$KPRX
KIORA PHARMACEUTICALS INC

2017 Q2 Form 10-K Financial Statement

#000114420418012542 Filed on March 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016
Revenue $148.3K $160.0K $669.3K
YoY Change -36.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.210M $1.280M $5.594M
YoY Change -23.42% -0.78% 41.25%
% of Gross Profit
Research & Development $2.262M $2.580M $8.423M
YoY Change -8.84% 86.96% 209.98%
% of Gross Profit
Depreciation & Amortization $4.536K $10.00K $5.185K
YoY Change 2717.39% 312.49%
% of Gross Profit
Operating Expenses $3.475M $3.860M $14.02M
YoY Change -14.42% 44.03% 109.9%
Operating Profit -$3.327M
YoY Change -13.05%
Interest Expense $305.00 $0.00 $275.00
YoY Change -100.0% -99.99%
% of Operating Profit
Other Income/Expense, Net -$69.00 $0.00 $3.409K
YoY Change -102.46% -100.2%
Pretax Income -$3.330M -$3.700M -$13.34M
YoY Change -12.83% 37.55% 52.41%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.327M -$3.700M -$13.34M
YoY Change -12.91% 37.55% 59.08%
Net Earnings / Revenue -2243.48% -2312.5% -1993.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$166.50 -$185.00 -$22.66M
COMMON SHARES
Basic Shares Outstanding 10.88M shares 9.586M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.76M $3.640M $3.635M
YoY Change 46.45% -56.62% -56.67%
Cash & Equivalents $11.81M $3.680M $3.635M
Short-Term Investments
Other Short-Term Assets $520.0K $460.0K $465.0K
YoY Change -23.53% 283.33% 287.48%
Inventory
Prepaid Expenses
Receivables
Other Receivables $37.35K
Total Short-Term Assets $12.45M $4.154M $4.154M
YoY Change 41.8% -56.04% -56.04%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $38.04K $38.04K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $55.31K $100.3K
YoY Change 344.44% 43.35% 67.18%
Total Long-Term Assets $5.860M $5.577M $5.577M
YoY Change 46.25% 9418.43% 9194.27%
TOTAL ASSETS
Total Short-Term Assets $12.45M $4.154M $4.154M
Total Long-Term Assets $5.860M $5.577M $5.577M
Total Assets $18.31M $9.731M $9.731M
YoY Change 43.27% 2.34% 2.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $970.0K $1.412M $1.412M
YoY Change -21.14% 238.07% 236.22%
Accrued Expenses $1.170M $1.671M $1.671M
YoY Change -10.69% 52.49% 51.9%
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 $11.00M $7.308M $7.308M
YoY Change 74.33% 113.63% 113.69%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $20.00K $16.07K
YoY Change
Other Long-Term Liabilities $1.210M $1.210M $1.210M
YoY Change
Total Long-Term Liabilities $1.220M $2.752M $1.226M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.00M $7.308M $7.308M
Total Long-Term Liabilities $1.220M $2.752M $1.226M
Total Liabilities $13.74M $10.06M $10.06M
YoY Change 117.58% 194.07% 194.15%
SHAREHOLDERS EQUITY
Retained Earnings -$78.60M
YoY Change 20.45%
Common Stock $101.3K
YoY Change 32.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.570M -$329.4K -$329.4K
YoY Change
Total Liabilities & Shareholders Equity $18.31M $9.731M $9.731M
YoY Change 43.27% 2.34% 2.32%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016
OPERATING ACTIVITIES
Net Income -$3.327M -$3.700M -$13.34M
YoY Change -12.91% 37.55% 59.08%
Depreciation, Depletion And Amortization $4.536K $10.00K $5.185K
YoY Change 2717.39% 312.49%
Cash From Operating Activities -$2.480M -$2.050M -$8.413M
YoY Change -7.46% 32.26% 88.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $160.8K
YoY Change -100.0% -903.75%
Cash From Investing Activities $0.00 $0.00 $174.7K
YoY Change -100.0% -973.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.800M $3.769M
YoY Change -73.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.800M 0.000 $3.498M
YoY Change 151.43% -100.0% -72.28%
NET CHANGE
Cash From Operating Activities -2.480M -2.050M -$8.413M
Cash From Investing Activities 0.000 0.000 $174.7K
Cash From Financing Activities 8.800M 0.000 $3.498M
Net Change In Cash 6.320M -2.050M -$4.740M
YoY Change 690.0% 33.12% -158.23%
FREE CASH FLOW
Cash From Operating Activities -$2.480M -$2.050M -$8.413M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$2.050M -$8.413M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017 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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>1. Organization, Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 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;). EyeGate and Jade are an integrated line of business developing ophthalmic solutions for a variety of ocular diseases and disorders.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,776.5</font> 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 December 30, 2021. On February 21, 2017, the Company authorized the restart of sales under the At The Market Offering Agreement between the Company and H.C. Wainwright &#38; Co., LLC (the &#8220;ATM Agreement&#8221;) and subsequently sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 642,150</font> shares of Common Stock during the first quarter of 2017. No shares of Common Stock were sold pursuant to the ATM Agreement during the second,&#160;third or fourth&#160;quarters of 2017. The total net proceeds to the Company from this offering, after deducting the placement agent fees and offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.8</font> million. On June 14, 2017, the Company completed a public offering of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,336,667</font> shares of Common Stock and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,995</font> shares of Series B Preferred Stock (convertible into <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,330,000</font> shares of Common Stock), along with warrants to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6,666,667</font> shares of Common Stock. The total net proceeds to the Company from the offering, after deducting the placement agent fees and offering expenses, were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8.8</font> million. The warrants became exercisable upon issuance, and expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">June 14, 2022</font>. <i>See</i> Note 6, &#8220;Capital Stock&#8221;.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As of December 31, 2017, there were <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 17,257,255</font> shares of Common Stock outstanding, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value, no shares of Series A Preferred Stock outstanding, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value, and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 600</font> shares of Series B Preferred Stock outstanding, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.01</font> par value.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Effective July 31, 2015, the Company&#8217;s Common Stock began trading on the Nasdaq Capital Market under the symbol &#8220;EYEG&#8221;.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Since its inception, EyeGate has devoted substantially all of its efforts to business planning, research and development, and raising capital.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying 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 December 31, 2017, EyeGate had Cash and Cash Equivalents of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7,806,029</font>, and an Accumulated Deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">91,816,655</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 seven 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, a registered direct offering, a public offering, and sales under the ATM Agreement, 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. The Company&#8217;s recurring losses from operations have caused management to determine there is substantial doubt about the Company&#8217;s ability to continue as a going concern. The 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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Incentive stock options may be granted to any officer or employee at an exercise price per share of not less than the fair value per common share on the date of the grant (not less than 110% of fair value in the case of holders of more than 10% of the Companys voting stock) and with a term not to exceed ten years from the date of the grant (five years for incentive stock options granted to holders of more than 10% of the Companys voting stock).
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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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 it becomes aware of the change.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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