2012 Q4 Form 10-Q Financial Statement

#000110465912074314 Filed on November 06, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $0.00 $0.00 $5.798M
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.460M $5.000M $4.840M
YoY Change 13.78% 3.31% 24.42%
% of Gross Profit
Research & Development $11.05M $11.50M $13.71M
YoY Change -23.26% -16.13% 54.75%
% of Gross Profit
Depreciation & Amortization $430.0K $420.0K $380.0K
YoY Change 22.86% 10.53% -25.49%
% of Gross Profit
Operating Expenses $15.92M $16.92M $18.93M
YoY Change -14.68% -10.65% 42.67%
Operating Profit -$16.92M -$13.13M
YoY Change 28.8%
Interest Expense $2.660M $19.00K $32.00K
YoY Change 259.46% -40.63% -101.53%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income -$13.26M -$16.29M -$9.759M
YoY Change 7.89% 66.92% -36.46%
Income Tax -$3.250M $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.02M -$16.29M -$9.759M
YoY Change 15.62% 66.92% -36.46%
Net Earnings / Revenue -168.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$204.5K -$335.8K -$279.0K
COMMON SHARES
Basic Shares Outstanding 49.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.10M $106.2M $69.50M
YoY Change 77.92% 52.81% 20.66%
Cash & Equivalents $33.97M $24.27M $22.81M
Short-Term Investments $65.20M $81.90M $46.70M
Other Short-Term Assets $2.270M $3.077M $3.000M
YoY Change -61.54% 2.57% 3.45%
Inventory
Prepaid Expenses
Receivables $3.200M
Other Receivables $0.00
Total Short-Term Assets $104.6M $112.5M $76.40M
YoY Change 56.97% 47.22% 26.28%
LONG-TERM ASSETS
Property, Plant & Equipment $5.029M $5.293M $1.800M
YoY Change 106.28% 194.06% -40.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $442.0K $442.0K $700.0K
YoY Change -37.66% -36.86% 133.33%
Total Long-Term Assets $5.471M $5.735M $2.500M
YoY Change 73.85% 129.4% -24.24%
TOTAL ASSETS
Total Short-Term Assets $104.6M $112.5M $76.40M
Total Long-Term Assets $5.471M $5.735M $2.500M
Total Assets $110.1M $118.2M $78.90M
YoY Change 57.73% 49.82% 23.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.115M $9.400M $8.100M
YoY Change -17.9% 16.05% 19.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $500.0K $1.300M
YoY Change -60.0% -61.54% 0.0%
Total Short-Term Liabilities $9.243M $9.930M $18.60M
YoY Change -52.0% -46.61% 129.63%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $400.0K $100.0K
YoY Change 300.0% -92.86%
Other Long-Term Liabilities $31.30M $31.10M $23.30M
YoY Change 49.76% 33.48% 513.16%
Total Long-Term Liabilities $31.60M $31.50M $23.40M
YoY Change 51.2% 34.62% 350.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.243M $9.930M $18.60M
Total Long-Term Liabilities $31.60M $31.50M $23.40M
Total Liabilities $40.90M $41.50M $42.10M
YoY Change 1.74% -1.43% 216.54%
SHAREHOLDERS EQUITY
Retained Earnings -$318.9M -$308.9M
YoY Change 18.06%
Common Stock $388.1M $385.6M
YoY Change 29.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.22M $76.76M $36.80M
YoY Change
Total Liabilities & Shareholders Equity $110.1M $118.2M $78.90M
YoY Change 57.73% 49.82% 23.67%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$10.02M -$16.29M -$9.759M
YoY Change 15.62% 66.92% -36.46%
Depreciation, Depletion And Amortization $430.0K $420.0K $380.0K
YoY Change 22.86% 10.53% -25.49%
Cash From Operating Activities -$7.370M -$7.200M -$12.99M
YoY Change -41.13% -44.57% 17.45%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$230.0K -$220.0K
YoY Change -85.29% 4.55% 266.67%
Acquisitions
YoY Change
Other Investing Activities $16.77M -$15.01M $10.53M
YoY Change 0.36% -242.55% 17.39%
Cash From Investing Activities $16.61M -$15.23M $10.31M
YoY Change 5.86% -247.72% 15.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0K 17.85M -300.0K
YoY Change -248.39% -6050.0% -18.92%
NET CHANGE
Cash From Operating Activities -7.370M -7.200M -12.99M
Cash From Investing Activities 16.61M -15.23M 10.31M
Cash From Financing Activities 460.0K 17.85M -300.0K
Net Change In Cash 9.700M -4.580M -2.980M
YoY Change 239.16% 53.69% 18.25%
FREE CASH FLOW
Cash From Operating Activities -$7.370M -$7.200M -$12.99M
Capital Expenditures -$150.0K -$230.0K -$220.0K
Free Cash Flow -$7.220M -$6.970M -$12.77M
YoY Change -37.22% -45.42% 16.09%

