2018 Q2 Form 10-Q Financial Statement

#000114420418043295 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $6.815M $5.903M $4.404M
YoY Change 54.75% 112.49% 97.49%
Cost Of Revenue $1.668M $1.472M $878.0K
YoY Change 89.98% 213.86% 170.99%
Gross Profit $5.147M $4.431M $3.526M
YoY Change 45.97% 91.9% 84.99%
Gross Profit Margin 75.52% 75.06% 80.06%
Selling, General & Admin $13.06M $16.31M $11.13M
YoY Change 17.26% 59.11% 28.94%
% of Gross Profit 253.66% 368.13% 315.77%
Research & Development $1.000K $24.96M $1.800M
YoY Change -99.94% 196.98% -12.62%
% of Gross Profit 0.02% 563.26% 51.05%
Depreciation & Amortization $440.0K $196.0K $180.0K
YoY Change 144.44% -71.26% 119.51%
% of Gross Profit 8.55% 4.42% 5.1%
Operating Expenses $88.43M $40.08M $73.89M
YoY Change 19.68% -35.63% 325.49%
Operating Profit -$32.21M -$34.17M -$25.50M
YoY Change 26.35% 78.68% 49.6%
Interest Expense $2.144M $2.083M $1.380M
YoY Change 55.36% 198.42% 160.87%
% of Operating Profit
Other Income/Expense, Net -$9.681M -$1.970M $244.0K
YoY Change -4067.62% -165.34% -119.47%
Pretax Income -$34.28M -$36.14M -$22.95M
YoY Change 49.37% 148.23% 40.02%
Income Tax $1.438M $0.00
% Of Pretax Income
Net Earnings -$21.61M -$21.02M -$17.37M
YoY Change 24.45% 75.41% 39.16%
Net Earnings / Revenue -317.11% -356.06% -394.3%
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$498.2K -$0.49 -$428.4K
COMMON SHARES
Basic Shares Outstanding 42.52M 50.33M shares
Diluted Shares Outstanding 42.52M

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.4M $165.3M $167.8M
YoY Change -18.12% 22.26% 135.34%
Cash & Equivalents $116.8M $120.9M $161.2M
Short-Term Investments $38.80M $41.30M $23.40M
Other Short-Term Assets $14.70M $15.30M $12.90M
YoY Change 13.95% 61.05% 706.25%
Inventory $300.0K $222.0K $299.0K
Prepaid Expenses
Receivables $5.300M $8.314M $3.336M
Other Receivables $13.80M $11.00M $5.900M
Total Short-Term Assets $171.5M $200.2M $190.2M
YoY Change -9.82% 31.86% 148.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.532M $2.119M $7.329M
YoY Change -65.45% -71.36% 62.87%
Goodwill $18.65M $18.65M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $600.0K $1.300M $300.0K
YoY Change 100.0% 333.33% 20.0%
Other Assets $18.40M $936.0K $16.30M
YoY Change 12.88% -94.26% 11.64%
Total Long-Term Assets $65.40M $64.92M $59.62M
YoY Change 9.69% 8.02% 177.79%
TOTAL ASSETS
Total Short-Term Assets $171.5M $200.2M $190.2M
Total Long-Term Assets $65.40M $64.92M $59.62M
Total Assets $236.9M $265.1M $249.8M
YoY Change -5.16% 25.09% 154.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.20M $44.80M $25.00M
YoY Change 52.8% 79.92% 390.2%
Accrued Expenses $17.51M $21.71M $12.37M
YoY Change 41.51% 95.27% 45.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.60M $12.70M $6.200M
YoY Change 70.97% 139.62%
Total Short-Term Liabilities $62.20M $79.30M $53.50M
YoY Change 16.26% 50.19% 274.13%
LONG-TERM LIABILITIES
Long-Term Debt $73.50M $73.40M $40.70M
YoY Change 80.59% 164.03% 86.7%
Other Long-Term Liabilities $5.000M $4.759M $5.026M
YoY Change -0.52% -4.82% 35.84%
Total Long-Term Liabilities $78.50M $4.759M $5.026M
YoY Change 1461.88% -85.49% -80.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.20M $79.30M $53.50M
Total Long-Term Liabilities $78.50M $4.759M $5.026M
Total Liabilities $192.9M $157.5M $99.23M
YoY Change 94.4% -4.06% 58.26%
SHAREHOLDERS EQUITY
Retained Earnings -$354.8M -$333.1M -$274.6M
YoY Change 29.19%
Common Stock $54.00K $52.00K $800.0K
YoY Change -93.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.93M $41.65M $72.27M
YoY Change
Total Liabilities & Shareholders Equity $236.9M $265.1M $249.8M
YoY Change -5.2% 25.09% 154.69%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income -$21.61M -$21.02M -$17.37M
YoY Change 24.45% 75.41% 39.16%
Depreciation, Depletion And Amortization $440.0K $196.0K $180.0K
YoY Change 144.44% -71.26% 119.51%
Cash From Operating Activities -$24.09M -$27.84M -$23.88M
YoY Change 0.88% 142.65% 223.58%
INVESTING ACTIVITIES
Capital Expenditures -$3.840M $765.0K -$190.0K
YoY Change 1921.05% 193.1% -91.2%
Acquisitions
YoY Change
Other Investing Activities $1.660M -$1.080M -$20.03M
YoY Change -108.29% 58.82% 872.33%
Cash From Investing Activities -$2.190M -$1.840M -$20.23M
YoY Change -89.17% 95.33% 379.38%
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 2.720M 39.66M 54.42M
YoY Change -95.0% -31.82% 3480.26%
NET CHANGE
Cash From Operating Activities -24.09M -27.84M -23.88M
Cash From Investing Activities -2.190M -1.840M -20.23M
Cash From Financing Activities 2.720M 39.66M 54.42M
Net Change In Cash -23.56M 9.971M 10.31M
YoY Change -328.52% -78.2% -202.28%
FREE CASH FLOW
Cash From Operating Activities -$24.09M -$27.84M -$23.88M
Capital Expenditures -$3.840M $765.0K -$190.0K
Free Cash Flow -$20.25M -$28.61M -$23.69M
YoY Change -14.52% 143.77% 353.83%

