$EYPT
EyePoint Pharmaceuticals, Inc.

2017 Q3 Form 10-K Financial Statement

#000119312517283875 Filed on September 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2017
Revenue $385.0K $701.0K $7.539M
YoY Change 38.99% 130.59% 365.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.572M $2.620M $11.24M
YoY Change -21.82% -1.5% 24.65%
% of Gross Profit
Research & Development $3.819M $4.210M $14.88M
YoY Change -8.59% 2.68% 3.47%
% of Gross Profit
Depreciation & Amortization $39.00K $210.0K $91.00K
YoY Change 550.0% -16.0% -40.13%
% of Gross Profit
Operating Expenses $6.391M $6.840M $26.12M
YoY Change -14.36% 1.18% 11.63%
Operating Profit -$6.006M -$6.136M -$18.58M
YoY Change -16.42% -4.96% -14.69%
Interest Expense $0.00 $20.00K $0.00
YoY Change -100.0% -33.33%
% of Operating Profit
Other Income/Expense, Net $23.00K $91.00K
YoY Change -4.17% 26.39%
Pretax Income -$5.980M -$6.120M -$18.49M
YoY Change -16.5% -4.82% -14.82%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.983M -$6.116M -$18.49M
YoY Change -16.46% -4.24% -14.21%
Net Earnings / Revenue -1554.03% -872.47% -245.19%
Basic Earnings Per Share -$0.52
Diluted Earnings Per Share -$1.518M -$1.581M -$0.52
COMMON SHARES
Basic Shares Outstanding 39.37M shares 39.27M shares 35.34M shares
Diluted Shares Outstanding 35.34M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.80M $16.90M $16.90M
YoY Change -47.56% -41.72% -41.72%
Cash & Equivalents $11.83M $16.90M $16.90M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $400.0K $600.0K $600.0K
YoY Change -20.0% 20.0% 20.0%
Inventory
Prepaid Expenses
Receivables $300.0K $300.0K $300.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.55M $17.74M $17.70M
YoY Change -46.62% -40.79% -41.0%
LONG-TERM ASSETS
Property, Plant & Equipment $337.0K $313.0K $300.0K
YoY Change 31.13% 7.93% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $780.0K $937.0K $1.000M
YoY Change -45.45% -43.42% -37.5%
TOTAL ASSETS
Total Short-Term Assets $12.55M $17.74M $17.70M
Total Long-Term Assets $780.0K $937.0K $1.000M
Total Assets $13.33M $18.68M $18.70M
YoY Change -46.55% -40.93% -40.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.756M $1.016M $1.000M
YoY Change 73.0% -25.46% -28.57%
Accrued Expenses $2.513M $4.224M $4.200M
YoY Change -31.86% 17.89% 16.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.279M $5.290M $5.300M
YoY Change -11.63% 3.87% 3.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $51.00K $100.0K
YoY Change -100.0% -99.09% -98.21%
Total Long-Term Liabilities $0.00 $51.00K $100.0K
YoY Change -100.0% -99.09% -98.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.279M $5.290M $5.300M
Total Long-Term Liabilities $0.00 $51.00K $100.0K
Total Liabilities $4.326M $5.341M $5.300M
YoY Change -58.74% -50.26% -50.47%
SHAREHOLDERS EQUITY
Retained Earnings -$316.8M -$310.8M
YoY Change 5.82% 6.37%
Common Stock $325.0M $323.3M
YoY Change 3.83% 3.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.001M $13.34M $13.30M
YoY Change
Total Liabilities & Shareholders Equity $13.33M $18.68M $18.70M
YoY Change -46.55% -40.93% -40.82%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2017
OPERATING ACTIVITIES
Net Income -$5.983M -$6.116M -$18.49M
YoY Change -16.46% -4.24% -14.21%
Depreciation, Depletion And Amortization $39.00K $210.0K $91.00K
YoY Change 550.0% -16.0% -40.13%
Cash From Operating Activities -$5.968M -$4.450M -$20.49M
YoY Change -8.04% 2.3% 25.58%
INVESTING ACTIVITIES
Capital Expenditures $64.00K -$130.0K $147.0K
YoY Change 225.0% 30.09%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $2.500M $13.72M
YoY Change -100.0% -147.35% -415.4%
Cash From Investing Activities -$64.00K $2.380M $13.58M
YoY Change -101.17% -144.74% -404.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $963.0K $8.404M
YoY Change -49.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 963.0K 6.100M 8.503M
YoY Change 9530.0% 4983.33% -49.95%
NET CHANGE
Cash From Operating Activities -5.968M -4.450M -20.49M
Cash From Investing Activities -64.00K 2.380M 13.58M
Cash From Financing Activities 963.0K 6.100M 8.503M
Net Change In Cash -5.065M 4.030M 1.585M
YoY Change 406.5% -142.2% -141.62%
FREE CASH FLOW
Cash From Operating Activities -$5.968M -$4.450M -$20.49M
Capital Expenditures $64.00K -$130.0K $147.0K
Free Cash Flow -$6.032M -$4.320M -$20.64M
