2015 Q1 Form 10-Q Financial Statement
#000119312515179302 Filed on May 08, 2015
Income Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
Revenue | $328.0K | $1.992M |
YoY Change | -83.53% | 288.3% |
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $2.040M | $1.950M |
YoY Change | 4.62% | 12.07% |
% of Gross Profit | ||
Research & Development | $3.339M | $2.269M |
YoY Change | 47.16% | 42.97% |
% of Gross Profit | ||
Depreciation & Amortization | $210.0K | $220.0K |
YoY Change | -4.55% | -12.0% |
% of Gross Profit | ||
Operating Expenses | $5.380M | $4.211M |
YoY Change | 27.76% | 26.65% |
Operating Profit | -$5.052M | -$2.219M |
YoY Change | 127.67% | -21.09% |
Interest Expense | $10.00K | $0.00 |
YoY Change | ||
% of Operating Profit | ||
Other Income/Expense, Net | $10.00K | $1.000K |
YoY Change | 900.0% | -66.67% |
Pretax Income | -$5.042M | -$2.218M |
YoY Change | 127.32% | -21.04% |
Income Tax | -$44.00K | -$31.00K |
% Of Pretax Income | ||
Net Earnings | -$4.998M | -$2.187M |
YoY Change | 128.53% | -21.73% |
Net Earnings / Revenue | -1523.78% | -109.79% |
Basic Earnings Per Share | -$0.17 | -$0.08 |
Diluted Earnings Per Share | -$0.17 | -$0.08 |
COMMON SHARES | ||
Basic Shares Outstanding | 29.41M shares | 27.67M shares |
Diluted Shares Outstanding | 29.41M shares | 27.67M shares |
Balance Sheet
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $31.70M | $21.30M |
YoY Change | 48.83% | 55.47% |
Cash & Equivalents | $23.01M | $18.56M |
Short-Term Investments | $8.700M | $2.700M |
Other Short-Term Assets | $1.000M | $600.0K |
YoY Change | 66.67% | 20.0% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $400.0K | $600.0K |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $33.08M | $22.46M |
YoY Change | 47.26% | 47.73% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $280.0K | $292.0K |
YoY Change | -4.11% | 30.94% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $300.0K | $300.0K |
YoY Change | 0.0% | 200.0% |
Total Long-Term Assets | $2.625M | $3.559M |
YoY Change | -26.24% | -9.09% |
TOTAL ASSETS | ||
Total Short-Term Assets | $33.08M | $22.46M |
Total Long-Term Assets | $2.625M | $3.559M |
Total Assets | $35.70M | $26.02M |
YoY Change | 37.2% | 36.09% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $812.0K | $761.0K |
YoY Change | 6.7% | 114.37% |
Accrued Expenses | $1.371M | $1.203M |
YoY Change | 13.97% | -16.28% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $2.218M | $2.276M |
YoY Change | -2.55% | -15.23% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $5.600M | $5.400M |
YoY Change | 3.7% | 3.85% |
Total Long-Term Liabilities | $5.600M | $5.400M |
YoY Change | 3.7% | 3.85% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $2.218M | $2.276M |
Total Long-Term Liabilities | $5.600M | $5.400M |
Total Liabilities | $7.855M | $7.675M |
YoY Change | 2.35% | -2.59% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$265.5M | -$273.0M |
YoY Change | -2.76% | 5.13% |
Common Stock | $29.00K | $29.00K |
YoY Change | 0.0% | 26.09% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $27.85M | $18.35M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $35.70M | $26.02M |
YoY Change | 37.2% | 36.09% |
Cashflow Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$4.998M | -$2.187M |
YoY Change | 128.53% | -21.73% |
Depreciation, Depletion And Amortization | $210.0K | $220.0K |
YoY Change | -4.55% | -12.0% |
Cash From Operating Activities | -$3.960M | -$1.860M |
YoY Change | 112.9% | -5.58% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$40.00K | -$60.00K |
YoY Change | -33.33% | 500.0% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$2.740M | -$2.210M |
YoY Change | 23.98% | -481.03% |
Cash From Investing Activities | -$2.780M | -$2.260M |
YoY Change | 23.01% | -503.57% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | $7.000M | |
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 0.000 | 7.460M |
YoY Change | -100.0% | |
NET CHANGE | ||
Cash From Operating Activities | -3.960M | -1.860M |
Cash From Investing Activities | -2.780M | -2.260M |
Cash From Financing Activities | 0.000 | 7.460M |
Net Change In Cash | -6.740M | 3.340M |
YoY Change | -301.8% | -336.88% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$3.960M | -$1.860M |
Capital Expenditures | -$40.00K | -$60.00K |
Free Cash Flow | -$3.920M | -$1.800M |
YoY Change | 117.78% | -8.16% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2013Q3 | us-gaap |
Share Price
SharePrice
|
3.10 | |
CY2015Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
29412365 | shares |
CY2014Q4 | psdv |
Milestone Payment Received Upon Fda Approval
MilestonePaymentReceivedUponFdaApproval
|
25000000 | |
CY2015Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2218000 | |
CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
29000 | |
CY2015Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2015Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
899000 | |
CY2015Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
812000 | |
CY2015Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
292439000 | |
CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-265520000 | |
CY2015Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1371000 | |
CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
27847000 | |
CY2015Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
49000 | |
CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
35702000 | |
CY2014Q1 | us-gaap |
Share Price
SharePrice
|
4.11 | |
CY2014Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
18555000 | |
CY2014Q1 | psdv |
Warrants Weighted Average Exercise Price
WarrantsWeightedAverageExercisePrice
|
3.67 | |
CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
29412365 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
29412365 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
60000000 | shares |
CY2015Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2015Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2015Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2015Q1 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
5584000 | |
CY2015Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2015Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
286000 | |
CY2015Q1 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
35000 | |
CY2015Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