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157000 USD
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us-gaap Income Tax Expense Benefit
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fbio Unpaid Debt Offering Cost
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us-gaap License And Services Revenue
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fbio Payment Of Debt Issuance Costs Associated With Subsidiary Convertible Notes
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4000 USD
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750000 USD
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fbio Description Of Fee Paid
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NSC received a fee of approximately $1.8 million, or 8% on the gross proceeds raised of $23.0 million. The fees were eliminated in consolidation.
us-gaap Business Combination Contingent Consideration Arrangements Description
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Fortress contended that no such payment is due because a condition of the EUR 2.5 million payment was the delivery of a Clinical Study Report that addressed the primary and secondary objectives of a Phase II trial, and Fortress contended that Dr. Falk Pharma failed to deliver such a Clinical Study Report. Dr. Falk Pharma filed a lawsuit against Fortress in the above-referenced Court in Frankfurt, Germany to recover the EUR 2.5 million plus interest and attorneys fees, and Fortress filed an answer to the complaint, denying that it had any liability to Dr. Falk Pharma.
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fbio Employee Stock Purchase Plan Compensation Expense Recognized
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75000 USD
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fbio Issuance Of Stock For Service Of Opus Interest Expenses
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-287000 USD
fbio Issuance Of Stock For Service Of Opus Interest Expenses
IssuanceOfStockForServiceOfOpusInterestExpenses
0 USD
us-gaap Payments For Mortgage Deposits
PaymentsForMortgageDeposits
343000 USD
us-gaap Payments For Mortgage Deposits
PaymentsForMortgageDeposits
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
45000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
82000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
fbio Reclassification Of Warrant Liability From Debt To Equity
ReclassificationOfWarrantLiabilityFromDebtToEquity
13615000 USD
fbio Reclassification Of Warrant Liability From Debt To Equity
ReclassificationOfWarrantLiabilityFromDebtToEquity
0 USD
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
45000 USD
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0 USD
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
314000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
181000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
132343000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105184000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116816000 USD
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161244000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
818000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">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, revenue with customers, provisions for income taxes and contingencies. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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