2017 Q4 Form 10-Q Financial Statement

#000082787117000010 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $46.79M $63.02M $37.83M
YoY Change -42.34% 66.58% 559.57%
Cost Of Revenue $13.71M $4.815M $10.43M
YoY Change -27.15% -53.81% 177.78%
Gross Profit $33.08M $58.21M $27.41M
YoY Change -46.92% 112.37% 1282.15%
Gross Profit Margin 70.71% 92.36% 72.44%
Selling, General & Admin $13.32M $16.67M $11.66M
YoY Change -23.4% 42.95% 113.57%
% of Gross Profit 40.27% 28.64% 42.55%
Research & Development $9.440M $8.954M $3.207M
YoY Change -43.3% 179.2% -53.6%
% of Gross Profit 28.54% 15.38% 11.7%
Depreciation & Amortization $950.0K $950.0K $360.0K
YoY Change 41.79% 163.89% 3500.0%
% of Gross Profit 2.87% 1.63% 1.31%
Operating Expenses $22.63M $38.07M $25.53M
YoY Change -33.52% 49.15% 58.3%
Operating Profit $10.44M $24.95M $12.31M
YoY Change -63.08% 102.71% -218.48%
Interest Expense -$500.0K $527.0K $3.000K
YoY Change -5100.0% 17466.67% -40.0%
% of Operating Profit -4.79% 2.11% 0.02%
Other Income/Expense, Net -$492.0K $23.00K
YoY Change -2239.13% 666.67%
Pretax Income $9.940M $24.46M $12.33M
YoY Change -64.86% 98.35% -218.74%
Income Tax -$2.550M $9.027M $379.0K
% Of Pretax Income -25.65% 36.91% 3.07%
Net Earnings $9.090M $15.43M $11.95M
YoY Change -84.14% 29.11% -217.56%
Net Earnings / Revenue 19.43% 24.49% 31.59%
Basic Earnings Per Share $0.61 $1.03 $0.77
Diluted Earnings Per Share $0.58 $0.98 $0.73
COMMON SHARES
Basic Shares Outstanding 14.92M shares 15.05M shares 15.57M shares
Diluted Shares Outstanding 15.76M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.7M $97.50M $59.30M
YoY Change 117.23% 64.42% -38.23%
Cash & Equivalents $114.7M $97.55M $59.31M
Short-Term Investments
Other Short-Term Assets $561.0K $850.0K $426.0K
YoY Change 58.03% 99.53% 167.92%
Inventory $5.118M $4.878M $7.106M
Prepaid Expenses
Receivables $53.82M $71.60M $47.05M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $188.7M $182.2M $119.0M
YoY Change 72.94% 53.01% -1.04%
LONG-TERM ASSETS
Property, Plant & Equipment $6.820M $4.365M $2.827M
YoY Change 105.67% 54.4% 56.79%
Goodwill $39.74M $39.74M
YoY Change 0.0%
Intangibles $23.32M $24.00M $24.76M
YoY Change -30.12% -3.06%
Long-Term Investments
YoY Change
Other Assets $124.0K $124.0K $94.00K
YoY Change -8.82% 31.91% -15.32%
Total Long-Term Assets $81.36M $84.74M $27.68M
YoY Change -22.67% 206.13% 1346.19%
TOTAL ASSETS
Total Short-Term Assets $188.7M $182.2M $119.0M
Total Long-Term Assets $81.36M $84.74M $27.68M
Total Assets $270.1M $266.9M $146.7M
YoY Change 26.01% 81.9% 20.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.98M $8.902M $13.10M
YoY Change -18.59% -32.07% -7.38%
Accrued Expenses $15.39M $20.44M $21.33M
YoY Change -39.01% -4.19% 47.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.875M $5.000M
YoY Change
Total Short-Term Liabilities $47.30M $34.40M $35.45M
YoY Change 15.47% -2.97% 2.49%
LONG-TERM LIABILITIES
Long-Term Debt $42.91M $43.94M $0.00
YoY Change
Other Long-Term Liabilities $700.0K $17.50M $5.800M
YoY Change -96.83% 201.72%
Total Long-Term Liabilities $42.91M $43.94M $5.800M
YoY Change 657.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.30M $34.40M $35.45M
Total Long-Term Liabilities $42.91M $43.94M $5.800M
Total Liabilities $90.21M $78.33M $41.20M
YoY Change 120.21% 90.12% 19.08%
SHAREHOLDERS EQUITY
Retained Earnings $26.28M $17.20M -$82.96M
YoY Change -202.44% -120.73% -23.42%
Common Stock $16.00K $16.00K $15.00K
YoY Change 0.0% 6.67% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $80.80M $75.79M $18.00M
YoY Change 118.35% 321.14%
Treasury Stock Shares 1.242M shares 1.150M shares 290.6K shares
Shareholders Equity $179.1M $171.1M $105.5M
YoY Change
Total Liabilities & Shareholders Equity $270.1M $266.9M $146.7M
YoY Change 26.01% 81.9% 20.05%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $9.090M $15.43M $11.95M
YoY Change -84.14% 29.11% -217.56%
Depreciation, Depletion And Amortization $950.0K $950.0K $360.0K
YoY Change 41.79% 163.89% 3500.0%
Cash From Operating Activities $25.92M $7.890M $13.17M
YoY Change -34.48% -40.09% -298.34%
INVESTING ACTIVITIES
Capital Expenditures -$2.730M -$1.580M -$14.18M
YoY Change 259.21% -88.86% 1225.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$2.730M -$1.580M -$14.18M
YoY Change -90.12% -88.86% -121.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.080M 35.84M -15.24M
YoY Change -67.01% -335.17%
NET CHANGE
Cash From Operating Activities 25.92M 7.890M 13.17M
Cash From Investing Activities -2.730M -1.580M -14.18M
Cash From Financing Activities -6.080M 35.84M -15.24M
Net Change In Cash 17.11M 42.15M -16.25M
YoY Change -363.64% -359.38% -127.88%
FREE CASH FLOW
Cash From Operating Activities $25.92M $7.890M $13.17M
Capital Expenditures -$2.730M -$1.580M -$14.18M
Free Cash Flow $28.65M $9.470M $27.35M
YoY Change -28.94% -65.37% -591.02%

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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Short Term Investments
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CY2017Q3 us-gaap Preferred Stock Value
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q4 us-gaap Prepaid Insurance
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307000 USD
CY2016Q4 us-gaap Prepaid Taxes
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1654000 USD
CY2017Q3 us-gaap Prepaid Taxes
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2176000 USD
us-gaap Proceeds From Divestiture Of Businesses
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6500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
50000000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
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62000000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1750000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
us-gaap Proceeds From Stock Options Exercised
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1486000 USD
us-gaap Proceeds From Stock Options Exercised
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4165000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3316000 USD
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PropertyPlantAndEquipmentNet
4365000 USD
CY2017Q3 us-gaap Purchase Obligation
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17895000 USD
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0 USD
