2014 Q2 Form 10-Q Financial Statement

#000082787114000013 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $5.792M $5.075M
YoY Change 14.13%
Cost Of Revenue $1.556M $2.925M
YoY Change -46.8%
Gross Profit $4.236M $2.150M
YoY Change 97.02%
Gross Profit Margin 73.14% 42.36%
Selling, General & Admin $2.673M $1.251M
YoY Change 113.66%
% of Gross Profit 63.1% 58.19%
Research & Development $4.545M $1.632M
YoY Change 178.44%
% of Gross Profit 107.29% 75.92%
Depreciation & Amortization $20.00K $60.00K
YoY Change -66.67% -68.42%
% of Gross Profit 0.47% 2.79%
Operating Expenses $8.774M $3.815M
YoY Change 129.97%
Operating Profit -$2.982M $1.260M
YoY Change -336.71%
Interest Expense $5.000K $16.02K
YoY Change -68.79%
% of Operating Profit 1.27%
Other Income/Expense, Net $48.00K -$505.2K
YoY Change -109.5%
Pretax Income -$2.934M $754.6K
YoY Change -488.83%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.934M $754.6K
YoY Change -488.83%
Net Earnings / Revenue -50.66% 14.87%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.21 $245.9K
COMMON SHARES
Basic Shares Outstanding 14.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.80M $10.80M
YoY Change 361.11%
Cash & Equivalents $49.79M $10.80M
Short-Term Investments $0.00
Other Short-Term Assets $408.8K $3.900M
YoY Change -89.52%
Inventory $329.0K $300.0K
Prepaid Expenses
Receivables $6.712M $300.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.76M $15.30M
YoY Change 277.48%
LONG-TERM ASSETS
Property, Plant & Equipment $359.5K $400.0K
YoY Change -10.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.00K $0.00
YoY Change
Total Long-Term Assets $404.5K $500.0K
YoY Change -19.1%
TOTAL ASSETS
Total Short-Term Assets $57.76M $15.30M
Total Long-Term Assets $404.5K $500.0K
Total Assets $58.16M $15.80M
YoY Change 268.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.521M $1.600M
YoY Change 57.53%
Accrued Expenses $7.469M $1.500M
YoY Change 397.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.25M $13.50M
YoY Change 20.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $700.0K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $700.0K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.25M $13.50M
Total Long-Term Liabilities $0.00 $700.0K
Total Liabilities $16.20M $14.20M
YoY Change 14.08%
SHAREHOLDERS EQUITY
Retained Earnings -$95.07M
YoY Change
Common Stock $14.02K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.91M $1.600M
YoY Change
Total Liabilities & Shareholders Equity $58.16M $15.80M
YoY Change 268.1%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$2.934M $754.6K
YoY Change -488.83%
Depreciation, Depletion And Amortization $20.00K $60.00K
YoY Change -66.67% -68.42%
Cash From Operating Activities -$4.660M -$3.750M
YoY Change 24.27% -62.08%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$30.00K
YoY Change -66.67% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$10.00K -$30.00K
YoY Change -66.67% -100.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.0K 9.830M
YoY Change -104.27% -24675.0%
NET CHANGE
Cash From Operating Activities -4.660M -3.750M
Cash From Investing Activities -10.00K -30.00K
Cash From Financing Activities -420.0K 9.830M
Net Change In Cash -5.090M 6.050M
YoY Change -184.13% -210.81%
FREE CASH FLOW
Cash From Operating Activities -$4.660M -$3.750M
Capital Expenditures -$10.00K -$30.00K
Free Cash Flow -$4.650M -$3.720M
YoY Change 25.0% -62.27%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Condensed Financial Statements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these condensed financial statements be read in conjunction with the financial statements and related notes that appear in Eagle Pharmaceuticals, Inc.'s (the "Company") final prospectus filed by the Company with the SEC on </font><font style="font-family:inherit;font-size:10pt;">February&#160;13, 2014</font><font style="font-family:inherit;font-size:10pt;">, relating to the Company's Registration Statement on Form S-1 (File No. 001-36306) for the Company's initial public offering. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made.&#160;Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">year ending September 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">2014</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter.</font></div></div>