YoY Change -7.06% 0.23% 25.61%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentrations of Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June&#xA0;30, 2017, a total of $13.5 million, representing all of the Company&#x2019;s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no marketable security investments at June&#xA0;30, 2017. Marketable securities at June&#xA0;30, 2016 consisted of investment-grade corporate bonds and commercial paper. The Company&#x2019;s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Revenues from Alimera accounted for $659,000, or 9% of total revenues in fiscal 2017, $233,000, or 14% of total revenues in fiscal 2016 and $25.1 million, or 95% of total revenues in fiscal 2015. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015. Revenues from Bausch&#xA0;&amp; Lomb accounted for $984,000, or 13% of total revenues in fiscal 2017, $1.3 million, or 77% of total revenues in fiscal 2016 and $1.2 million, or 5% of total revenues in fiscal 2015. Revenues from feasibility study agreements accounted for $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Accounts receivable from Bausch&#xA0;&amp; Lomb accounted for $246,000, or 98%, of total accounts receivable at June&#xA0;30, 2017 and $288,000, or 59%, of total accounts receivable at June&#xA0;30, 2016.</p> </div>
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CY2017 dei Entity Registrant Name
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PSIVIDA CORP.
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CY2017 us-gaap Nature Of Operations
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Operations</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> pSivida Corp. (together with its subsidiaries, the &#x201C;Company&#x201D;), incorporated in Delaware, develops sustained-release drug delivery products primarily for the treatment of chronic eye diseases. The Company&#x2019;s approved products and product candidates deliver drugs at a controlled and steady rate for months or years. The Company has developed three of only four sustained-release products approved by the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) for treatment of back-of-the-eye diseases. Durasert&#x2122; three-year non-erodible fluocinolone acetonide (&#x201C;FA&#x201D;) insert for posterior segment uveitis (&#x201C;Durasert three-year uveitis&#x201D;) (formerly known as Medidur), the Company&#x2019;s lead product candidate, is in pivotal Phase 3 clinical trials, and ILUVIEN<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>&#xA0;for diabetic macular edema (&#x201C;DME&#x201D;), the Company&#x2019;s lead licensed product, is sold directly in the U.S. and three European Union (&#x201C;EU&#x201D;) countries. Retisert<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>, an earlier generation product approved in 2005 by the FDA for the treatment of posterior segment uveitis, is sold in the U.S. by Bausch&#xA0;&amp; Lomb Incorporated (&#x201C;Bausch&#xA0;&amp; Lomb&#x201D;). The Company&#x2019;s development programs are focused primarily on developing sustained release products that utilize its Durasert technology platform to deliver approved drugs to treat chronic diseases. The Company&#x2019;s strategy includes developing products independently while continuing to leverage its technology platforms through collaborations and license agreements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Durasert three-year uveitis, the Company&#x2019;s most advanced development product candidate, is designed to treat chronic non-infectious uveitis affecting the posterior segment of the eye (&#x201C;posterior segment uveitis&#x201D;) for three years from a single administration. Injected into the eye in an office visit, this product candidate is a tiny micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained basis. The Company is developing Durasert three-year uveitis independently.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Both Phase 3 clinical trials investigating Durasert three-year uveitis met their primary efficacy endpoint of prevention of recurrence of disease through six months with statistical significance (p &lt; 0.001, intent to treat analysis) and with safety data consistent with the known effects of ocular corticosteroid use. The same statistical significance for efficacy and encouraging safety results was maintained through 12 months of follow-up for the first Phase 3 clinical trial and read-out at 12 months of follow-up for the second Phase 3 trial is expected in the first half of calendar 2018. The Company plans to file a new drug application (&#x201C;NDA&#x201D;) with the FDA in late December 2017 or early January 2018.