$DARE
Dare Bioscience, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017017650 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $642.0K $766.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $480.0K $190.0K -$2.750M
YoY Change -117.45% -93.38% -201.1%
% of Gross Profit
Research & Development $0.00 $3.184M $7.522M
YoY Change -100.0% -55.51% 12.64%
% of Gross Profit
Depreciation & Amortization $0.00 $70.00K
YoY Change -100.0% 75.0%
% of Gross Profit
Operating Expenses $480.0K $5.274M $10.30M
YoY Change -95.34% -47.41% 9.58%
Operating Profit -$479.6K
YoY Change
Interest Expense $457.0K $589.0K
YoY Change -33.67% 14.81%
% of Operating Profit
Other Income/Expense, Net -$18.57K -$437.0K -$564.0K
YoY Change -96.71% -36.39% 10.16%
Pretax Income -$500.0K -$200.0K $13.09M
YoY Change -103.82% -98.13% -232.09%
Income Tax
% Of Pretax Income
Net Earnings -$500.0K -$4.945M -$10.86M
YoY Change -95.4% -53.85% 9.61%
Net Earnings / Revenue -77.88% -645.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$549.5K -$227.3K $4.390M
COMMON SHARES
Basic Shares Outstanding 910.0K 27.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.240M $40.00K $47.19M
YoY Change -84.66% -99.95% -44.79%
Cash & Equivalents $39.41K $44.61K $47.19M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $890.0K $823.0K $1.730M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.130M $36.79M $48.92M
YoY Change -83.38% -52.41% -43.83%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $668.0K $740.0K
YoY Change -97.3% 15.97% 100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $12.68K $230.0K
YoY Change -100.0% -96.35% -64.62%
Total Long-Term Assets $21.00K $898.0K $970.0K
YoY Change -97.84% -2.71% -3.96%
TOTAL ASSETS
Total Short-Term Assets $8.130M $36.79M $48.92M
Total Long-Term Assets $21.00K $898.0K $970.0K
Total Assets $8.151M $37.69M $49.89M
YoY Change -83.66% -51.82% -43.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $660.0K $1.446M $1.590M
YoY Change -58.49% -35.04% -12.15%
Accrued Expenses $189.0K $4.611M $4.850M
YoY Change -96.1% -28.61% 44.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $700.0K $0.00
YoY Change
Long-Term Debt Due $0.00 $8.020M
YoY Change -100.0% 202.64%
Total Short-Term Liabilities $3.350M $755.2K $14.46M
YoY Change -76.84% -95.38% 84.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $8.650M
YoY Change -100.0% -100.0% -26.88%
Other Long-Term Liabilities $740.0K $1.206M $941.0K
YoY Change -21.36% 154.97% 327.73%
Total Long-Term Liabilities $740.0K $7.638M $9.590M
YoY Change -92.28% -41.89% -20.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.350M $755.2K $14.46M
Total Long-Term Liabilities $740.0K $7.638M $9.590M
Total Liabilities $4.090M $755.2K $24.05M
YoY Change -83.0% -97.44% 20.86%
SHAREHOLDERS EQUITY
Retained Earnings -$727.8K -$185.8M
YoY Change -99.55%
Common Stock $17.21K $211.6M
YoY Change -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.060M -$710.6K $25.84M
YoY Change
Total Liabilities & Shareholders Equity $8.150M $44.61K $49.89M
YoY Change -83.66% -99.94% -43.37%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$500.0K -$4.945M -$10.86M
YoY Change -95.4% -53.85% 9.61%
Depreciation, Depletion And Amortization $0.00 $70.00K
YoY Change -100.0% 75.0%
Cash From Operating Activities -$110.0K -$160.0K -$11.24M
YoY Change -99.02% -98.05% 44.1%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$110.0K
YoY Change -100.0% 37.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$120.0K
YoY Change -100.0% -100.0% -61.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K 200.0K -1.970M
YoY Change -103.05% -96.97% -105.29%
NET CHANGE
Cash From Operating Activities -110.0K -160.0K -11.24M
Cash From Investing Activities 0.000 0.000 -120.0K
Cash From Financing Activities 60.00K 200.0K -1.970M
Net Change In Cash -50.00K 40.00K -13.33M
YoY Change -99.62% -102.33% -145.71%
FREE CASH FLOW
Cash From Operating Activities -$110.0K -$160.0K -$11.24M
Capital Expenditures $0.00 -$110.0K
Free Cash Flow -$110.0K -$11.13M
YoY Change -99.01% 44.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccountsReceivablePrepaidExpenseAndOtherCurrentAssets
890000
CY2016Q4 dare Accounts Receivable Prepaid Expense And Other Current Assets
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CY2017Q2 us-gaap Assets
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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 Gains Losses On Sales Of Assets
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CY2017Q2 us-gaap Revenues
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
43.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.20
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
42.09
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
33.62
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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dare Increase Decrease In Accounts Receivable Prepaid Expenses And Other Current Assets
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dare Increase Decrease In Accounts Receivable Prepaid Expenses And Other Current Assets
IncreaseDecreaseInAccountsReceivablePrepaidExpensesAndOtherCurrentAssets
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us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
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us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
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us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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dare Payment End Term Charge On Loan Payable
PaymentEndTermChargeOnLoanPayable
