$MEIP
MEI Pharma, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514188897 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.150M $1.990M $1.230M
YoY Change 36.08% 61.79% 51.85%
% of Gross Profit
Research & Development $6.410M $5.415M $1.543M
YoY Change 288.48% 250.94% 3.56%
% of Gross Profit
Depreciation & Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $8.560M $7.406M $2.768M
YoY Change 165.02% 167.56% 20.3%
Operating Profit -$7.406M -$2.768M
YoY Change 167.56% 20.3%
Interest Expense $20.00K $20.00K $20.00K
YoY Change 0.0% 0.0% -33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.540M -$7.390M -$2.750M
YoY Change 165.22% 168.73% 21.15%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.541M -$7.387M -$2.753M
YoY Change 165.66% 168.33% 21.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$395.4K -$343.7K -$183.1K
COMMON SHARES
Basic Shares Outstanding 21.61M shares 21.50M shares 15.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.80M $54.70M $24.20M
YoY Change 37.08% 126.03% 796.3%
Cash & Equivalents $13.78M $19.67M $24.17M
Short-Term Investments $35.00M $35.00M
Other Short-Term Assets $500.0K $900.0K $300.0K
YoY Change 0.0% 200.0% -40.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $49.29M $55.54M $24.43M
YoY Change 36.81% 127.36% 640.21%
LONG-TERM ASSETS
Property, Plant & Equipment $83.00K $61.00K $41.00K
YoY Change 72.92% 48.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $518.0K $505.0K $520.0K
YoY Change 0.0% -2.88%
TOTAL ASSETS
Total Short-Term Assets $49.29M $55.54M $24.43M
Total Long-Term Assets $518.0K $505.0K $520.0K
Total Assets $49.81M $56.04M $24.95M
YoY Change 36.28% 124.65% 655.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.708M $700.0K $528.0K
YoY Change 218.06% 32.58% 32.0%
Accrued Expenses $2.908M $2.818M $1.254M
YoY Change 155.54% 124.72% 14.0%
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 $4.616M $3.518M $1.782M
YoY Change 175.58% 97.42% 18.8%
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 $4.616M $3.518M $1.782M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.600M $3.500M $1.800M
YoY Change 170.59% 94.44% 20.0%
SHAREHOLDERS EQUITY
Retained Earnings -$123.4M -$114.9M -$93.08M
YoY Change 28.19% 23.44%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.19M $52.53M $23.17M
YoY Change
Total Liabilities & Shareholders Equity $49.81M $56.04M $24.95M
YoY Change 36.28% 124.65% 655.97%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$8.541M -$7.387M -$2.753M
YoY Change 165.66% 168.33% 21.33%
Depreciation, Depletion And Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$5.850M -$5.070M -$2.630M
YoY Change 111.96% 92.78% 15.35%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$10.00K -$30.00K
YoY Change 200.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$15.01M
YoY Change
Cash From Investing Activities -$40.00K -$15.02M -$30.00K
YoY Change 300.0% 49966.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 0.000 -60.00K
YoY Change -100.07% -100.0%
NET CHANGE
Cash From Operating Activities -5.850M -5.070M -2.630M
Cash From Investing Activities -40.00K -15.02M -30.00K
Cash From Financing Activities -10.00K 0.000 -60.00K
Net Change In Cash -5.900M -20.09M -2.720M
YoY Change -151.71% 638.6% 19.3%
FREE CASH FLOW
Cash From Operating Activities -$5.850M -$5.070M -$2.630M
Capital Expenditures -$30.00K -$10.00K -$30.00K
Free Cash Flow -$5.820M -$5.060M -$2.600M
YoY Change 111.64% 94.62% 14.04%

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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Concentration of Credit Risk</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash in financial institutions (which exceeds federally insured limits), and cash equivalents and short-term investments (comprised of U.S. government securities). 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.</p> </div>
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M12D
CY2012Q3 meip Percentage Of Purchases From Major Suppliers
PercentageOfPurchasesFromMajorSuppliers
1.00 pure
CY2000Q4 meip Entity Incorporation Month And Year Of Incorporation
EntityIncorporationMonthAndYearOfIncorporation
2000-12
meip Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
2046871 shares
us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
500000 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
110000
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
1188000
us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
2998000
us-gaap Profit Loss
ProfitLoss
-114904000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
35007000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
861000
us-gaap Gain Loss On Investments
GainLossOnInvestments
100000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
406000
us-gaap Operating Income Loss
OperatingIncomeLoss
-118265000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-508000
us-gaap Financial Services Costs
FinancialServicesCosts
406000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
159372000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
33659000
us-gaap Share Based Compensation
ShareBasedCompensation
7831000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
19670000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-35117000
us-gaap Operating Expenses
OperatingExpenses
118265000
us-gaap License Costs
LicenseCosts
21500000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2818000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
159113000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
105000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63106000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
665000
CY2013Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15022854 shares
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.18
CY2013Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
15000
CY2013Q1 us-gaap Profit Loss
ProfitLoss
-2753000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2768000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1225000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
186000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
2768000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1543000
CY2014Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21502542 shares
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2014Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
19000
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-7387000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7406000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1991000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1184000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
7406000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5415000

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