$KPRX
KIORA PHARMACEUTICALS INC

2015 Q2 Form 10-Q Financial Statement

#000114420415048608 Filed on August 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $940.0K $280.0K $510.0K
YoY Change 84.31% -44.0% -16.39%
% of Gross Profit
Research & Development $604.1K $110.0K $92.44K
YoY Change 553.55% -15.38% -45.63%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $1.544M $390.0K $602.7K
YoY Change 156.12% -38.1% -22.73%
Operating Profit
YoY Change
Interest Expense $0.00 $40.00K $62.15K
YoY Change -100.0% -122.22% -144.4%
% of Operating Profit
Other Income/Expense, Net $2.242K $0.00 -$44.26K
YoY Change -105.07% -100.0%
Pretax Income -$1.540M -$350.0K -$650.0K
YoY Change 136.92% -55.7% -28.57%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.541M -$420.0K -$646.9K
YoY Change 138.26% -51.16% -32.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$154.00 -$42.00 -$71.00
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.270M $170.0K $400.0K
YoY Change 217.5% -66.0%
Cash & Equivalents $1.274M $167.0K $401.8K
Short-Term Investments
Other Short-Term Assets $130.0K $30.00K $20.00K
YoY Change 550.0% 50.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $1.430M $218.8K $490.0K
YoY Change 191.84% -60.93%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.257K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $37.44K $610.0K
YoY Change -78.69% -71.2%
Total Long-Term Assets $130.0K $1.191M $610.0K
YoY Change -78.69% 816.32%
TOTAL ASSETS
Total Short-Term Assets $1.430M $218.8K $490.0K
Total Long-Term Assets $130.0K $1.191M $610.0K
Total Assets $1.560M $1.410M $1.100M
YoY Change 41.82% 104.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $340.0K $565.9K $230.0K
YoY Change 47.83% 5559.47%
Accrued Expenses $310.0K $913.1K $1.000M
YoY Change -69.0% 86.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.210M $2.420M
YoY Change -100.0% 58.13%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $640.0K $5.024M $4.840M
YoY Change -86.78% 95.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $640.0K $5.024M $4.840M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $640.0K $11.80M $11.55M
YoY Change -94.46% 29.24%
SHAREHOLDERS EQUITY
Retained Earnings -$56.86M
YoY Change
Common Stock $2.018K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $910.0K -$46.81M -$10.45M
YoY Change
Total Liabilities & Shareholders Equity $1.556M $1.406M $1.100M
YoY Change 41.48% 103.84%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.541M -$420.0K -$646.9K
YoY Change 138.26% -51.16% -32.61%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$970.0K -$440.0K -$50.00K
YoY Change 1840.0% -38.89% -93.51%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 320.0K -60.00K
YoY Change 16.67%
NET CHANGE
Cash From Operating Activities -970.0K -440.0K -50.00K
Cash From Investing Activities 0.000
Cash From Financing Activities -70.00K 320.0K -60.00K
Net Change In Cash -1.040M -120.0K -110.0K
YoY Change 845.45% -83.33% -85.71%
FREE CASH FLOW
Cash From Operating Activities -$970.0K -$440.0K -$50.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Use of Estimates</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions are required in providing for fair value of warrants, establishing useful lives of intangible property and equipment assets and conducting impairment reviews of long-lived assets. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1149000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
268093 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
268093 USD
CY2014Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3376573 USD
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6477093 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
201787 shares
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
All outstanding shares of Series A, B, C and D preferred stock automatically converted to common stock immediately upon the closing of the Companys initial public offering in February 2015 at the conversion rates of 1:0.251, 1:0.091, 1:0.091, and 1:0.091, respectively.
