2017 Q2 Form 10-Q Financial Statement

#000114420417026058 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $4.404M $2.778M $660.0K
YoY Change 97.49% 320.91% 32.0%
Cost Of Revenue $878.0K $469.0K
YoY Change 170.99%
Gross Profit $3.526M $2.309M
YoY Change 84.99%
Gross Profit Margin 80.06% 83.12%
Selling, General & Admin $11.13M $10.25M $7.930M
YoY Change 28.94% 29.28% 127.22%
% of Gross Profit 315.77% 444.0%
Research & Development $1.800M $8.404M $7.736M
YoY Change -12.62% 8.63% 371.13%
% of Gross Profit 51.05% 363.97%
Depreciation & Amortization $180.0K $682.0K $4.000K
YoY Change 119.51% 16950.0% -33.33%
% of Gross Profit 5.1% 29.54%
Operating Expenses $73.89M $62.26M $15.75M
YoY Change 325.49% 295.27% 25.3%
Operating Profit -$25.50M -$19.13M -$15.57M
YoY Change 49.6% 22.82% 23.86%
Interest Expense $1.380M $698.0K $620.0K
YoY Change 160.87% 12.58% 87.31%
% of Operating Profit
Other Income/Expense, Net $244.0K $3.015M -$1.552M
YoY Change -119.47% -294.27% 234.48%
Pretax Income -$22.95M -$14.56M -$16.64M
YoY Change 40.02% -12.5% 32.7%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.37M -$11.98M -$12.21M
YoY Change 39.16% -1.83% 1.24%
Net Earnings / Revenue -394.3% -431.32% -1849.24%
Basic Earnings Per Share
Diluted Earnings Per Share -$428.4K -$296.8K -$307.9K
COMMON SHARES
Basic Shares Outstanding 50.33M shares 50.32M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.8M $135.2M $81.40M
YoY Change 135.34% 66.09% 11.69%
Cash & Equivalents $161.2M $150.9M $81.42M
Short-Term Investments $23.40M $1.200M
Other Short-Term Assets $12.90M $9.500M $1.600M
YoY Change 706.25% 493.75% 128.57%
Inventory $299.0K $204.0K
Prepaid Expenses
Receivables $3.336M $1.400M
Other Receivables $5.900M $5.400M
Total Short-Term Assets $190.2M $151.8M $84.30M
YoY Change 148.28% 80.07% 21.12%
LONG-TERM ASSETS
Property, Plant & Equipment $7.329M $7.400M $2.600M
YoY Change 62.87% 184.62%
Goodwill $18.65M $18.65M
YoY Change
Intangibles
YoY Change
Long-Term Investments $300.0K $300.0K $250.0K
YoY Change 20.0% 20.0% 0.0%
Other Assets $16.30M $16.30M $15.00M
YoY Change 11.64% 8.67% -3.85%
Total Long-Term Assets $59.62M $60.10M $20.60M
YoY Change 177.79% 191.75% -1.44%
TOTAL ASSETS
Total Short-Term Assets $190.2M $151.8M $84.30M
Total Long-Term Assets $59.62M $60.10M $20.60M
Total Assets $249.8M $211.9M $104.9M
YoY Change 154.74% 102.0% 15.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.00M $24.90M $2.300M
YoY Change 390.2% 982.61% 228.57%
Accrued Expenses $12.37M $11.12M $7.800M
YoY Change 45.56% 42.56% 47.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.200M $5.300M
YoY Change
Total Short-Term Liabilities $53.50M $52.80M $10.80M
YoY Change 274.13% 388.89% 83.05%
LONG-TERM LIABILITIES
Long-Term Debt $40.70M $27.80M $20.80M
YoY Change 86.7% 33.65% -13.33%
Other Long-Term Liabilities $5.026M $5.000M $2.400M
YoY Change 35.84% 108.33% 700.0%
Total Long-Term Liabilities $5.026M $32.80M $23.20M
YoY Change -80.29% 41.38% -4.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.50M $52.80M $10.80M
Total Long-Term Liabilities $5.026M $32.80M $23.20M
Total Liabilities $99.23M $164.2M $60.30M
YoY Change 58.26% 172.31% 99.01%
SHAREHOLDERS EQUITY
Retained Earnings -$274.6M
YoY Change
Common Stock $800.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.27M $47.70M $44.57M
YoY Change
Total Liabilities & Shareholders Equity $249.8M $211.9M $104.9M
YoY Change 154.69% 102.0% 15.91%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$17.37M -$11.98M -$12.21M
YoY Change 39.16% -1.83% 1.24%
Depreciation, Depletion And Amortization $180.0K $682.0K $4.000K
YoY Change 119.51% 16950.0% -33.33%
Cash From Operating Activities -$23.88M -$11.48M -$11.64M
YoY Change 223.58% -1.42% 509.42%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K $261.0K $2.293M
YoY Change -91.2% -88.62%
Acquisitions $4.626M
YoY Change
Other Investing Activities -$20.03M -$680.0K -$210.0K
YoY Change 872.33% 223.81% -97.02%
Cash From Investing Activities -$20.23M -$942.0K -$2.700M
YoY Change 379.38% -65.11% -67.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $34.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 54.42M $58.16M -2.430M
YoY Change 3480.26% -2493.42% -125.96%
NET CHANGE
Cash From Operating Activities -23.88M -$11.48M -11.64M
Cash From Investing Activities -20.23M -$942.0K -2.700M
Cash From Financing Activities 54.42M $58.16M -2.430M
Net Change In Cash 10.31M $45.74M -16.77M
YoY Change -202.28% -372.77% 1896.43%
FREE CASH FLOW
Cash From Operating Activities -$23.88M -$11.48M -$11.64M
Capital Expenditures -$190.0K $261.0K $2.293M
Free Cash Flow -$23.69M -$11.74M -$13.93M
YoY Change 353.83% -15.77% 629.48%