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2014Q1 us-gaap Proceeds From Warrant Exercises
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CY2014Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
20868 USD
CY2014Q2 us-gaap Professional Fees
ProfessionalFees
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CY2013Q3 us-gaap Property Plant And Equipment Net
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Royalty Revenue
RoyaltyRevenue
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CY2014Q2 us-gaap Royalty Revenue
RoyaltyRevenue
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us-gaap Royalty Revenue
RoyaltyRevenue
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CY2013Q2 us-gaap Royalty Revenue
RoyaltyRevenue
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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us-gaap Sales Revenue Goods Net
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CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2014Q2 us-gaap Sales Revenue Net
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CY2013Q2 us-gaap Sales Revenue Net
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CY2013Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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ShareBasedCompensation
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P4Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.3965
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0095
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0082
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0177
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3450000 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
46048360 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
41910667 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1666063 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
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CY2013Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1074637 USD
CY2014Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements including disclosure of contingent assets and contingent liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. The Company's critical accounting policies are those that are both most important to the Company's financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the condensed financial statements, actual results may materially vary from these estimates.</font></div></div>
CY2013Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1706829 USD
CY2014Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 USD
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3048131 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8590719 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3020889 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14020133 shares
CY2013Q3 egrx Accrued Product Costs Current
AccruedProductCostsCurrent
62737 USD
CY2014Q2 egrx Accrued Product Costs Current
AccruedProductCostsCurrent
4000 USD
CY2013Q3 egrx Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
282682 USD
CY2014Q2 egrx Accrued Researchand Development Current
AccruedResearchandDevelopmentCurrent
815057 USD
egrx Adjustments Noncash Itemsto Reconcile Net Income Lossto Cash Providedby Usedin Operating Activities Noncash Interest Expense
AdjustmentsNoncashItemstoReconcileNetIncomeLosstoCashProvidedbyUsedinOperatingActivitiesNoncashInterestExpense
309121 USD
egrx Adjustments Noncash Itemsto Reconcile Net Income Lossto Cash Providedby Usedin Operating Activities Noncash Interest Expense
AdjustmentsNoncashItemstoReconcileNetIncomeLosstoCashProvidedbyUsedinOperatingActivitiesNoncashInterestExpense
0 USD
CY2012Q1 egrx Asset Purchase Agreement Royalty On Net Profitsof Products Term
AssetPurchaseAgreementRoyaltyOnNetProfitsofProductsTerm
P10Y
egrx Classof Warrantor Right Expected Term
ClassofWarrantorRightExpectedTerm
P6Y
CY2008Q2 egrx Collaborative Product Development Agreement Cumulative Milestones Upon Achievementof Goals
CollaborativeProductDevelopmentAgreementCumulativeMilestonesUponAchievementofGoals
