$KPRX
KIORA PHARMACEUTICALS INC

2016 Q4 Form 10-Q Financial Statement

#000114420416130888 Filed on November 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $160.0K $274.3K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.280M $1.200M $1.290M
YoY Change -0.78% 26.32% 360.71%
% of Gross Profit
Research & Development $2.580M $2.449M $1.380M
YoY Change 86.96% 500.99% 1154.55%
% of Gross Profit
Depreciation & Amortization $10.00K $404.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $3.860M $3.651M $2.680M
YoY Change 44.03% 169.71% 587.18%
Operating Profit -$3.377M
YoY Change
Interest Expense $0.00 $0.00 -$10.00K
YoY Change -100.0% -125.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $298.00 $0.00
YoY Change -116.69%
Pretax Income -$3.700M -$3.380M -$2.690M
YoY Change 37.55% 148.53% 668.57%
Income Tax
% Of Pretax Income
Net Earnings -$3.700M -$3.377M -$2.690M
YoY Change 37.55% 149.1% 540.48%
Net Earnings / Revenue -2312.5% -1231.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$185.00 -$169.00 -$269.00
COMMON SHARES
Basic Shares Outstanding 9.586M shares 8.952M shares 7.655M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.640M $5.680M $8.390M
YoY Change -56.62% -42.74% 4835.29%
Cash & Equivalents $3.680M $5.682M $8.394M
Short-Term Investments
Other Short-Term Assets $460.0K $530.0K $120.0K
YoY Change 283.33% 562.5% 300.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $37.35K $37.35K $907.5K
Total Short-Term Assets $4.154M $6.263M $9.449M
YoY Change -56.04% -37.55% 4219.0%
LONG-TERM ASSETS
Property, Plant & Equipment $38.04K $42.58K $0.00
YoY Change 18331.17% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.31K $53.95K $38.59K
YoY Change 43.35% 44.83% 3.07%
Total Long-Term Assets $5.577M $4.354M $58.59K
YoY Change 9418.43% 6995.45% -95.08%
TOTAL ASSETS
Total Short-Term Assets $4.154M $6.263M $9.449M
Total Long-Term Assets $5.577M $4.354M $58.59K
Total Assets $9.731M $10.62M $9.508M
YoY Change 2.34% 5.22% 574.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.412M $1.403M $417.7K
YoY Change 238.07% 777.12% -26.2%
Accrued Expenses $1.671M $1.340M $1.096M
YoY Change 52.49% 435.8% 20.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.308M $6.161M $3.421M
YoY Change 113.63% 336.97% -31.91%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.210M
YoY Change
Total Long-Term Liabilities $2.752M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.308M $6.161M $3.421M
Total Long-Term Liabilities $2.752M $0.00 $0.00
Total Liabilities $10.06M $7.371M $3.421M
YoY Change 194.07% 422.78% -71.01%
SHAREHOLDERS EQUITY
Retained Earnings -$78.60M -$74.90M -$65.26M
YoY Change 20.45% 14.76%
Common Stock $101.3K $95.86K $76.57K
YoY Change 32.3% 3694.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$329.4K $3.245M $6.087M
YoY Change
Total Liabilities & Shareholders Equity $9.731M $10.62M $9.508M
YoY Change 2.34% 5.22% 576.0%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$3.700M -$3.377M -$2.690M
YoY Change 37.55% 149.1% 540.48%
Depreciation, Depletion And Amortization $10.00K $404.00 $0.00
YoY Change
Cash From Operating Activities -$2.050M -$2.330M -$1.550M
YoY Change 32.26% 1270.59% 252.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 -$10.00K $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 0.000 0.000 10.00K
YoY Change -100.0% -100.0% -96.88%
NET CHANGE
Cash From Operating Activities -2.050M -2.330M -1.550M
Cash From Investing Activities 0.000 -10.00K 0.000
Cash From Financing Activities 0.000 0.000 10.00K
Net Change In Cash -2.050M -2.340M -1.540M
YoY Change 33.12% -127.05% 1183.33%
FREE CASH FLOW
Cash From Operating Activities -$2.050M -$2.330M -$1.550M
Capital Expenditures $0.00 $10.00K
Free Cash Flow -$2.050M -$2.340M
YoY Change

