$DARE
Dare Bioscience, Inc.

2015 Q2 Form 10-Q Financial Statement

#000156459015003416 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.720M $2.680M $2.610M
YoY Change 33.99% 77.48% 65.19%
% of Gross Profit
Research & Development $6.678M $5.021M $4.701M
YoY Change 152.19% 235.85% 226.46%
% of Gross Profit
Depreciation & Amortization $40.00K $41.00K $40.00K
YoY Change 100.0% 13.89% 0.0%
% of Gross Profit
Operating Expenses $9.395M $7.702M $7.308M
YoY Change 100.88% 156.31% 142.39%
Operating Profit
YoY Change
Interest Expense $513.0K $721.0K $163.0K
YoY Change 91.42% 56.4% -62.09%
% of Operating Profit
Other Income/Expense, Net -$512.0K -$718.0K -$159.0K
YoY Change -81.44% -1731.82% -66.24%
Pretax Income -$9.910M -$8.430M -$7.470M
YoY Change 33.92% 189.69% 114.66%
Income Tax
% Of Pretax Income
Net Earnings -$9.907M -$8.420M -$7.467M
YoY Change 33.82% 188.95% 114.57%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.712M -$4.132M -$3.662M
COMMON SHARES
Basic Shares Outstanding 27.28M 20.38M 20.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.48M $56.32M $51.17M
YoY Change 33.0% 564.94% 832.06%
Cash & Equivalents $85.48M $56.32M $51.17M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.610M $2.270M $1.660M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $87.09M $58.58M $52.84M
YoY Change 33.18% 409.36% 719.54%
LONG-TERM ASSETS
Property, Plant & Equipment $370.0K $330.0K $342.0K
YoY Change 67.42% 47.98% 39.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $650.0K $469.0K $215.0K
YoY Change 424.19% 260.77% 59.26%
Total Long-Term Assets $1.010M $799.0K $557.0K
YoY Change 192.75% 126.35% 46.58%
TOTAL ASSETS
Total Short-Term Assets $87.09M $58.58M $52.84M
Total Long-Term Assets $1.010M $799.0K $557.0K
Total Assets $88.10M $59.38M $53.39M
YoY Change 34.01% 400.94% 682.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.810M $1.682M $1.255M
YoY Change 212.61% -22.13% 37.31%
Accrued Expenses $3.360M $2.736M $3.648M
YoY Change 59.24% 83.26% 60.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $2.650M $840.0K $3.120M
YoY Change -18.96% -73.75% -0.32%
Total Short-Term Liabilities $7.850M $5.289M $8.061M
YoY Change 31.65% -78.13% -46.78%
LONG-TERM LIABILITIES
Long-Term Debt $11.83M $13.58M $0.00
YoY Change 715.86% 490.43% -100.0%
Other Long-Term Liabilities $220.0K $110.0K $7.000K
YoY Change 1471.43% 685.71% -41.67%
Total Long-Term Liabilities $12.05M $13.68M $7.000K
YoY Change 512.3% 329.37% -99.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.850M $5.289M $8.061M
Total Long-Term Liabilities $12.05M $13.68M $7.000K
Total Liabilities $19.90M $18.97M $8.068M
YoY Change 150.91% -30.67% -58.84%
SHAREHOLDERS EQUITY
Retained Earnings -$130.2M -$121.8M
YoY Change 23.71%
Common Stock $170.6M $167.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.20M $40.41M $45.33M
YoY Change
Total Liabilities & Shareholders Equity $88.10M $59.38M $53.39M
YoY Change 34.01% 400.94% 682.09%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q4
OPERATING ACTIVITIES
Net Income -$9.907M -$8.420M -$7.467M
YoY Change 33.82% 188.95% 114.57%
Depreciation, Depletion And Amortization $40.00K $41.00K $40.00K
YoY Change 100.0% 13.89% 0.0%
Cash From Operating Activities -$7.800M -$7.940M -$5.610M
YoY Change 84.4% 116.35% 71.56%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K $29.00K -$110.0K
YoY Change 166.67% 107.14%
Acquisitions
YoY Change
Other Investing Activities -$230.0K $0.00 $0.00
YoY Change -866.67% -100.0%
Cash From Investing Activities -$310.0K -$30.00K -$110.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $37.20M $2.411M
YoY Change 8829.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.27M 13.11M -900.0K
YoY Change -37.91% 97.14% -21.74%
NET CHANGE
Cash From Operating Activities -7.800M -7.940M -5.610M
Cash From Investing Activities -310.0K -30.00K -110.0K
Cash From Financing Activities 37.27M 13.11M -900.0K
Net Change In Cash 29.16M 5.140M -6.620M
YoY Change -47.74% 72.48% 49.77%
FREE CASH FLOW
Cash From Operating Activities -$7.800M -$7.940M -$5.610M
Capital Expenditures -$80.00K $29.00K -$110.0K
Free Cash Flow -$7.720M -$7.969M -$5.500M
YoY Change 83.81% 116.31% 68.2%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
34000
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
35000
CY2015Q1 ceru Accrued Interest Noncurrent
AccruedInterestNoncurrent
108000
CY2015Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1682000
CY2014Q1 us-gaap Revenues
Revenues
47000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
342000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51174000
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27284026
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
56316000
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
5289000
CY2015Q1 ceru Accounts Receivable Prepaid Expense And Other Current Assets
AccountsReceivablePrepaidExpenseAndOtherCurrentAssets
2266000
CY2014Q4 us-gaap Assets Current
AssetsCurrent
52836000
CY2015Q1 us-gaap Assets Current
AssetsCurrent
58582000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
3005000
CY2015Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20568026
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
469000
CY2015Q1 us-gaap Assets
Assets
59381000
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-8428000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5021000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-2914000
CY2015Q1 us-gaap Common Stock Value
CommonStockValue
2000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2681000
CY2015Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
8061000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-121781000
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20125049
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
167104000
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20125049
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
330000
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20568026
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
59381000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1510000
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-130209000
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
40408000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1495000
CY2015Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
13684000
CY2015Q1 us-gaap Revenues
Revenues
0
CY2015Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
170615000
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2015Q1 us-gaap Loans Payable Current
LoansPayableCurrent
836000
CY2015Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2736000
CY2014Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3648000
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
215000
CY2014Q4 us-gaap Assets
Assets
53393000
CY2014Q4 us-gaap Loans Payable Current
LoansPayableCurrent
3124000
CY2014Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1255000
CY2015Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
7702000
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
3000
CY2015Q1 us-gaap Interest Expense
InterestExpense
721000
CY2014Q1 us-gaap Interest Expense
InterestExpense
461000
CY2015Q1 us-gaap Other Expenses
OtherExpenses
8000
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-504000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-726000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
44000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8428000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2914000
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.70
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20350557
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
786986
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
440000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
148000
CY2015Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-6000
CY2014Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
2000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
41000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
36000