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0 USD
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0 USD
CY2017Q3 us-gaap Purchase Obligation Due In Third Year
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0 USD
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CY2016Q3 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2017Q3 us-gaap Research And Development Expense
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8954000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23163000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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RetainedEarningsAccumulatedDeficit
17199000 USD
CY2016Q3 us-gaap Royalty Expense
RoyaltyExpense
4425000 USD
us-gaap Royalty Expense
RoyaltyExpense
10538000 USD
CY2017Q3 us-gaap Royalty Expense
RoyaltyExpense
6850000 USD
us-gaap Royalty Expense
RoyaltyExpense
18990000 USD
CY2016Q3 us-gaap Royalty Revenue
RoyaltyRevenue
26246000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
67025000 USD
CY2017Q3 us-gaap Royalty Revenue
RoyaltyRevenue
43616000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
117527000 USD
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
31566000 USD
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SalesRevenueGoodsNet
6905000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
34895000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
37833000 USD
us-gaap Sales Revenue Net
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108341000 USD
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16669000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58100000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
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63021000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
189922000 USD
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SellingGeneralAndAdministrativeExpense
11661000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34300000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0190
us-gaap Share Based Compensation
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7539000 USD
us-gaap Share Based Compensation
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P4Y
CY2017Q3 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
CY2016Q3 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 Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3134
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3448
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3691
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0141
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0219
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0242
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0094
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0094
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0170
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0170
us-gaap Stock Issued During Period Value Stock Options Exercised
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4165000 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
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75000000.0 USD
CY2017Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
151226000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
171077000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
566838 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1150437 shares
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
566838 shares
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
583599 shares
us-gaap Treasury Stock Shares Acquired
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583599 shares
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37003000 USD
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TreasuryStockValue
75793000 USD
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TreasuryStockValueAcquiredCostMethod
37000000 USD
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TreasuryStockValueAcquiredCostMethod
38790000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
38800000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
38790000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits
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0 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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16450182 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16501167 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15764360 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16015051 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15614328 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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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:justify;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:justify;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 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 Consolidated 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 consolidated 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. The condensed consolidated balance sheet at December 31, 2016 was derived from audited financial statements, but certain information and footnote disclosures normally included in the Company's annual consolidated financial statements have been condensed or omitted. 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:inherit;font-size:10pt;">September&#160;30, 2017</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:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter. These unaudited interim condensed consolidated 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 December 31, 2016, filed with the SEC on March 15, 2017. Unless otherwise indicated or required by context, reference throughout to the "Company," "Eagle Pharmaceuticals," "Eagle," "we," "us" or "our" mean Eagle Pharmaceuticals, Inc., a Delaware corporation and its subsidiary, Eagle Biologics, Inc., and references to "Eagle Biologics" mean Eagle Biologics, Inc.</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;">These financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. 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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