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CY2010Q1 fold Number Of Shares Of Common Stock Sold In One Unit
NumberOfSharesOfCommonStockSoldInOneUnit
1 shares
CY2010Q1 fold Number Of Warrants Sold In One Unit
NumberOfWarrantsSoldInOneUnit
1 shares
CY2010Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1850000 shares
CY2010Q1 us-gaap Share Price
SharePrice
3.74
CY2011Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
25668000 USD
CY2012Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
24273000 USD
CY2011Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
12000 USD
CY2012Q3 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
44000 USD
CY2011Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
8000 USD
CY2012Q3 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
7000 USD
CY2011Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
55698000 USD
CY2012Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
106178000 USD
CY2011Q4 fold Cash Cash Equivalents And Short Term Investments Fair Value Disclosure
CashCashEquivalentsAndShortTermInvestmentsFairValueDisclosure
55702000 USD
CY2012Q3 fold Cash Cash Equivalents And Short Term Investments Fair Value Disclosure
CashCashEquivalentsAndShortTermInvestmentsFairValueDisclosure
106215000 USD
CY2012Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11500000 shares
CY2010Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17100000 USD
CY2012Q1 fold Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
65600000 USD
CY2012Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2011Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1948000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
463000 USD
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
4630000 USD
CY2011 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
CY2011 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y2M1D
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P1Y5M1D
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
9428000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
719535000 USD
us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.760 pure
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
801558000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18056000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
193441000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
5000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5587000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3853000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
80195000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
14308000 USD
us-gaap Interest Expense
InterestExpense
2410000 USD
fold Change In Fair Value Of Warrant Liability
ChangeInFairValueOfWarrantLiability
1041000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
252000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5463000 USD
fold Deemed Dividend
DeemedDividend
19424000 USD
fold Preferred Stock Accretion
PreferredStockAccretion
802000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
37000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
525000 USD
us-gaap Net Income Loss
NetIncomeLoss
-308874000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
522000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
40480000 USD
fold Share Based Compensation Non Employees
ShareBasedCompensationNonEmployees
853000 USD
fold Stock Based License Payments
StockBasedLicensePayments
1220000 USD
fold Change In Fair Value Of Warrant Liability Adjustments To Reconcile Net Loss To Net Cash Used In Operating Activities
ChangeInFairValueOfWarrantLiabilityAdjustmentsToReconcileNetLossToNetCashUsedInOperatingActivities
1041000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-388000 USD
fold Beneficial Conversion Feature Related To Bridge Financing
BeneficialConversionFeatureRelatedToBridgeFinancing
135000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
143022000 USD
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
3184000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3077000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2677000 USD
fold Proceeds From Exercise Of Warrants Common And Preferred
ProceedsFromExerciseOfWarrantsCommonAndPreferred
264000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
966000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
345328000 USD
us-gaap Interest Paid
InterestPaid
72000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
5611000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
4753000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44255885 shares
us-gaap Interest Paid
InterestPaid
2104000 USD
CY2012Q3 fold Change In Fair Value Of Warrant Liability
ChangeInFairValueOfWarrantLiability
-553000 USD
fold Change In Fair Value Of Warrant Liability
ChangeInFairValueOfWarrantLiability
1941000 USD
CY2011Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
30030000 USD
CY2011 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.673 pure
CY2011 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0028 pure
CY2012Q3 us-gaap Secured Long Term Debt
SecuredLongTermDebt
398000 USD
us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0019 pure
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
1900000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
2000000 USD
CY2010Q1 fold Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
18500000 USD
CY2012Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
600000 USD
CY2011Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
3400000 USD
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16290000 USD
CY2012Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3889000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
235000 USD
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
20000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
33000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-308874000 USD
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
48513647 shares
CY2012Q3 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
81942000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5293000 USD
CY2012Q3 us-gaap Other Assets Current
OtherAssetsCurrent
3077000 USD
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
92000 USD
CY2012Q3 us-gaap Interest Expense
InterestExpense
19000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
21000 USD
CY2012Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
3184000 USD
CY2012Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
442000 USD
fold Collaboration Revenue
CollaborationRevenue
6820000 USD
CY2012Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
9428000 USD
CY2012Q3 us-gaap Secured Debt Current
SecuredDebtCurrent
502000 USD
CY2012Q3 us-gaap Common Stock Value
CommonStockValue
554000 USD
CY2012Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
385042000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
37000 USD
us-gaap Interest Expense
InterestExpense
77000 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
39226000 USD
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4995000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14909000 USD
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
422000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1284000 USD
us-gaap Operating Expenses
OperatingExpenses
55419000 USD
CY2012Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
0 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
27235000 USD

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