CY2014 eyeg Conversion Of Subsidiary Stock Shares Issuable
ConversionOfSubsidiaryStockSharesIssuable
1070333 shares
eyeg Conversion Of Stock Conversion Price Per Share
ConversionOfStockConversionPricePerShare
6.00
CY2015Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
4.20
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
14400 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2741052 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-484279 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
20000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-20000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
775295 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
24089 USD
eyeg Description On Civil Penalties For Failure To File Fbar
DescriptionOnCivilPenaltiesForFailureToFileFbar
greater of $100,000 per year or 50%
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
184352 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-200758 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1147000 USD
CY2015Q1 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
preferred shares were converted at the ratio of 10.98 shares of the preferred stock to 1.00 share of common stock
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1794070 shares
CY2014Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.5001 pure
us-gaap Dividends Preferred Stock
DividendsPreferredStock
8222000 USD
eyeg Proceeds From Convertible Notes Payable
ProceedsFromConvertibleNotesPayable
0 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
0 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>1. Nature of Business</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">EyeGate Pharmaceuticals, Inc. (&#8220;EyeGate&#8221; or the &#8220;Company&#8221;), a Delaware corporation, began operations in December 2004 and is a clinical-stage specialty pharmaceutical company that is focused on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye. EyeGate&#8217;s first product in clinical trials incorporates a reformulated topically active corticosteroid, dexamethasone phosphate, that is delivered into the ocular tissues though our proprietary innovative drug delivery system, the EyeGate&#174; II Delivery System.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">On February 13, 2015, the Company completed an initial public offering (&#8220;the IPO&#8221;) for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 683,250</font> shares of common stock. The common stock was offered at an initial price to the public of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.00</font> per share. The gross proceeds to the Company from this offering was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4,100,000</font> before deducting underwriting discounts and other estimated offering expenses. The Company granted the representative of the underwriters a 45-day option to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 102,487</font> additional shares of its common stock to cover over-allotments, if any. The shares began trading on the OTCQB Venture Marketplace under the symbol "EYEG" on February 13, 2015 and the initial offering was closed on February 19, 2015. In related transactions, the Company converted all outstanding notes payable to shareholders and all shares of its convertible preferred stock to shares of common stock. The notes were converted to common shares at the discounted price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.20</font> per share and the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">preferred shares were converted at the ratio of 10.98 shares of the preferred stock to 1.00 share of common stock</font>. As of June 30, 2015, there are <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,477,093</font> shares of common stock outstanding at a par value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font>. All preferred stock equity shareholder note and warrant liabilities have been extinguished.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Since its inception, EyeGate has devoted substantially all of its efforts to business planning, research and development, and raising capital.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The accompanying condensed consolidated financial statements have been prepared assuming that EyeGate will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At June 30, 2015, EyeGate has cash and cash equivalents of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,273,965</font>, and an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">61,209,768</font>. EyeGate has incurred operating losses and negative operating cash flows since inception, and future losses are anticipated. <font style="WIDOWS: 1; TEXT-TRANSFORM: none; TEXT-INDENT: 24px; LETTER-SPACING: normal; DISPLAY: inline !important; FONT: 13px 'Times New Roman', Times, serif; WHITE-SPACE: normal; FLOAT: none; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> On August 5, 2015, the Company closed an&#160;<font style="WIDOWS: 1; TEXT-TRANSFORM: none; TEXT-INDENT: 24px; LETTER-SPACING: normal; DISPLAY: inline !important; FONT: 13px 'Times New Roman', Times, serif; WHITE-SPACE: normal; FLOAT: none; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> underwritten</font> public offering of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,176,470</font> shares of its common stock and warrants to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,176,470</font> shares of its common stock at a combined public offering price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.50</font> per share of common stock and warrant, before underwriting discounts and commissions. The warrants have an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10.62</font> per share, are immediately exercisable, and expire on August 5, 2020.&#160; At the closing of the offering, the Company also issued and sold additional warrants to purchase up to 176,470 shares of common stock in connection with the full exercise of the underwriters&#8217; over-allotment option to purchase additional warrants. The underwriters&#8217; have 45 days to exercise an over-allotment option to purchase an additional 176,470 shares of common stock. The net proceeds to the Company were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.8</font> million, assuming no exercise of the warrants, and after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.</font> Including the proceeds from the August 5, 2015 closing, the Company will have sufficient cash to fund planned operations for approximately 15 to 18 months, however, the acceleration or reduction of cash outflows by management can significantly impact the timing for raising additional capital to complete development of its products. To continue development, EyeGate needs to raise additional capital through debt and/or equity financing, or access additional funding through grants. However, additional capital may not be available on terms favorable to EyeGate, if at all. Accordingly, no assurances can be given that management will be successful in these endeavors. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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