7855000 | |
CY2015Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
618000 | |
CY2015Q1 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
53000 | |
CY2015Q1 | us-gaap |
Deferred Revenue
DeferredRevenue
|
5600000 | |
CY2015Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
23007000 | |
CY2015Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
280000 | |
CY2015Q1 | us-gaap |
Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
|
25856000 | |
CY2015Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
989000 | |
CY2015Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
150000 | |
CY2015Q1 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
430000 | |
CY2015Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
2080000 | |
CY2015Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
17205000 | |
CY2015Q1 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
8651000 | |
CY2015Q1 | us-gaap |
Other Assets
OtherAssets
|
115000 | |
CY2015Q1 | us-gaap |
Security Deposit
SecurityDeposit
|
150000 | |
CY2015Q1 | us-gaap |
Assets
Assets
|
35702000 | |
CY2015Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
2300000 | |
CY2015Q1 | us-gaap |
Assets Current
AssetsCurrent
|
33077000 | |
CY2015Q1 | psdv |
Collaboration Agreement Ownership Percentage In Company
CollaborationAgreementOwnershipPercentageInCompany
|
0.063 | pure |
CY2015Q1 | psdv |
Warrants Weighted Average Exercise Price
WarrantsWeightedAverageExercisePrice
|
3.67 | |
CY2015Q1 | psdv |
Estimated Annual Amortization Of Intangible Assets
EstimatedAnnualAmortizationOfIntangibleAssets
|
756000 | |
CY2015Q1 | psdv |
Cash And Cash Equivalents And Marketable Securities Fair Value
CashAndCashEquivalentsAndMarketableSecuritiesFairValue
|
31700000 | |
CY2015Q1 | psdv |
Accrued Clinical Expense Current
AccruedClinicalExpenseCurrent
|
418000 | |
CY2013Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6899000 | |
CY2014Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
29298558 | shares |
CY2014Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
29298558 | shares |
CY2014Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
60000000 | shares |
CY2014Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2014Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2014Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2014Q2 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2014Q2 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
5584000 | |
CY2014Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2014Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2126000 | |
CY2014Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
29000 | |
CY2014Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2014Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
1044000 | |
CY2014Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
464000 | |
CY2014Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-277013000 | |
CY2014Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1524000 | |
CY2014Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
14924000 | |
CY2014Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
7000 | |
CY2014Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
22671000 | |
CY2014Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
290864000 | |
CY2014Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
249000 | |
CY2014Q2 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
138000 | |
CY2014Q2 | us-gaap |
Liabilities
Liabilities
|
7747000 | |
CY2014Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
952000 | |
CY2014Q2 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
37000 | |
CY2014Q2 | us-gaap |
Deferred Revenue
DeferredRevenue
|
5600000 | |
CY2014Q2 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2014Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
15334000 | |
CY2014Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
297000 | |
CY2014Q2 | us-gaap |
Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
|
17204000 | |
us-gaap |
Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
-1016000 | ||
CY2014Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
547000 | |
CY2014Q2 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
150000 | |
CY2014Q2 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
517000 | |
CY2014Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
2765000 | |
CY2014Q2 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
1000 | |
CY2014Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
14260000 | |
CY2014Q2 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
2944000 | |
CY2014Q2 | us-gaap |
Other Assets
OtherAssets
|
117000 | |
CY2014Q2 | us-gaap |
Assets
Assets
|
22671000 | |
CY2014Q2 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
2945000 | |
CY2014Q2 | us-gaap |
Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
|
2944000 | |
CY2014Q2 | us-gaap |
Assets Current
AssetsCurrent
|
19342000 | |
CY2014Q2 | psdv |
Accrued Clinical Expense Current
AccruedClinicalExpenseCurrent
|
316000 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.35 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-7886000 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
26841623 | shares | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.35 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5069844 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
26841623 | shares | |
us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
100000 | ||
us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
150000 | ||
us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
99000 | ||
us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
-1000 | ||
us-gaap |
License And Services Revenue
LicenseAndServicesRevenue
|
2149000 | ||
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-9475000 | ||
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
76000 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-9478000 | ||
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-9289000 | ||
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
3000 | ||
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
1032000 | ||
us-gaap |
Revenues
Revenues
|
3181000 | ||
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
2714000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
75000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-9388000 | ||
