$DARE
Dare Bioscience, Inc.

2015 Q2 Form 10-Q Financial Statement

#000156459015010798 Filed on November 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q3
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.720M $2.440M
YoY Change 33.99% 98.37%
% of Gross Profit
Research & Development $6.678M $2.928M
YoY Change 152.19% 84.62%
% of Gross Profit
Depreciation & Amortization $40.00K $30.00K
YoY Change 100.0% -25.0%
% of Gross Profit
Operating Expenses $9.395M $5.369M
YoY Change 100.88% 90.86%
Operating Profit
YoY Change
Interest Expense $513.0K $191.0K
YoY Change 91.42% -49.47%
% of Operating Profit
Other Income/Expense, Net -$512.0K -$189.0K
YoY Change -81.44% -50.91%
Pretax Income -$9.910M -$5.560M
YoY Change 33.92% 73.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.907M -$5.558M
YoY Change 33.82% 73.8%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.712M -$2.766M
COMMON SHARES
Basic Shares Outstanding 27.28M 20.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.48M $57.79M
YoY Change 33.0% 483.15%
Cash & Equivalents $85.48M $57.79M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.610M $1.910M
Other Receivables $0.00 $0.00
Total Short-Term Assets $87.09M $59.70M
YoY Change 33.18% 482.99%
LONG-TERM ASSETS
Property, Plant & Equipment $370.0K $268.0K
YoY Change 67.42% -4.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $650.0K $120.0K
YoY Change 424.19% -14.29%
Total Long-Term Assets $1.010M $388.0K
YoY Change 192.75% -7.62%
TOTAL ASSETS
Total Short-Term Assets $87.09M $59.70M
Total Long-Term Assets $1.010M $388.0K
Total Assets $88.10M $60.09M
YoY Change 34.01% 463.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.810M $1.461M
YoY Change 212.61% 28.16%
Accrued Expenses $3.360M $1.571M
YoY Change 59.24% -18.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.650M $3.350M
YoY Change -18.96% 9.12%
Total Short-Term Liabilities $7.850M $6.379M
YoY Change 31.65% -57.36%
LONG-TERM LIABILITIES
Long-Term Debt $11.83M $590.0K
YoY Change 715.86% -84.99%
Other Long-Term Liabilities $220.0K $45.00K
YoY Change 1471.43% -96.28%
Total Long-Term Liabilities $12.05M $1.175M
YoY Change 512.3% -77.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.850M $6.379M
Total Long-Term Liabilities $12.05M $1.175M
Total Liabilities $19.90M $7.554M
YoY Change 150.91% -62.42%
SHAREHOLDERS EQUITY
Retained Earnings -$114.3M
YoY Change
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.20M $52.53M
YoY Change
Total Liabilities & Shareholders Equity $88.10M $60.09M
YoY Change 34.01% 463.66%

Cashflow Statement

Concept 2015 Q2 2014 Q3
OPERATING ACTIVITIES
Net Income -$9.907M -$5.558M
YoY Change 33.82% 73.8%
Depreciation, Depletion And Amortization $40.00K $30.00K
YoY Change 100.0% -25.0%
Cash From Operating Activities -$7.800M -$5.550M
YoY Change 84.4% 72.36%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$80.00K
YoY Change 166.67%
Acquisitions
YoY Change
Other Investing Activities -$230.0K $0.00
YoY Change -866.67%
Cash From Investing Activities -$310.0K -$80.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $37.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.27M -850.0K
YoY Change -37.91% -110.56%
NET CHANGE
Cash From Operating Activities -7.800M -5.550M
Cash From Investing Activities -310.0K -80.00K
Cash From Financing Activities 37.27M -850.0K
Net Change In Cash 29.16M -6.480M
YoY Change -47.74% -234.16%
FREE CASH FLOW
Cash From Operating Activities -$7.800M -$5.550M
Capital Expenditures -$80.00K -$80.00K
Free Cash Flow -$7.720M -$5.470M
YoY Change 83.81% 69.88%

Facts In Submission

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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"> <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 September 30, 2015, the results of its operations for the three and nine months ended September 30, 2015 and 2014, and cash flows for the nine months ended September 30, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three and nine months ended September 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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Name View Source Status
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