2015 Q2 Form 10-Q Financial Statement

#000082787115000042 Filed on August 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $6.002M $5.792M
YoY Change 3.63% 14.13%
Cost Of Revenue $3.348M $1.556M
YoY Change 115.17% -46.8%
Gross Profit $2.654M $4.236M
YoY Change -37.35% 97.02%
Gross Profit Margin 44.22% 73.14%
Selling, General & Admin $5.111M $2.673M
YoY Change 91.21% 113.66%
% of Gross Profit 192.58% 63.1%
Research & Development $5.878M $4.545M
YoY Change 29.33% 178.44%
% of Gross Profit 221.48% 107.29%
Depreciation & Amortization $10.00K $20.00K
YoY Change -50.0% -66.67%
% of Gross Profit 0.38% 0.47%
Operating Expenses $14.34M $8.774M
YoY Change 63.4% 129.97%
Operating Profit -$8.335M -$2.982M
YoY Change 179.51% -336.71%
Interest Expense $3.000K $5.000K
YoY Change -40.0% -68.79%
% of Operating Profit
Other Income/Expense, Net $5.000K $48.00K
YoY Change -89.58% -109.5%
Pretax Income -$8.330M -$2.934M
YoY Change 183.91% -488.83%
Income Tax -$153.0K $0.00
% Of Pretax Income
Net Earnings -$8.177M -$2.934M
YoY Change 178.7% -488.83%
Net Earnings / Revenue -136.24% -50.66%
Basic Earnings Per Share -$0.53 -$0.21
Diluted Earnings Per Share -$0.53 -$0.21
COMMON SHARES
Basic Shares Outstanding 15.55M shares 14.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.7M $49.80M
YoY Change 108.23% 361.11%
Cash & Equivalents $13.69M $49.79M
Short-Term Investments $90.00M
Other Short-Term Assets $198.0K $408.8K
YoY Change -51.56% -89.52%
Inventory $2.325M $329.0K
Prepaid Expenses
Receivables $12.98M $6.712M
Other Receivables $0.00 $0.00
Total Short-Term Assets $120.6M $57.76M
YoY Change 108.73% 277.48%
LONG-TERM ASSETS
Property, Plant & Equipment $374.0K $359.5K
YoY Change 4.03% -10.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $104.0K $45.00K
YoY Change 131.11%
Total Long-Term Assets $478.0K $404.5K
YoY Change 18.17% -19.1%
TOTAL ASSETS
Total Short-Term Assets $120.6M $57.76M
Total Long-Term Assets $478.0K $404.5K
Total Assets $121.0M $58.16M
YoY Change 108.1% 268.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.783M $2.521M
YoY Change 89.76% 57.53%
Accrued Expenses $13.54M $7.469M
YoY Change 81.26% 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 $24.58M $16.25M
YoY Change 51.28% 20.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.58M $16.25M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $24.60M $16.20M
YoY Change 51.85% 14.08%
SHAREHOLDERS EQUITY
Retained Earnings -$98.16M -$95.07M
YoY Change 3.25%
Common Stock $15.00K $14.02K
YoY Change 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $96.45M $41.91M
YoY Change
Total Liabilities & Shareholders Equity $121.0M $58.16M
YoY Change 108.1% 268.1%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$8.177M -$2.934M
YoY Change 178.7% -488.83%
Depreciation, Depletion And Amortization $10.00K $20.00K
YoY Change -50.0% -66.67%
Cash From Operating Activities -$12.12M -$4.660M
YoY Change 160.09% 24.27%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$10.00K
YoY Change 2800.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities -$74.00M $0.00
YoY Change
Cash From Investing Activities -$74.29M -$10.00K
YoY Change 742800.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K -420.0K
YoY Change -140.48% -104.27%
NET CHANGE
Cash From Operating Activities -12.12M -4.660M
Cash From Investing Activities -74.29M -10.00K
Cash From Financing Activities 170.0K -420.0K
Net Change In Cash -86.24M -5.090M
YoY Change 1594.3% -184.13%
FREE CASH FLOW
Cash From Operating Activities -$12.12M -$4.660M
Capital Expenditures -$290.0K -$10.00K
Free Cash Flow -$11.83M -$4.650M
YoY Change 154.41% 25.0%

Facts In Submission

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CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1640000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1559000 USD
CY2014Q4 us-gaap Prepaid Insurance
PrepaidInsurance
183000 USD
CY2015Q2 us-gaap Prepaid Insurance
PrepaidInsurance
496000 USD
CY2014Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
46069000 USD
CY2015Q1 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
30000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
21000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
21000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
342000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
374000 USD
CY2015Q2 us-gaap Purchase Obligation
PurchaseObligation
8505000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4545000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8339000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5878000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12163000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-109683000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-98163000 USD
CY2014Q2 us-gaap Royalty Revenue
RoyaltyRevenue
1942000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
5506000 USD
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
2272000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
5525000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
350000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1525000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3730000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
6786000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5792000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10796000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6002000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
42311000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2673000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4128000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5111000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9097000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
304000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1593000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5684
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.558
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3011
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3033
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0216
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0221
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0209
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0209
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0211
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0169
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0142
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0142
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
89999000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
27908000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
96448000 USD
CY2014Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
534000 USD
CY2015Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
14020133 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11455408 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15546796 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15876397 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14020133 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11455408 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15546796 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14900498 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<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. 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 six 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, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending December 31, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">2015</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and related notes included in our annual report on Form 10-K for the fiscal year ended September 30, 2014, filed with the Securities and Exchange Commission on December 22, 2014.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 20, 2015, the Board of Directors of the Company authorized a change in the Company&#8217;s fiscal year end from September 30</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;"> to December 31</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">st</sup></font><font style="font-family:inherit;font-size:10pt;">.&#160; The change was intended to better align the Company&#8217;s fiscal year with the business cycles of other specialty pharmaceutical companies. As a result of the change in fiscal year, the Company&#8217;s 2015 fiscal year began on January 1, 2015 and will end on December 31, 2015.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the change in fiscal year, on February 17, 2015 the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2014 to December 31, 2014.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform with the current year presentation.</font></div></div>
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 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 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 financial statements, actual results may materially vary from these estimates.</font></div></div>

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