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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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;"><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: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;">Nature of Business &#8212; On July 19, 2017, Cerulean Pharma Inc., now Dar&#233; Bioscience, Inc., a Delaware corporation (&#8220;Dar&#233;&#8221; or the &#8220;Company&#8221;) completed its purchase of Dar&#233; Bioscience Operations, Inc., a Delaware corporation and private company (&#8220;Private Dar&#233;&#8221;), pursuant to the terms of that certain Stock Purchase Agreement, dated March 19, 2017, by and among the Company, Private Dar&#233; and the holders of capital stock and securities convertible into capital stock of Private Dar&#233; (the &#8220;Stock Purchase Agreement&#8221;).&nbsp;&nbsp;The stockholders of the Company approved the purchase of Private Dar&#233; and the other transactions contemplated by the Stock Purchase Agreement (collectively, the &#8220;Stock Purchase Transaction&#8221;) on July 19, 2017.&nbsp;&nbsp;Except as described in Note 11, &#8220;Subsequent Events,&#8221; the accompanying unaudited condensed financial statements do not give effect to the Stock Purchase Transaction. The historical financial statements have been labeled Cerulean Pharma Inc. for the purposes solely of this filing, which was the entity name in effect for the historical periods presented.</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;">Prior to the Stock Purchase Transaction, the Company was an oncology-focused company applying its proprietary Dynamic Tumor Targeting&#8482; Platform, (the &#8220;Platform&#8221;), to develop differentiated therapies. The Platform is designed to create nanoparticle-drug conjugates (&#8220;NDCs&#8221;) with the aim of providing safer and more effective therapies for patients living with cancer. NDCs consist of anti-cancer therapeutics covalently linked to a proprietary polymer. On July 19, 2017, the Company completed the sale of the Platform to Novartis Institutes for BioMedical Research, Inc. (&#8220;Novartis&#8221;) for $6.0 million.&nbsp;&nbsp;Following the Stock Purchase Transaction and sale of the Platform to Novartis, Dar&#233; is a healthcare company committed to the development and commercialization of innovative products in women&#8217;s reproductive health. Dar&#233;&#8217;s business strategy is to license the rights to novel reproductive health product candidates, some of which have existing clinical proof-of-concept data, and to take those candidates through advanced stages of clinical development. For more information regarding our business following the Stock Purchase Transaction, please see Part II, Item 5 of this Quarterly Report on Form 10-Q.</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 accompanying unaudited condensed consolidated financial statements present the historical results and financial position of Cerulean Pharma Inc. and its subsidiary, Cerulean Pharma Australia Pty&#160;Ltd, a wholly-owned Australian-based proprietary limited company, prior to the Stock Purchase Transaction and sale of the Platform to Novartis.&nbsp;&nbsp;These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2017, reflect the results of operations of the Company prior to the Stock Purchase Transaction and sale of the Platform to Novartis and are therefore not indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2017.&nbsp;&nbsp;For further information, refer to the consolidated financial statements and footnotes included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on March 31, 2017, and amended on April 28, 2017 and June 13, 2017 (the &#8220;2016 Form 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;">Following the closing of the Stock Purchase Transaction, which included the sale of the Platform to Novartis for $6 million, the Company believes that its existing resources will be sufficient to fund its planned operations for approximately two years.</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;">Reverse Stock Split &#8212; on July 20, 2017, the Company effected a 1-for-10 reverse stock split of its outstanding common stock (the &#8220;Reverse Stock Split&#8221;). The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented. The shares of common stock retained a par value of $0.0001 per share. Accordingly, stockholders&#8217; equity reflects the Reverse Stock Split by reclassifying from common stock to additional paid-in capital an amount equal to the par value of the decreased shares resulting from the Reverse Stock Split.</p></div>
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EmployeeRelatedLiabilitiesCurrent
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CY2016Q4 us-gaap Employee Related Liabilities Current
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CY2016Q4 us-gaap Interest Payable Current
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CY2016Q4 us-gaap Other Accrued Liabilities Current
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CY2016Q4 dare Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
226000
dare Stock Purchase Agreement Date
StockPurchaseAgreementDate
2017-03-19
dare Stock Purchase And Other Transactions Completion Date
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2017-07-19
CY2017Q2 us-gaap Property Plant And Equipment Gross
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CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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dare Lease Termination Agreement Date
LeaseTerminationAgreementDate
2017-05-31
CY2017Q2 dare Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
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CY2016Q4 dare Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
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CY2017Q2 us-gaap Other Accrued Liabilities Current
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.00

Files In Submission

Name View Source Status
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