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
3000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
963000 | ||
us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-3000 | ||
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-290000 | ||
us-gaap |
Operating Expenses
OperatingExpenses
|
12659000 | ||
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
7267000 | ||
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
582000 | ||
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
11656000 | ||
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-87000 | ||
us-gaap |
Depreciation
Depreciation
|
103000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
19058000 | ||
us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
76000 | ||
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
26000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
487000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
909000 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5468000 | ||
us-gaap |
Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
-833000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
963000 | ||
psdv |
Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
|
11000 | ||
psdv |
Warrants To Purchase Common Shares Outstanding And Exercisable
WarrantsToPurchaseCommonSharesOutstandingAndExercisable
|
1176105 | shares | |
psdv |
Proceeds From Issuance Of Common Stock Net Of Share Issue Costs
ProceedsFromIssuanceOfCommonStockNetOfShareIssueCosts
|
18149000 | ||
psdv |
Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
|
141000 | ||
psdv |
Proceeds From Maturity Of Marketable Securities
ProceedsFromMaturityOfMarketableSecurities
|
3350000 | ||
psdv |
Noncash Or Part Noncash Unpaid Stock Issuance Costs
NoncashOrPartNoncashUnpaidStockIssuanceCosts
|
86000 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.38 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.79 | pure | |
dei |
Document Type
DocumentType
|
10-Q | ||
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Entity Registrant Name
EntityRegistrantName
|
pSivida Corp. | ||
dei |
Trading Symbol
TradingSymbol
|
PSDV | ||
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Accelerated Filer | ||
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">  </p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Operations and Basis of Presentation</b></td> </tr> </table> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of March 31, 2015 and for the three and nine months ended March 31, 2015 and 2014 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2014. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2014, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive (loss) income and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is a leader in the development of sustained-release pharmaceutical products for treating eye diseases. Its approved products deliver drugs at a controlled and steady rate for months or years. The Company has developed three of the four approved sustained-release products for treating retinal diseases. The Company’s lead product candidate Medidur™ for posterior uveitis is in pivotal clinical trials. Marketing of its lead licensed product ILUVIEN® for diabetic macular edema (“DME”) commenced in the U.S. in the fiscal 2015 third quarter. The Company’s pre-clinical development program is focused on developing products for chronic retinal diseases utilizing our core technology platforms. The Company’s strategy includes developing products independently while continuing to leverage our technology platforms through collaborations and license agreements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Medidur, the Company’s lead development product, is an injectable, micro-insert designed to treat posterior uveitis, a blinding eye disease, on a sustained basis for 36 months. Medidur uses the same micro-insert used in ILUVIEN for DME (same design, same drug, same polymers, same release rate) and delivers a lower dose of the same drug as Retisert<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">®</sup>, the Company’s approved implant for posterior uveitis. The Company is developing Medidur independently.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In recent meetings, the Company reached agreement with the U.S. Food and Drug Administration (“FDA”) on a regulatory path for Medidur that should allow a new drug application (“NDA”) to be filed in the first half of 2017. The FDA indicated that, pending clinical trial results, it would accept an NDA based on data from the ongoing Medidur Phase III trial (which has a 12-month primary endpoint), data from a second Phase III trial with a shorter six-month primary endpoint and data referenced from the already completed Phase III ILUVIEN trials. The ongoing Phase III trial for Medidur completed enrollment with 129 patients in the fiscal 2015 third quarter. The last 12-month follow-up visit is scheduled in March 2016, and the Company expects top-line data in the second calendar quarter of 2016. The Company has already initiated a second Phase III Medidur trial, which will recruit up to 150 patients in India. Both trials will follow participants for three years.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company had previously planned to file an NDA with data from only the first Phase III trial and data referenced from the ILUVIEN studies, subject to FDA confirmation. Because of the shorter six-month primary endpoint permitted for the second trial, the Company expects that the new regulatory path will allow it to file the Medidur NDA with only a several month delay from the time frame anticipated with one Phase III trial. The Company had budgeted for a second Phase III trial, pending FDA guidance, so the second trial does not affect the Company’s liquidity projections.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company plans to commercialize Medidur with a newly designed, proprietary inserter that uses a standard 27 gauge needle routinely used in intraocular injections. As a result of the new design, the Company will conduct a utilization study on the new inserter, with data to be submitted as part of the Medidur NDA. Data from this study is expected to be available before data from the other trials and should not delay the NDA submission.