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dei Document Type
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dei Document Period End Date
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Fiscal Period Focus
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Q3
dei Entity Registrant Name
EntityRegistrantName
EYEGATE PHARMACEUTICALS INC
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0001372514
dei Current Fiscal Year End Date
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dei Entity Filer Category
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Smaller Reporting Company
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us-gaap Capital Lease Obligations Incurred
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us-gaap Nature Of Operations
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<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">1. Organization, Business</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; 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: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">EyeGate Pharmaceuticals, Inc. (&#8220;EyeGate&#8221;, the &#8220;Company&#8221; or &#8220;we&#8221;) a Delaware corporation, began operations in December 2004 and is a clinical-stage specialty pharmaceutical company that is focused on developing and commercializing products for treating diseases and disorders of the eye. EyeGate&#8217;s first product in clinical trials incorporates a reformulated topically active corticosteroid, dexamethasone phosphate, EGP-437, that is delivered into the ocular tissues though our proprietary iontophoresis drug delivery system, the EyeGate&#174; II Delivery System. The Company is developing the EyeGate&#174; II Delivery System and EGP-437 combination product (together, the &#8220;EGP-437 Product&#8221;) for the treatment of various inflammatory conditions of the eye, including anterior uveitis, a debilitating form of intraocular inflammation of the anterior portion of the uvea, such as the iris and/or ciliary body, post-cataract surgery inflammation and pain, and macular edema, an abnormal thickening of the macula associated with the accumulation of excess fluids in the retina. Effective March 7, 2016, the Company acquired all of the capital stock of Jade Therapeutics, Inc. (&#8220;Jade&#8221;), a privately-held company developing locally-administered, polymer-based products designed to treat poorly-served ophthalmic indications (the &#8220;Jade Acquisition&#8221;). <i>See</i> Note 12, &#8220;Acquisitions&#8221;. EyeGate and Jade are an integrated line of business developing ophthalmic solutions for a variety of ocular diseases and disorders.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; 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: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">On February 13, 2015, the Company completed an underwritten initial public offering (the &#8220;IPO&#8221;) for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 683,250</font> shares of Common Stock. The net proceeds to the Company from the IPO, after deducting the underwriting discounts, commissions, and offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.7</font> million. Shares of the Company&#8217;s Common Stock began trading on the OTCQB Venture Marketplace under the symbol &#8220;EYEG&#8221; on February 13, 2015, and the IPO was closed on February 19, 2015. Immediately prior to the IPO, in related transactions, the Company converted all outstanding notes payable into shares of Common Stock, and all shares of its convertible preferred stock into shares of Common Stock. The various classes of shares of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">preferred stock were converted to shares of Common Stock at a different ratio for each class of preferred stock for 1.00 share of Common Stock.</font> On August 5, 2015, the Company closed an underwritten follow-on 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. The net proceeds to the Company from this follow-on offering, after deducting underwriting discounts, commissions, and offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.8</font> million. The warrants are immediately exercisable, and expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">August 5, 2020</font>.&#160; At the closing of this follow-on offering, the Company also issued and sold additional warrants to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 176,470</font> shares of Common Stock in connection with the full exercise of the underwriters&#8217; over-allotment option to purchase additional warrants. On June 30, 2016, the Company completed a subsequent registered direct offering of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 441,000</font> shares of Common Stock and 2,776.5 shares of Series A Preferred Stock (convertible into <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,234,000</font> shares of Common Stock), along with a concurrent private placement of warrants to purchase Common Stock. The total net proceeds to the Company from this subsequent offering, after deducting the placement agent fees and offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.4</font> million. The warrants are initially exercisable on December 30, 2016, and expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">December 30, 2021</font>. <i>See</i> Note 6, &#8220;Capital Stock&#8221;.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; 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: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">As of September 30, 2016, there were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9,585,883</font> shares of Common Stock outstanding, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value, and 1,226.25 shares of Series A Preferred Stock outstanding, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; 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: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Effective July 31, 2015, the Company&#8217;s Common Stock began trading on the Nasdaq Capital Market under the symbol &#8220;EYEG&#8221;.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; 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: 27.5pt; 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: 0.5in; 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: 27.5pt; 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 September 30, 2016, EyeGate had Cash and Cash Equivalents of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5,682,374</font>, and an Accumulated Deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">74,897,677</font>. EyeGate has incurred losses and negative cash flows since inception, and future losses are anticipated. The Company anticipates having sufficient cash to fund planned operations for approximately six months, however, the acceleration or reduction of cash outflows by Company management can significantly impact the timing for raising additional capital to complete development of its products. To continue development, EyeGate will need to raise additional capital through equity financing, license agreements, and/or additional U.S. government grants. Although the Company successfully completed its IPO, a follow-on offering, and a registered direct offering, additional capital may not be available on terms favorable to EyeGate, if at all. On May 6, 2016, the SEC declared effective EyeGate&#8217;s registration statement on Form S-3, registering a total of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">100,000,000</font> of its securities for sale to the public from time to time in what is known as a &#8220;shelf offering&#8221;. The Company does not know if any future offerings pursuant to its shelf registration statement will succeed. Accordingly, no assurances can be given that Company management will succeed in these endeavors. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. The Condensed Consolidated 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>
CY2015Q1 us-gaap Conversion Of Stock Description
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us-gaap Use Of Estimates
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<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: 0.5in; 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: 27.5pt; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. GAAP 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. The Company makes significant estimates and assumptions in recording the accruals for our clinical trial and research activities, establishing the useful lives of intangible assets and property and equipment, 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 monitors and regularly assesses these estimates, actual results could differ significantly from these estimates. The Company records changes in estimates in the period that we become aware of the change.</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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