$IRD

2019 Q4 Form 10-Q Financial Statement

#000114036119019932 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.550M $1.150M $1.800M
YoY Change -30.8% -36.11% 14.65%
% of Gross Profit
Research & Development $450.0K $1.131M $2.888M
YoY Change -83.52% -60.82% 9.19%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.010M $2.281M $4.684M
YoY Change -59.53% -51.31% 11.01%
Operating Profit -$2.281M -$4.684M
YoY Change -51.31% 11.01%
Interest Expense $140.0K $320.0K -$650.0K
YoY Change -92.43% -149.23% -120.44%
% of Operating Profit
Other Income/Expense, Net $321.4K -$654.9K
YoY Change -149.07% -120.59%
Pretax Income -$1.870M -$1.959M -$5.339M
YoY Change -40.06% -63.3% 414.3%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.870M -$1.959M -$5.339M
YoY Change -40.0% -63.3% 414.3%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.870M -$1.960M -$8.091M
COMMON SHARES
Basic Shares Outstanding 4.019M 4.019M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.22M $13.91M $12.57M
YoY Change -17.04% 10.66% -45.82%
Cash & Equivalents $1.537M $7.932M $4.592M
Short-Term Investments $3.000M $5.980M $7.970M
Other Short-Term Assets $5.000K $606.4K $634.2K
YoY Change -99.1% -4.39% -50.45%
Inventory
Prepaid Expenses $19.00K
Receivables
Other Receivables
Total Short-Term Assets $1.762M $14.64M $13.72M
YoY Change -88.92% 6.67% -43.95%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00K $85.30K $123.5K
YoY Change -80.44% -30.92% 54.35%
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 $22.00K $344.9K $154.3K
YoY Change -84.64% 123.59% 40.24%
TOTAL ASSETS
Total Short-Term Assets $1.762M $14.64M $13.72M
Total Long-Term Assets $22.00K $344.9K $154.3K
Total Assets $1.784M $14.98M $13.87M
YoY Change -88.88% 7.97% -43.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $342.0K $360.0K $1.300M
YoY Change -37.82% -72.31% 182.61%
Accrued Expenses $621.0K $1.140M $2.030M
YoY Change -76.21% -43.84% 7.98%
Deferred Revenue $1.500M $1.500M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.344M $3.001M $3.330M
YoY Change 196.39% -9.87% 42.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $110.0K $220.0K $4.130M
YoY Change -95.28% -94.67% -42.08%
Total Long-Term Liabilities $110.0K $220.0K $4.130M
YoY Change -95.28% -94.67% -42.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.344M $3.001M $3.330M
Total Long-Term Liabilities $110.0K $220.0K $4.130M
Total Liabilities $9.344M $3.230M $7.463M
YoY Change 70.51% -56.72% -21.19%
SHAREHOLDERS EQUITY
Retained Earnings -$8.055M -$161.5M -$151.6M
YoY Change -94.79% 6.52%
Common Stock $173.3M $158.0M
YoY Change 4.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.560M $11.76M $6.412M
YoY Change
Total Liabilities & Shareholders Equity $1.784M $14.98M $13.87M
YoY Change -88.88% 7.96% -43.58%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.870M -$1.959M -$5.339M
YoY Change -40.0% -63.3% 414.3%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$1.720M -$2.370M -$4.170M
YoY Change -62.77% -43.17% 20.87%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$40.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $3.000M $3.000M $3.700M
YoY Change 50.0% -18.92% 23.33%
Cash From Investing Activities $3.000M $3.000M $3.660M
YoY Change 50.0% -18.03% 22.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.720M -2.370M -4.170M
Cash From Investing Activities 3.000M 3.000M 3.660M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash 1.280M 630.0K -510.0K
YoY Change -69.16% -223.53% -10.53%
FREE CASH FLOW
Cash From Operating Activities -$1.720M -$2.370M -$4.170M
Capital Expenditures $0.00 $0.00 -$40.00K
Free Cash Flow -$1.720M -$2.370M -$4.130M
YoY Change -62.77% -42.62% 19.71%

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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 ;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;">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 </font><font style="display: inline;">of </font><font style="display: inline;">$161,453,752</font><font style="display: inline;"> at </font><font style="display: inline;">September 30</font><font style="display: inline;">, 2019 and anticipates incurring losses</font><font style="display: inline;"> in the foreseeable future</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp;In September 2019, the Company commenced a process to explore and evaluate strategic alternatives to enhance shareholder value and engaged a financial advisory firm to assist in the process.&nbsp; </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;">&#xFEFF;</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 Company believes that its cash, cash equivalents and marketable securities</font><font style="display: inline;"> of approximately </font><font style="display: inline;">$13.9</font><font style="display: inline;"> million as of September 30, 2019 </font><font style="display: inline;">will be sufficient to cover its cash flow requirements for its current activities for at least the next 12 months from the date these financial statements were issued.&nbsp; </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 </font><font style="display: inline;">September 30</font><font style="display: inline;">, 2019 and December 31, 2018 and of the results of operations, comprehensive loss</font><font style="display: inline;"> and stockholders&#x2019; equity</font><font style="display: inline;"> for the three </font><font style="display: inline;">and nine </font><font style="display: inline;">months ended </font><font style="display: inline;">September 30</font><font style="display: inline;">, 2019 and 2018</font><font style="display: inline;">, and cash flows for the nine months ended September 30, 2019 and 2018</font><font style="display: inline;"> have been included.&nbsp;&nbsp;Operating results for the three </font><font style="display: inline;">and nine </font><font style="display: inline;">months ended </font><font style="display: inline;">September 30</font><font style="display: inline;">, 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.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">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>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7653828
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8564580
us-gaap Net Income Loss
NetIncomeLoss
-11251960
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-5338819
us-gaap Net Income Loss
NetIncomeLoss
-6766510
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-1959230
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4319243
us-gaap Operating Expenses
OperatingExpenses
15571203
us-gaap Operating Income Loss
OperatingIncomeLoss
-15571203
us-gaap Operating Lease Cost
OperatingLeaseCost
164178
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
235449
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
135052
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
100397
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
233936
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
147086000
CY2019Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
154527000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
555430
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
606360
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
27399
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
35468
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
25684
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
669
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
368750
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
618417
CY2019Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
115857
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
0
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
19383
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1173847
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
722217
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10379081
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-161453752
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3000000
us-gaap Revenues
Revenues
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
380935
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
30785
CY2019Q3 us-gaap Security Deposit
SecurityDeposit
25681
us-gaap Share Based Compensation
ShareBasedCompensation
845210
us-gaap Share Based Compensation
ShareBasedCompensation
379348
CY2019Q1 us-gaap Share Price
SharePrice
9.60
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
16768596
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
11423264
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
6411895
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10562890
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
13623106
CY2019Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.083
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
895834
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
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us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
22650
CY2018Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
10500
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7553828
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>
us-gaap Variable Lease Cost
VariableLeaseCost
25527
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2856
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2640769

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