$MEIP
MEI Pharma, Inc.

2012 Q4 Form 10-Q Financial Statement

#000119312512465326 Filed on November 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.420M $910.0K $890.0K
YoY Change 57.78% 2.25% -22.61%
% of Gross Profit
Research & Development $1.338M $1.552M $1.044M
YoY Change 26.11% 48.66% 51.3%
% of Gross Profit
Depreciation & Amortization $10.00K $8.000K $3.000K
YoY Change 0.0% 166.67%
% of Gross Profit
Operating Expenses $2.756M $2.466M $1.933M
YoY Change 40.83% 27.57% 5.63%
Operating Profit -$2.756M -$2.466M -$1.933M
YoY Change 40.83% 27.57%
Interest Expense $0.00 $0.00 $320.0K
YoY Change -100.0% -100.0% 357.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.750M -$2.460M -$1.610M
YoY Change 78.57% 52.8% -8.52%
Income Tax $0.00 $1.000K $1.000K
% Of Pretax Income
Net Earnings -$2.754M -$2.464M -$1.612M
YoY Change 78.72% 52.85% -8.36%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$503.7K -$702.9K -$1.006M
COMMON SHARES
Basic Shares Outstanding 21.67M shares 21.67M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.90M $3.700M $4.800M
YoY Change 438.0% -22.92% -36.0%
Cash & Equivalents $26.88M $3.713M $4.800M
Short-Term Investments
Other Short-Term Assets $200.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.07M $3.836M $4.900M
YoY Change 420.65% -21.71% -35.53%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00K $23.00K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $510.0K $519.0K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $27.07M $3.836M $4.900M
Total Long-Term Assets $510.0K $519.0K $0.00
Total Assets $27.58M $4.355M $4.900M
YoY Change 430.46% -11.12% -35.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.0K $533.0K $300.0K
YoY Change 12.0% 77.67% -70.0%
Accrued Expenses $1.349M $1.097M $800.0K
YoY Change 49.89% 37.13% 0.0%
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 $1.797M $1.630M $1.600M
YoY Change 38.23% 1.88% -15.79%
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 $1.797M $1.630M $1.600M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.800M $1.600M $1.600M
YoY Change 38.46% 0.0% -15.79%
SHAREHOLDERS EQUITY
Retained Earnings -$90.33M -$87.58M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.79M $2.725M $3.400M
YoY Change
Total Liabilities & Shareholders Equity $27.58M $4.355M $4.900M
YoY Change 430.46% -11.12% -35.53%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$2.754M -$2.464M -$1.612M
YoY Change 78.72% 52.85% -8.36%
Depreciation, Depletion And Amortization $10.00K $8.000K $3.000K
YoY Change 0.0% 166.67%
Cash From Operating Activities -$2.160M -$2.487M -$1.730M
YoY Change 22.03% 43.76% 15.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$2.000K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.069M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.33M 0.000 2.672M
YoY Change 1185.79% -100.0%
NET CHANGE
Cash From Operating Activities -2.160M -2.487M -1.730M
Cash From Investing Activities 0.000 -2.000K 0.000
Cash From Financing Activities 25.33M 0.000 2.672M
Net Change In Cash 23.17M -2.489M 942.0K
YoY Change 11485.0% -364.23% -160.77%
FREE CASH FLOW
Cash From Operating Activities -$2.160M -$2.487M -$1.730M
Capital Expenditures $0.00 $2.000K $0.00
Free Cash Flow -$2.160M -$2.489M -$1.730M
YoY Change 22.03% 43.87% 19.31%

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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Credit Risk</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains accounts in federally insured financial institutions in excess of federally insured limits. However, management believes that the Company is not exposed to significant credit risk due to the financial positions of the depository institutions in which these deposits are held.</font></p> </div>
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ResearchAndDevelopmentExpense
1552000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.55 pure
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
2466000
CY2012Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
CY2012Q3 meip Share Based Compensation Arrangements By Share Based Payment Award Options Outstanding Granted In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOutstandingGrantedInPeriodWeightedAverageRemainingContractualTerm
P4Y10M24D
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0071 pure
CY2012Q3 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-61000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11629766 shares
CY2012Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
10734
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2012Q3 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company uses estimates for certain accruals including clinical and pre-clinical study fees and expenses, share-based compensation, and valuations of derivative liabilities, among others. Actual results could differ from those estimates.</font></p> </div>
CY2012Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-83000
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.46
CY2012Q3 meip Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodTotalIntrinsicValue
CY2012Q3 meip Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2013-04
CY2012Q3 meip Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodTotalIntrinsicValue
CY2012Q3 meip Estimated Useful Life Of Intangible Assets
EstimatedUsefulLifeOfIntangibleAssets
14 Y
CY2012Q3 meip Percentage Of Likelihood Of Income Tax Being Sustained
PercentageOfLikelihoodOfIncomeTaxBeingSustained
0.50 pure

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