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> ILUVIEN<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>&#xA0;is an injectable, sustained-release micro-insert that provides three years of treatment of DME from a single injection. ILUVIEN is based on the same technology as the Durasert three-year uveitis insert and delivers the same corticosteroid, FA. ILUVIEN was developed in collaboration with, and is licensed to and sold by Alimera Sciences, Inc. (&#x201C;Alimera&#x201D;). ILUVIEN has been sold directly in the United Kingdom (&#x201C;U.K.&#x201D;) and Germany since 2013 and in the U.S. and Portugal since 2015, and also has marketing approvals in 14 other European countries. Alimera has sublicensed distribution, regulatory and reimbursement matters for ILUVIEN in Australia and New Zealand, Canada, Italy, Spain, France and numerous countries in in the Middle East.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The Company&#x2019;s development programs are focused primarily on developing sustained release drug products using its proven Durasert technology platform to deliver small molecule drugs to treat uveitis, wet age-related macular degeneration (&#x201C;AMD&#x201D;), glaucoma, osteoarthritis and other diseases. A sustained release, surgical implant delivering a corticosteroid to treat pain associated with severe knee osteoarthritis (&#x201C;OA&#x201D;) that was jointly developed by the Company and Hospital for Special Surgery is currently being evaluated in an investigator-sponsored safety and tolerability study.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The Company has financed its operations primarily from sales of equity securities and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company&#x2019;s anticipated recurring use of cash to fund operations in combination with no probable source of additional capital raises substantial doubt about its ability to continue as a going concern for one year from the issuance of its financial statements. The Company believes that its cash and cash equivalents of $16.9 million at June&#xA0;30, 2017 and expected proceeds from existing collaboration agreements will enable the Company to maintain its current and planned operations (including its two Durasert three-year uveitis Phase 3 clinical trials) through approximately the first quarter of calendar year 2018. In order to extend the Company&#x2019;s ability to fund its operations beyond then, including its planned commercial launch of Durasert three-year uveitis in the U.S. if approved by the FDA, management&#x2019;s plans include accessing additional equity financing from the sale of its common stock through an underwritten public offering, its at-the-market (&#x201C;ATM&#x201D;) program or other financing transactions and/or, as applicable, reducing or deferring operating expenses. The timing and extent of the Company&#x2019;s implementation of these plans is expected to depend on the amount and timing of cash receipts from existing or any future collaboration or other agreements and/or proceeds from any financing transactions. There is no assurance that the Company will receive significant revenues from the commercialization of ILUVIEN or financing from any other sources.</p> </div>
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103000
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1036000
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398000
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CY2016 us-gaap Operating Expenses
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23394000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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16990000
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485000
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3000
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72000
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17517000
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113000
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16500000
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13168000
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490000
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216000
CY2016 psdv Income Tax Reconciliation Capital Loss Expirations
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5000
CY2016 psdv Defined Contribution Plan Contributions By Employer
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209000
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CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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34177 shares

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