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CY2017Q1 us-gaap Other Accrued Liabilities Current
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CY2017Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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3.73
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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1216285000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y11M5D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y7M28D
CY2017Q1 fbio Employee Stock Purchase Plan Compensation Expense Recognized
EmployeeStockPurchasePlanCompensationExpenseRecognized
35000 USD
CY2016Q1 fbio Employee Stock Purchase Plan Compensation Expense Recognized
EmployeeStockPurchasePlanCompensationExpenseRecognized
27000 USD
CY2017Q1 fbio Employee Stock Purchase Plan Offering Fair Value Reckoning Percentage
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0.85 pure
CY2017Q1 us-gaap Revenues
Revenues
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2267000 USD
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EntityFilerCategory
Accelerated Filer
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TradingSymbol
FBIO
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CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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0.001
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PaymentsForRepurchaseOfInitialPublicOffering
205000 USD
CY2017Q1 fbio Payment Of Nsc Note
PaymentOfNscNote
0 USD
CY2016Q1 fbio Payment Of Nsc Note
PaymentOfNscNote
2792000 USD
CY2017Q1 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
3254000 USD
CY2017Q1 us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 31.9pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s unaudited condensed consolidated financial statements include certain amounts that are based on management&#8217;s best estimates and judgments. The Company&#8217;s significant estimates include, but are not limited to, useful lives assigned to long-lived and intangible assets, fair value measurements, stock-based compensation, common stock issued to acquire licenses, investments, accrued expenses, derivative warrant liabilities, provisions for income taxes and contingencies. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Payments To Acquire Businesses Gross
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19000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
55904000 USD
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ProceedsFromIssuanceInitialPublicOffering
570000 USD
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2998000 USD
CY2016Q1 us-gaap Proceeds From Unsecured Notes Payable
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0 USD
CY2017Q1 us-gaap Proceeds From Unsecured Lines Of Credit
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2000000 USD
CY2016Q1 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81415000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15991000 USD
CY2017Q1 us-gaap Amortization Of Intangible Assets
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408000 USD
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
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15583000 USD
CY2017Q1 us-gaap Investments Fair Value Disclosure
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746000 USD
CY2017Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
746000 USD
CY2017Q1 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
5186000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0193 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0222 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.0398 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.0595 pure
CY2017Q1 fbio Annual Management Services Agreement Fee Incomeexpense
AnnualManagementServicesAgreementFeeIncomeexpense
0 USD
CY2016Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
53000 USD
CY2017Q1 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
81151000 USD
CY2017Q1 fbio Lease Sharing Agreements Contributions To Property Under Lease
LeaseSharingAgreementsContributionsToPropertyUnderLease
100000 USD
CY2017Q1 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.566 pure
CY2017Q1 fbio Warrants Issued
WarrantsIssued
853677 shares
CY2017Q1 fbio Percentage Of Shares Issued To Placement Agent
PercentageOfSharesIssuedToPlacementAgent
0.1 pure
CY2017Q1 fbio Cash And Cash Equivalents Acquired From Business Combination
CashAndCashEquivalentsAcquiredFromBusinessCombination
27498000 USD
CY2017Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
22872000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4626000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
2000 USD
CY2017Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
158000 USD
CY2016Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
CY2017Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
4000 USD
CY2016Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
0 USD
CY2016Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2017Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
206000 USD
CY2017Q1 fbio Issue Of Common Stock For Acquiring License Value
IssueOfCommonStockForAcquiringLicenseValue
1682000 USD
CY2016Q1 fbio Issue Of Common Stock For Acquiring License Value
IssueOfCommonStockForAcquiringLicenseValue
0 USD
CY2017Q1 fbio Adjustments To Additional Paid In Capital Stock Issued For License Expenses
AdjustmentsToAdditionalPaidInCapitalStockIssuedForLicenseExpenses
1712000 USD
CY2017Q1 fbio Adjustments To Additional Paid In Capital Subsidiary Public Offering
AdjustmentsToAdditionalPaidInCapitalSubsidiaryPublicOffering
52906000 USD
CY2017Q1 fbio Adjustments To Additional Paid In Capital Debt Discount Related To Opus Credit Facility
AdjustmentsToAdditionalPaidInCapitalDebtDiscountRelatedToOpusCreditFacility
158000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
20941000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-668000 USD
CY2017Q1 fbio Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Derivative Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisDerivativeLiabilityGainLossIncludedInEarnings
-4342000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
97000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
16028000 USD
CY2017Q1 us-gaap Equity Method Investments
EquityMethodInvestments
300000 USD
CY2016Q4 us-gaap Equity Method Investments
EquityMethodInvestments
300000 USD
CY2017Q1 us-gaap Investments In And Advances To Affiliates At Fair Value Period Increase Decrease
InvestmentsInAndAdvancesToAffiliatesAtFairValuePeriodIncreaseDecrease
700000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
602451000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1216285000 USD
CY2017Q1 us-gaap Notes Payable
NotesPayable
33026000 USD
CY2016Q4 us-gaap Notes Payable
NotesPayable
28215000 USD

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