$IRD
Opus Genetics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000114036119008945 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.340M $1.690M $1.830M
YoY Change -14.65% -7.65% 8.28%
% of Gross Profit
Research & Development $1.648M $2.242M $4.060M
YoY Change -51.94% -44.77% 79.65%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change -50.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.988M $3.938M $5.886M
YoY Change -40.25% -33.1% 48.89%
Operating Profit -$2.988M -$3.938M -$5.886M
YoY Change -40.25% -33.1% 48.89%
Interest Expense $520.0K $1.590M $3.440M
YoY Change -55.17% -53.78% -119.48%
% of Operating Profit
Other Income/Expense, Net $524.1K $1.595M $3.811M
YoY Change -54.94% -58.15% -121.58%
Pretax Income -$2.464M -$2.343M -$2.070M
YoY Change -35.8% 13.19% -90.42%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.464M -$2.343M -$2.075M
YoY Change -35.8% 12.92% -90.4%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.460M -$2.489M -$3.136M
COMMON SHARES
Basic Shares Outstanding 4.019M 48.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.26M $18.02M $21.18M
YoY Change -2.87% -14.92% 14.49%
Cash & Equivalents $7.310M $6.123M $6.298M
Short-Term Investments $8.950M $11.89M $14.88M
Other Short-Term Assets $662.1K $410.2K $1.230M
YoY Change -51.67% -66.65% 28.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.29M $18.99M $22.41M
YoY Change -4.51% -15.25% 15.1%
LONG-TERM ASSETS
Property, Plant & Equipment $94.69K $99.03K $110.0K
YoY Change -5.32% -9.98% 37.5%
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 $384.0K $432.9K $140.0K
YoY Change 195.4% 209.22% 27.27%
TOTAL ASSETS
Total Short-Term Assets $17.29M $18.99M $22.41M
Total Long-Term Assets $384.0K $432.9K $140.0K
Total Assets $17.68M $19.43M $22.55M
YoY Change -3.09% -13.86% 15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $950.0K $930.0K $1.280M
YoY Change 31.94% -27.34% 106.45%
Accrued Expenses $1.110M $1.430M $1.770M
YoY Change -58.27% -19.21% 60.91%
Deferred Revenue $1.500M $150.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.551M $2.510M $3.050M
YoY Change 5.07% -17.71% 77.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $980.0K $4.540M
YoY Change -85.42% -78.41% -72.88%
Total Long-Term Liabilities $500.0K $980.0K $4.540M
YoY Change -85.42% -78.41% -72.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.551M $2.510M $3.050M
Total Long-Term Liabilities $500.0K $980.0K $4.540M
Total Liabilities $4.054M $3.485M $7.580M
YoY Change -40.47% -54.02% -58.92%
SHAREHOLDERS EQUITY
Retained Earnings -$159.5M -$157.0M
YoY Change
Common Stock $173.1M $173.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.62M $15.94M $14.97M
YoY Change
Total Liabilities & Shareholders Equity $17.68M $19.43M $22.55M
YoY Change -3.09% -13.86% 15.17%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.464M -$2.343M -$2.075M
YoY Change -35.8% 12.92% -90.4%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change -50.0% 0.0% 0.0%
Cash From Operating Activities -$1.810M -$4.380M -$5.598M
YoY Change -59.33% -21.76% 34.25%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.000M -$5.880M $3.000M
YoY Change -7.69% -296.0% 322.54%
Cash From Investing Activities $3.000M -$5.895M $2.997M
YoY Change -7.69% -296.67% 322.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.654M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 7.654M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.810M -4.380M -5.598M
Cash From Investing Activities 3.000M -5.895M 2.997M
Cash From Financing Activities 0.000 7.654M 0.000
Net Change In Cash 1.190M -2.622M -2.601M
YoY Change -199.17% 0.79% 138.61%
FREE CASH FLOW
Cash From Operating Activities -$1.810M -$4.380M -$5.598M
Capital Expenditures -$10.00K -$10.00K $0.00
Free Cash Flow -$1.800M -$4.370M -$5.598M
YoY Change -59.55% -21.94% 34.25%

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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 development of innovative treatments for cancer.&nbsp;&nbsp;The Company had an accumulated deficit of </font><font style="display: inline;">$157,030,238</font><font style="display: inline;"> at March 31, 2019 and anticipates incurring losses through fiscal year 2019 and beyond.&nbsp;&nbsp;The Company has not yet generated commercial revenues and has funded its operations to date through the sale of shares of its common stock and warrants, exercises of stock warrants, interest income from cash, cash equivalents and marketable securities, and proceeds from reimbursed research and development costs.&nbsp;&nbsp;The Company believes that its cash, cash equivalents and marketable securities, will be sufficient to cover its cash flow requirements for its current activities for at least for the next 12 months from the date these financial statements were issued.&nbsp;&nbsp;Management believes it has the capability of managing the Company&#x2019;s operations within existing cash available by focusing on select research and development activities, selecting projects in conjunction with potential financings and milestones, and efficiently managing its general and administrative affairs.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</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 March 31, 2019 and December 31, 2018 and of the results of operations, comprehensive loss</font><font style="display: inline;">, stockholders&#x2019; equity</font><font style="display: inline;"> and cash flows for the three months ended March 31, 2019 and 2018 have been included.&nbsp;&nbsp;Operating results for the three months ended March 31, 2019 are not necessarily indicative of results that may be expected for any other interim period or the full fiscal year ending December 31, 2019. 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, 2018 (the &#x201C;2018 Form 10-K&#x201D;).&nbsp;&nbsp;Information included in the condensed balance sheet as of December 31, 2018 has been derived from the Company&#x2019;s audited financial statements for the year ended December 31, 2018 included in the 2018 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>
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
16042926
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
19425392
CY2018Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
2307586
CY2019Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
794215
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5598338
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4380095
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2074873
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-2342996
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
80279
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
295021
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
113531
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
181490
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
84651
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
303096
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
147086000
CY2019Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
151071000
CY2019Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
923809
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
555430
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
410157
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-32490
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5234
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
618417
CY2019Q1 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
0
CY2018Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2520
CY2019Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
13181
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
8887566
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
976878
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7653828
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3000000
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3000000
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2019Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
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CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
382526
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
112473
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-154687242
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-157030238
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3000000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
380935
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
30785
CY2019Q1 us-gaap Security Deposit
SecurityDeposit
30785
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
296577
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019Q1 us-gaap Share Price
SharePrice
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
16768596
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
14969960
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10562890
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
464
CY2018Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
12150
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7553828
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent: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;">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><font size="1"> </font></p> </div> </div>
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
16012

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