2016 Q2 Form 10-Q Financial Statement
#000156459016022672 Filed on August 04, 2016
Income Statement
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | -$2.750M | $2.870M | $2.720M |
| YoY Change | -201.1% | 9.96% | 33.99% |
| % of Gross Profit | |||
| Research & Development | $7.522M | $7.157M | $6.678M |
| YoY Change | 12.64% | 52.24% | 152.19% |
| % of Gross Profit | |||
| Depreciation & Amortization | $70.00K | $60.00K | $40.00K |
| YoY Change | 75.0% | 50.0% | 100.0% |
| % of Gross Profit | |||
| Operating Expenses | $10.30M | $10.03M | $9.395M |
| YoY Change | 9.58% | 37.23% | 100.88% |
| Operating Profit | |||
| YoY Change | |||
| Interest Expense | $589.0K | $689.0K | $513.0K |
| YoY Change | 14.81% | 322.7% | 91.42% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$564.0K | -$687.0K | -$512.0K |
| YoY Change | 10.16% | 332.08% | -81.44% |
| Pretax Income | $13.09M | -$10.71M | -$9.910M |
| YoY Change | -232.09% | 43.37% | 33.92% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$10.86M | -$10.72M | -$9.907M |
| YoY Change | 9.61% | 43.51% | 33.82% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | $4.390M | -$3.909M | -$3.712M |
| COMMON SHARES | |||
| Basic Shares Outstanding | 27.28M | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $47.19M | $75.91M | $85.48M |
| YoY Change | -44.79% | 48.35% | 33.0% |
| Cash & Equivalents | $47.19M | $219.4K | $85.48M |
| Short-Term Investments | |||
| Other Short-Term Assets | |||
| YoY Change | |||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $1.730M | $1.390M | $1.610M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $48.92M | $77.30M | $87.09M |
| YoY Change | -43.83% | 46.31% | 33.18% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $740.0K | $576.0K | $370.0K |
| YoY Change | 100.0% | 68.42% | 67.42% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $230.0K | $347.0K | $650.0K |
| YoY Change | -64.62% | 61.4% | 424.19% |
| Total Long-Term Assets | $970.0K | $923.0K | $1.010M |
| YoY Change | -3.96% | 65.71% | 192.75% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $48.92M | $77.30M | $87.09M |
| Total Long-Term Assets | $970.0K | $923.0K | $1.010M |
| Total Assets | $49.89M | $78.23M | $88.10M |
| YoY Change | -43.37% | 46.51% | 34.01% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.590M | $2.226M | $1.810M |
| YoY Change | -12.15% | 77.37% | 212.61% |
| Accrued Expenses | $4.850M | $6.459M | $3.360M |
| YoY Change | 44.35% | 77.06% | 59.24% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $8.020M | $7.650M | $2.650M |
| YoY Change | 202.64% | 145.19% | -18.96% |
| Total Short-Term Liabilities | $14.46M | $16.34M | $7.850M |
| YoY Change | 84.23% | 102.67% | 31.65% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $8.650M | $12.67M | $11.83M |
| YoY Change | -26.88% | 715.86% | |
| Other Long-Term Liabilities | $941.0K | $473.0K | $220.0K |
| YoY Change | 327.73% | 6657.14% | 1471.43% |
| Total Long-Term Liabilities | $9.590M | $13.15M | $12.05M |
| YoY Change | -20.41% | 187685.71% | 512.3% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $14.46M | $16.34M | $7.850M |
| Total Long-Term Liabilities | $9.590M | $13.15M | $12.05M |
| Total Liabilities | $24.05M | $29.48M | $19.90M |
| YoY Change | 20.86% | 265.42% | 150.91% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$185.8M | -$161.4M | |
| YoY Change | 32.51% | ||
| Common Stock | $211.6M | $210.1M | |
| YoY Change | 25.74% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $25.84M | -$46.95K | $68.20M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $49.89M | $78.23M | $88.10M |
| YoY Change | -43.37% | 46.51% | 34.01% |
Cashflow Statement
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$10.86M | -$10.72M | -$9.907M |
| YoY Change | 9.61% | 43.51% | 33.82% |
| Depreciation, Depletion And Amortization | $70.00K | $60.00K | $40.00K |
| YoY Change | 75.0% | 50.0% | 100.0% |
| Cash From Operating Activities | -$11.24M | -$8.210M | -$7.800M |
| YoY Change | 44.1% | 46.35% | 84.4% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$110.0K | -$140.0K | -$80.00K |
| YoY Change | 37.5% | 27.27% | 166.67% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $20.00K | -$230.0K |
| YoY Change | -100.0% | -866.67% | |
| Cash From Investing Activities | -$120.0K | -$110.0K | -$310.0K |
| YoY Change | -61.29% | 0.0% | |
| 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 | -1.970M | 6.600M | 37.27M |
| YoY Change | -105.29% | -833.33% | -37.91% |
| NET CHANGE | |||
| Cash From Operating Activities | -11.24M | -8.210M | -7.800M |
| Cash From Investing Activities | -120.0K | -110.0K | -310.0K |
| Cash From Financing Activities | -1.970M | 6.600M | 37.27M |
| Net Change In Cash | -13.33M | -1.720M | 29.16M |
| YoY Change | -145.71% | -74.02% | -47.74% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$11.24M | -$8.210M | -$7.800M |
| Capital Expenditures | -$110.0K | -$140.0K | -$80.00K |
| Free Cash Flow | -$11.13M | -$8.070M | -$7.720M |
| YoY Change | 44.17% | 46.73% | 83.81% |
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;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></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 — 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. </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 — The condensed consolidated financial statements include the accounts of the Company and its subsidiary, Cerulean Pharma Australia Pty 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 “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, 2015, and notes thereto, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 10, 2016 (the “2015 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’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2016 and the results of its operations for the three and six months ended June 30, 2016 and 2015 and cash flows for the six months ended June 30, 2016 and 2015. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2016, are not indicative of the results for the year ending December 31, 2016, 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;">As a clinical stage entity, the Company has incurred historical operating losses resulting in an accumulated deficit of $185.8 million at June 30, 2016. The Company expects to continue to incur significant expenses and increasing operating losses for at least several years. To date, 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 follow-on offering completed in 2015. The Company has not completed development of any product candidate and has devoted substantially all of its financial resources and efforts to research and development, including preclinical and clinical development. Accordingly, the Company will continue to depend on its ability to raise capital through equity and debt issuances and/or through strategic partnerships. The Company believes its cash and cash equivalents of approximately $47.2 million at June 30, 2016, are sufficient to fund its planned operations into the second quarter of 2017 and it has the ability to reduce or defer operating expenses as may be needed to fund its operations into the third quarter of 2017. The Company will need to raise additional capital to continue to fund its long-term operations. Should its operating plan change further, or prove to be inaccurate, then the Company will be required to reassess its operating capital needs. However, there can be no assurance that the Company will have the cash resources to fund its operating plan or that additional funding will be available on terms acceptable to it, or at all.</p></div> | ||
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2619425 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1394581 | |
| CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.39 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
2.78 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.46 | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.95 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
4.57 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
5.68 | |
| CY2015 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y10M24D | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y7M6D | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P9Y1M6D | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y7M6D | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
7000 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
7000 | |
| CY2016Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y6M | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.012 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.019 | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.61 | |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.61 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.015 | ||
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.020 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.020 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.61 | ||
| 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 Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.63 |