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> ILUVIEN, the Company’s most recently approved product, is an injectable, sustained-release micro-insert that provides treatment of DME for three years from a single administration. ILUVIEN is licensed to and sold by Alimera Sciences, Inc. (“Alimera”), and the Company is entitled to a share of the net profits (as defined) from Alimera’s sales of ILUVIEN on a country-by-country basis. ILUVIEN was launched in the U.S. in late February 2015 and is now widely available to physicians in the U.S. It is indicated for the treatment of DME in patients previously treated with a course of corticosteroids without a clinically significant rise in intraocular pressure.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> ILUVIEN was also launched in Portugal in January 2015, and has been commercially available in the United Kingdom and Germany since June 2013. ILUVIEN has marketing approvals in 17 EU countries for the treatment of chronic DME considered insufficiently responsive to available therapies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Distribution, regulatory and reimbursement matters for ILUVIEN for DME in Australia and New Zealand have been sublicensed. The Company is entitled to 20% of any royalties and 33% of all other payments received by our licensee, including any milestone payments.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company’s pre-clinical research is primarily focused on developing pharmaceutical products to provide targeted and systemic sustained delivery of drugs and large biologic molecules for treatment of various conditions, and to provide sustained delivery of therapeutic agents to treat wet and dry age-related macular degeneration, glaucoma and osteoarthritis.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company has a history of operating losses and has financed its operations primarily from the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners and from proceeds of sales of its equity securities. The Company believes that its cash, cash equivalents and marketable securities of $31.7 million at March 31, 2015 will enable the Company to maintain its current and planned operations (including its two Medidur trials) into calendar year 2017. This estimate excludes any potential net profits receipts from sales of ILUVIEN.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued Accounting Standards Update No. 2014-09, <i>Revenue from Contracts with Customers</i> (Topic 606) (“ASU 2014-09”), which requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP. In April 2015, the FASB tentatively deferred the effective date of ASU 2014-09, while also tentatively permitting early adoption. If such deferral is ratified, ASU 2014-09 will become effective on July 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the impact this standard will have on its financial statements.</p> </div> | ||
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
13303000 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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|
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us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
579408 | shares | |
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Document Period End Date
DocumentPeriodEndDate
|
2015-03-31 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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|
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AmendmentFlag
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CurrentFiscalYearEndDate
|
--06-30 | ||
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|
2015 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
30612210 | shares | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.39 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001314102 | ||
us-gaap |
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|
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us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0200 | pure | |
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2434024 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
29366919 | shares | |
us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-141000 | ||
us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-145000 | ||
us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
-4000 | ||
us-gaap |
License And Services Revenue
LicenseAndServicesRevenue
|
25355000 | ||
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Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
388000 | ||
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
11637000 | ||
us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
235000 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
11621000 | ||
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
11348000 | ||
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
16000 | ||
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Income Taxes Paid
IncomeTaxesPaid
|
263000 | ||
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
801000 | ||
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
4000 | ||
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Revenues
Revenues
|
26156000 | ||
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
8677000 | ||
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
71000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
11493000 | ||
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
12000 | ||
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1340000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1340000 | ||
us-gaap |
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EffectOfExchangeRateOnCashAndCashEquivalents
|
-17000 | ||
us-gaap |
Increase Decrease In Deferred Revenue
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|
-103000 | ||
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Operating Expenses
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|
14535000 | ||
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Research And Development Expense
ResearchAndDevelopmentExpense
|
8890000 | ||
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
579000 | ||
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Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
7673000 | ||
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
144000 | ||
