$IRD
Opus Genetics, Inc.

2018 Q4 Form 10-Q Financial Statement

#000114036118042255 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.240M $1.800M $1.570M
YoY Change 37.42% 14.65% 10.56%
% of Gross Profit
Research & Development $2.730M $2.888M $2.645M
YoY Change -16.26% 9.19% 15.0%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $4.966M $4.684M $4.219M
YoY Change 1.39% 11.01% 13.42%
Operating Profit -$4.966M -$4.684M -$4.219M
YoY Change 1.39% 11.01%
Interest Expense $1.850M -$650.0K $3.180M
YoY Change 41.22% -120.44% 274.12%
% of Operating Profit
Other Income/Expense, Net $1.850M -$654.9K $3.181M
YoY Change 41.67% -120.59%
Pretax Income -$3.120M -$5.339M -$1.038M
YoY Change -13.09% 414.3% -63.83%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.117M -$5.339M -$1.038M
YoY Change -13.25% 414.3% -63.83%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$4.105M -$8.091M -$0.04
COMMON SHARES
Basic Shares Outstanding 37.52M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.73M $12.57M $23.20M
YoY Change -45.1% -45.82% 6.37%
Cash & Equivalents $8.744M $4.592M $8.226M
Short-Term Investments $5.980M $7.970M $14.98M
Other Short-Term Assets $555.4K $634.2K $1.280M
YoY Change 8.78% -50.45% 58.02%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.90M $13.72M $24.48M
YoY Change -43.49% -43.95% 8.27%
LONG-TERM ASSETS
Property, Plant & Equipment $112.5K $123.5K $80.00K
YoY Change -7.4% 54.35% -20.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $143.3K $154.3K $110.0K
YoY Change -5.9% 40.24% -15.38%
TOTAL ASSETS
Total Short-Term Assets $15.90M $13.72M $24.48M
Total Long-Term Assets $143.3K $154.3K $110.0K
Total Assets $16.04M $13.87M $24.59M
YoY Change -43.29% -43.58% 8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $550.0K $1.300M $460.0K
YoY Change -38.89% 182.61% 9.52%
Accrued Expenses $2.610M $2.030M $1.880M
YoY Change 11.54% 7.98% 37.23%
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 $3.153M $3.330M $2.340M
YoY Change -2.4% 42.31% 30.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.330M $4.130M $7.130M
YoY Change -71.89% -42.08% 91.67%
Total Long-Term Liabilities $2.330M $4.130M $7.130M
YoY Change -71.89% -42.08% 91.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.153M $3.330M $2.340M
Total Long-Term Liabilities $2.330M $4.130M $7.130M
Total Liabilities $5.480M $7.463M $9.470M
YoY Change -52.43% -21.19% 72.18%
SHAREHOLDERS EQUITY
Retained Earnings -$154.7M -$151.6M
YoY Change 10.24%
Common Stock $165.3M $158.0M
YoY Change 5.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.699M $6.412M $15.12M
YoY Change
Total Liabilities & Shareholders Equity $16.04M $13.87M $24.59M
YoY Change -43.29% -43.58% 8.14%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$3.117M -$5.339M -$1.038M
YoY Change -13.25% 414.3% -63.83%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$4.620M -$4.170M -$3.450M
YoY Change 24.86% 20.87% 10.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$40.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $2.000M $3.700M $3.000M
YoY Change -166.45% 23.33% -257.07%
Cash From Investing Activities $2.000M $3.660M $3.000M
YoY Change -165.36% 22.0% -257.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.770M 0.000 -120.0K
YoY Change -9.01% -100.0% -102.17%
NET CHANGE
Cash From Operating Activities -4.620M -4.170M -3.450M
Cash From Investing Activities 2.000M 3.660M 3.000M
Cash From Financing Activities 6.770M 0.000 -120.0K
Net Change In Cash 4.150M -510.0K -570.0K
YoY Change 510.29% -10.53% -211.76%
FREE CASH FLOW
Cash From Operating Activities -$4.620M -$4.170M -$3.450M
Capital Expenditures $0.00 -$40.00K $0.00
Free Cash Flow -$4.620M -$4.130M -$3.450M
YoY Change 26.92% 19.71% 10.58%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 21.6pt;text-indent:-21.6pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-weight:bold;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512345999"></a><font style="display: inline;">1.</font><font style="display: inline;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Operations and Organization</font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Operations</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">Rexahn Pharmaceuticals, Inc. (the &#x201C;Company&#x201D;), a Delaware corporation, is a biopharmaceutical company whose principal operations are the discovery and development of innovative treatments for cancer.&nbsp; </font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Liquidity and Going Concern</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">Accounting Standards </font><font style="display: inline;">Codification (&#x201C;ASC&#x201D;) 205-40</font><font style="display: inline;">, Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue</font><font style="display: inline;"> as a Going Concern (&#x201C;ASC 205-40&#x201D;)</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">requires management to </font><font style="display: inline;">evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company&#x2019;s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management&#x2019;s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates&nbsp;substantial doubt about the Company&#x2019;s ability to continue as a going concern. The mitigating effect of management&#x2019;s plans, however, is only considered if both&nbsp;(1)&nbsp;it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and&nbsp;(2)&nbsp;it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern within one year after the date that the financial statements are issued.