CY2015Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
515000
CY2014Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
120000
CY2015Q1 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
120000
CY2014Q1 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
1019000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
378000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1246000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-761000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-781000
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7941000
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3666000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14000
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7000
CY2015Q1 us-gaap Long Term Loans Payable
LongTermLoansPayable
13576000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
45325000
CY2014Q4 ceru Accounts Receivable Prepaid Expense And Other Current Assets
AccountsReceivablePrepaidExpenseAndOtherCurrentAssets
1662000
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
7000
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
53393000
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
2000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2660498
CY2015Q1 ceru Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
1008000
CY2014Q4 ceru Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
848000
CY2015Q1 ceru Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
158000
CY2014Q4 ceru Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
580000
CY2015Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
502000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
983000
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-29000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5488000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2411000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
27000
CY2015Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
15000000
CY2014Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
8500000
CY2015Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3921000
CY2014Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
812000
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
359000
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
19000
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1065000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13112000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
6650000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5142000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2980000
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8468000
CY2015Q1 us-gaap Interest Paid Net
InterestPaidNet
163000
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
126000
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</p></td> <td valign="top" style="width:95.46%;"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">NATURE OF BUSINESS AND OPERATIONS</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nature of Business&#160;&#8212; Cerulean Pharma&#160;Inc. (the &#8220;Company&#8221;) was incorporated on November&#160;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. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Basis of Presentation &#8212; The consolidated financial statements include the accounts of the Company and its subsidiary, Cerulean Pharma Australia Pty&#160;Ltd, a wholly owned Australian-based proprietary limited company. 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 &#8220;SEC&#8221;). 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&#8217;s audited financial statements as of and for the year ended December&#160;31, 2014 and notes thereto, included in the Company&#8217;s annual report on Form 10-K.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s management, the accompanying unaudited interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company&#8217;s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not indicative of the results for the year ending December 31, 2015, or for any future period.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 15, 2014, the Company completed the sale of 8,500,000 shares of its common stock in its initial public offering (the &#8220;IPO&#8221;), 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 the public resulted in net proceeds to the Company of $59.9 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the closing of the IPO, all of the Company&#8217;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 impacts the year-over-year comparability of the Company&#8217;s net loss per share calculations.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the completion of the IPO on April 15, 2014, the Company&#8217;s outstanding warrants to purchase 1,857,226 shares of the Company&#8217;s preferred stock automatically converted into warrants to purchase an aggregate of 128,663 shares of the Company&#8217;s common stock and, as a result, the Company reclassified the warrant liability to additional paid-in capital.</p></div>
CY2015Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-11-28
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
974000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
663000
CY2015Q1 ceru Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
94000
CY2014Q4 ceru Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
574000
CY2015Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
200000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2126176
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
842820
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
307476
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1022
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1561898
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
580484
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.97
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.91
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.59
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.73
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.33
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.14
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.79
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y6M
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2701
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7716
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3368
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2531
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.07
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.95
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0145
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0183
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0169
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0200
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.60
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.61
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.63
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2015Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
55844
CY2014Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
50541

Files In Submission

Name View Source Status
0001564590-15-003416-index-headers.html Edgar Link pending
0001564590-15-003416-index.html Edgar Link pending
0001564590-15-003416.txt Edgar Link pending
0001564590-15-003416-xbrl.zip Edgar Link pending
ceru-10q_20150331.htm Edgar Link pending
ceru-20150331.xml Edgar Link completed
ceru-20150331.xsd Edgar Link pending
ceru-20150331_cal.xml Edgar Link unprocessable
ceru-20150331_def.xml Edgar Link unprocessable
ceru-20150331_lab.xml Edgar Link unprocessable
ceru-20150331_pre.xml Edgar Link unprocessable
ceru-ex311_2015033112.htm Edgar Link pending
ceru-ex312_2015033113.htm Edgar Link pending
ceru-ex321_2015033114.htm Edgar Link pending
ceru-ex322_2015033115.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
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
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