Straight Line Rent Adjustments
StraightLineRentAdjustments
|
124000 | |
| CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
9770000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.61 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.013 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
741000 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27362643 | shares |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-15393000 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.49 | |
| CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3118000 | |
| CY2016Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
61000 | |
| CY2016Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-654000 | |
| CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-7000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-724000 | |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
12888000 | |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13542000 | |
| CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
663000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-242000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
18000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
141000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
174000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-1891000 | |
| CY2016Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-4000 | |
| CY2016Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
16000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-13260000 | |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
359000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-117000 | |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
41000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.019 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
| CY2016Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
1932000 | |
| CY2016Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
372000 |