&nbsp; </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">As of September 30, 2018, the Company had cash, cash equivalents and marketable securities of approximately </font><font style="display: inline;">$12.6</font><font style="display: inline;"> million, working capital of approximately </font><font style="display: inline;">$10.</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;"> million and an accumulated deficit of approximately </font><font style="display: inline;">$151.</font><font style="display: inline;color:#000000;">6</font><font style="display: inline;"> million, and anticipates incurring losses through fiscal year 2018 and beyond.&nbsp;&nbsp;The Company has </font><font style="display: inline;">incurred negative cash flow from operations since inception and </font><font style="display: inline;">not yet generated commercial revenues.&nbsp;&nbsp;The Company believes that its cash, cash equivalents, and marketable s</font><font style="display: inline;">ecurities at September 30, 2018</font><font style="display: inline;"> and the proceeds received from its completed registered direct public offering in October 2018, will be sufficient to fund current operations through the third quarter of 2019 and </font><font style="display: inline;">that the Company </font><font style="display: inline;">would require additional capital to fund operations beyond that point.&nbsp;&nbsp;These conditions raise substantial doubt about the Company&#x2019;s ability to continue as a going concern within one year from the date these financial statements are issued.</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;"> &nbsp; &nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">To meet its needs, the Company intends to raise additional capital through equity financings, collaborations, or partnerships. Under</font><font style="display: inline;"> ASC 205-40</font><font style="display: inline;">, management&#x2019;s plans must be approved before the date the financial statements are issued to be considered probable of being effectively implemented, and the future receipt of potential funding is not considered probable at this time because none of the Company&#x2019;s current plans have been finalized at the time of filing this Quarterly Report on Form 10-Q. Accordingly, substantial doubt is deemed to exist about the Company&#x2019;s ability to continue as a going concern within one year after the date these financial statements are issued.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> </p> <p><font size="1"> </font></p> <p style="margin:0pt;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;"></font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Basis of Presentation</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The accompanying unaudited condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information.&nbsp;&nbsp;Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;) for complete financial statements.&nbsp;&nbsp;In the opinion of the Company&#x2019;s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the Company&#x2019;s financial position as of September 30, 2018 and December 31, 2017 and of the results of operations, and comprehensive loss for the three and nine months ended September 30, 2018 and 2017 and cash flows for the nine months ended September 30, 2018 and 2017 have been included.&nbsp;&nbsp;Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of results that may be expected for any other interim period or the full fiscal year ending December 31, 2018. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2017 (the &#x201C;2017 Form 10-K&#x201D;).&nbsp;&nbsp;Information included in the condensed balance sheet as of December 31, 2017 has been derived from the Company&#x2019;s audited financial statements for the year ended December 31, 2017 included in the 2017 </font><font style="display: inline;">Form 10-K.&nbsp;&nbsp;&nbsp;The unaudited condensed financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512346000"></a><font style="display: inline;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;These estimates are based on management&#x2019;s best knowledge of current events and actions the Company may undertake in the future.&nbsp;&nbsp;Actual results may ultimately differ from these estimates.&nbsp;&nbsp;These estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the period in which they become available.&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> </p> <p><font size="1"> </font></p> <p style="margin:0pt;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;"></font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;background-color:yellow;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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