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Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
263000 | ||
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Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5069844 | shares |
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Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27672327 | shares |
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Depreciation
Depreciation
|
79000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
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|
235000 | ||
us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
66000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
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|
-5848000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
235000 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5645000 | ||
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Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
221000 | ||
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Share Based Compensation
ShareBasedCompensation
|
1340000 | ||
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Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
|
255301 | shares | |
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Marketable Securities Weighted Average Maturity
MarketableSecuritiesWeightedAverageMaturity
|
P7M3D | ||
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|
16000 | ||
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Warrants To Purchase Common Shares Outstanding And Exercisable
WarrantsToPurchaseCommonSharesOutstandingAndExercisable
|
1176105 | shares | |
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Incremental Common Shares Attributable To Call Options
IncrementalCommonSharesAttributableToCallOptions
|
989990 | shares | |
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Warrants Outstanding Weighted Average Remaining Contract Life
WarrantsOutstandingWeightedAverageRemainingContractLife
|
P1Y7M6D | ||
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Proceeds From Maturity Of Marketable Securities
ProceedsFromMaturityOfMarketableSecurities
|
2900000 | ||
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Stock Issued During Period Shares New Issues
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|
3494550 | shares |
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Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
890000 | |
CY2013Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
10800000 | |
CY2014Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
1700000 | shares |
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Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
191000 | |
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Proceeds From Issuance Of Common Stock
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|
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Number Of Institutional Investors
NumberOfInstitutionalInvestors
|
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Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.08 | |
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27672327 | shares |
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Earnings Per Share Basic
EarningsPerShareBasic
|
-0.08 | |
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Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
5000 | |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
4000 | |
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Marketable Securities Unrealized Gain Loss
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|
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License And Services Revenue
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|
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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GainLossOnSaleOfPropertyPlantEquipment
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4000 | |
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1000 | |
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Royalty Revenue
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|
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Revenues
Revenues
|
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Net Income Loss
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|
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Investment Income Interest
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|
1000 | |
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Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
441000 | |
CY2014Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
4211000 | |
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Research And Development Expense
ResearchAndDevelopmentExpense
|
2269000 | |
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-5042000 | |
CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-5052000 | |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-5042000 | |
CY2015Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
190000 | |
CY2015Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
10000 | |
CY2015Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
218000 | |
CY2015Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
4000 | |
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Revenues
|
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Investment Income Interest
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|
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Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
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Operating Expenses
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|
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Research And Development Expense
ResearchAndDevelopmentExpense
|
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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General And Administrative Expense
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|
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Earnings Per Share Diluted
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|
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29412365 | shares |
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|
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