$DARE
Dare Bioscience, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156459015006440 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2014 Q2
Revenue $33.00K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.030M
YoY Change 46.04%
% of Gross Profit
Research & Development $2.648M
YoY Change -17.12%
% of Gross Profit
Depreciation & Amortization $20.00K
YoY Change -60.0%
% of Gross Profit
Operating Expenses $4.677M
YoY Change 1.96%
Operating Profit
YoY Change
Interest Expense $268.0K
YoY Change -17.79%
% of Operating Profit
Other Income/Expense, Net -$2.759M
YoY Change 801.63%
Pretax Income -$7.400M
YoY Change 51.33%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.403M
YoY Change 51.3%
Net Earnings / Revenue -22433.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.379M
COMMON SHARES
Basic Shares Outstanding 20.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.27M
YoY Change
Cash & Equivalents $64.27M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.120M
Other Receivables $0.00
Total Short-Term Assets $65.39M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $221.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $124.0K
YoY Change
Total Long-Term Assets $345.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $65.39M
Total Long-Term Assets $345.0K
Total Assets $65.74M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $579.0K
YoY Change
Accrued Expenses $2.110M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.270M
YoY Change
Total Short-Term Liabilities $5.963M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.450M
YoY Change
Other Long-Term Liabilities $14.00K
YoY Change
Total Long-Term Liabilities $1.968M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.963M
Total Long-Term Liabilities $1.968M
Total Liabilities $7.931M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$108.8M
YoY Change
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.81M
YoY Change
Total Liabilities & Shareholders Equity $65.74M
YoY Change

Cashflow Statement

Concept 2014 Q2
OPERATING ACTIVITIES
Net Income -$7.403M
YoY Change 51.3%
Depreciation, Depletion And Amortization $20.00K
YoY Change -60.0%
Cash From Operating Activities -$4.230M
YoY Change -23.37%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K
YoY Change 200.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K
YoY Change
Cash From Investing Activities $0.00
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 60.03M
YoY Change -7896.1%
NET CHANGE
Cash From Operating Activities -4.230M
Cash From Investing Activities 0.000
Cash From Financing Activities 60.03M
Net Change In Cash 55.80M
YoY Change -985.71%
FREE CASH FLOW
Cash From Operating Activities -$4.230M
Capital Expenditures -$30.00K
Free Cash Flow -$4.200M
YoY Change -23.77%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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GainsLossesOnExtinguishmentOfDebt
-2493000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Share Based Compensation
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us-gaap Straight Line Rent Adjustments
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us-gaap Straight Line Rent Adjustments
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Paid In Kind Interest
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us-gaap Paid In Kind Interest
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ceru Increase Decrease In Accounts Receivable Prepaid Expenses And Other Current Assets
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ceru Increase Decrease In Accounts Receivable Prepaid Expenses And Other Current Assets
IncreaseDecreaseInAccountsReceivablePrepaidExpensesAndOtherCurrentAssets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Increase In Restricted Cash
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us-gaap Proceeds From Notes Payable
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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ceru Proceeds From Issuance Public Offering Net Of Issuance Costs
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<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, which was filed with the Securities and Exchange Commission on March 19, 2015 (the &#8220;2015 10-K&#8221;).</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 June 30, 2015, the results of its operations for the three and six months ended June 30, 2015 and 2014 and cash flows for the six months ended June 30, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 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 10, 2015, the Company completed the issuance and sale of 6,716,000 shares of common stock in an underwritten public offering at a price to the public of $6.00 per share.&nbsp;&nbsp;The sale of shares of common stock included 876,000 shares sold pursuant to the full exercise of the underwriters&#8217; option to purchase additional shares of common stock. The net proceeds to the Company from this offering were $37.2 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;">On April 15, 2014, the Company completed the issuance and 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 increases in shares outstanding in April 2015 and 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>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.020
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.61
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.59
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.61
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.59
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.60
CY2015Q2 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
85520000
CY2014Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
50541000

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ceru-10q_20150630.htm Edgar Link pending
ceru-20150630.xml Edgar Link completed
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