13000000 USD
CY2008Q2 egrx Collaborative Product Development Agreement Monthly Receivable
CollaborativeProductDevelopmentAgreementMonthlyReceivable
200000 USD
CY2008Q2 egrx Collaborative Product Development Agreement Non Refundable Amount Receivedfor Signing
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750000 USD
CY2008Q2 egrx Collaborative Product Development Agreement Paymentfor Product Development
CollaborativeProductDevelopmentAgreementPaymentforProductDevelopment
2000000 USD
egrx Deferred Ipo Costs
DeferredIPOCosts
0 USD
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DeferredIPOCosts
2704567 USD
CY2014Q2 egrx Deferred Revenue Divestitureof Business Refund Dueto Insufficient Milestone Attainment
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6000000 USD
CY2013Q3 egrx Deferred Revenue Divestitureof Business Refund Dueto Insufficient Milestone Attainment
DeferredRevenueDivestitureofBusinessRefundDuetoInsufficientMilestoneAttainment
6000000 USD
CY2012Q1 egrx Expected Cash Proceeds Upon Regulatory Approval Milestone
ExpectedCashProceedsUponRegulatoryApprovalMilestone
1000000 USD
CY2014Q2 egrx Expected Cash Proceedson Additional Milestones Dependenton Licensor Sales Activity
ExpectedCashProceedsonAdditionalMilestonesDependentonLicensorSalesActivity
3000000 USD
egrx Income Taxes Paid Franchise Taxes Paid
IncomeTaxesPaidFranchiseTaxesPaid
9295 USD
egrx Income Taxes Paid Franchise Taxes Paid
IncomeTaxesPaidFranchiseTaxesPaid
2335 USD
egrx Increase Decreasein Prepaid Expenseand Other Current Assets Total
IncreaseDecreaseinPrepaidExpenseandOtherCurrentAssetsTotal
3346062 USD
egrx Increase Decreasein Prepaid Expenseand Other Current Assets Total
IncreaseDecreaseinPrepaidExpenseandOtherCurrentAssetsTotal
-979730 USD
egrx Lawsuit Invoked Regulatory Stayof Approval
LawsuitInvokedRegulatoryStayofApproval
P30M
egrx Marketing Rights Term
MarketingRightsTerm
P10Y
CY2012Q1 egrx Milestonereductionfor Regulatory Approvalof Generic Competitor Minimum
MilestonereductionforRegulatoryApprovalofGenericCompetitorMinimum
500000 USD
egrx Orphan Drug Exclusivity Regulatory Agency Stayof Application Incremental Domestic Periodfor Pediatric Exclusivity
OrphanDrugExclusivityRegulatoryAgencyStayofApplicationIncrementalDomesticPeriodforPediatricExclusivity
P6M
egrx Orphan Drug Exclusivity Regulatory Agency Stayof Application Maximum Period
OrphanDrugExclusivityRegulatoryAgencyStayofApplicationMaximumPeriod
P7Y
CY2013Q3 egrx Prepaid Fda User Fee
PrepaidFDAUserFee
1023291 USD
CY2014Q2 egrx Prepaid Fda User Fee
PrepaidFDAUserFee
0 USD
CY2013Q3 egrx Prepaid Product Costs
PrepaidProductCosts
730003 USD
CY2014Q2 egrx Prepaid Product Costs
PrepaidProductCosts
0 USD
egrx Product Development Agreements Exclusive Rights Acquired Numberof Products
ProductDevelopmentAgreementsExclusiveRightsAcquiredNumberofProducts
33 product
egrx Royalty Revenue Commercial Partners Obligationof Sales Report Term
RoyaltyRevenueCommercialPartnersObligationofSalesReportTerm
P60D
CY2014Q1 egrx Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
1788 shares
CY2014Q1 egrx Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
1788 shares
egrx Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
20868 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000827871
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14020133 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Eagle Pharmaceuticals, Inc.

Files In Submission

Name View Source Status
0000827871-14-000013-index-headers.html Edgar Link pending
0000827871-14-000013-index.html Edgar Link pending
0000827871-14-000013.txt Edgar Link pending
0000827871-14-000013-xbrl.zip Edgar Link pending
egrx-20140630.xml Edgar Link completed
egrx-20140630.xsd Edgar Link pending
egrx-20140630_cal.xml Edgar Link unprocessable
egrx-20140630_def.xml Edgar Link unprocessable
egrx-20140630_lab.xml Edgar Link unprocessable
egrx-20140630_pre.xml Edgar Link unprocessable
egrx_q3x2014.htm Edgar Link pending
exhibit311q3.htm Edgar Link pending
exhibit312q3.htm Edgar Link pending
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report.css Edgar Link pending
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