$MEIP
MEI Pharma, Inc.

2014 Q3 Form 10-K Financial Statement

#000119312514336166 Filed on September 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q2 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 $2.440M $1.580M $1.230M
YoY Change 34.81% 79.55% 51.85%
% of Gross Profit
Research & Development $6.566M $1.650M $1.543M
YoY Change 111.67% 25.0% 3.56%
% of Gross Profit
Depreciation & Amortization $16.00K $20.00K $10.00K
YoY Change 23.08%
% of Gross Profit
Operating Expenses $9.005M $3.230M $2.768M
YoY Change 83.29% 46.82% 20.3%
Operating Profit -$9.005M -$2.768M
YoY Change 83.29% 20.3%
Interest Expense $10.00K $20.00K $20.00K
YoY Change -50.0% -80.0% -33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.990M -$3.220M -$2.750M
YoY Change 83.47% 53.33% 21.15%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.993M -$3.215M -$2.753M
YoY Change 83.68% 53.02% 21.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$415.2K -$191.4K -$183.1K
COMMON SHARES
Basic Shares Outstanding 21.61M shares 17.12M shares 15.02M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.10M $35.60M $24.20M
YoY Change 33.65% 474.19% 796.3%
Cash & Equivalents $17.04M $35.57M $24.17M
Short-Term Investments $25.00M
Other Short-Term Assets $400.0K $500.0K $300.0K
YoY Change -33.33% 400.0% -40.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.42M $36.03M $24.43M
YoY Change 32.11% 467.56% 640.21%
LONG-TERM ASSETS
Property, Plant & Equipment $75.00K $48.00K $41.00K
YoY Change 50.0% 92.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $502.0K $518.0K $520.0K
YoY Change -1.76% 1972.0%
TOTAL ASSETS
Total Short-Term Assets $42.42M $36.03M $24.43M
Total Long-Term Assets $502.0K $518.0K $520.0K
Total Assets $42.92M $36.55M $24.95M
YoY Change 31.58% 473.47% 655.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.111M $537.0K $528.0K
YoY Change 99.46% -9.6% 32.0%
Accrued Expenses $4.197M $1.138M $1.254M
YoY Change 362.22% -3.56% 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 $5.308M $1.675M $1.782M
YoY Change 262.32% -5.58% 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 $5.308M $1.675M $1.782M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.300M $1.700M $1.800M
YoY Change 253.33% -4.17% 20.0%
SHAREHOLDERS EQUITY
Retained Earnings -$132.4M -$96.30M -$93.08M
YoY Change 30.88% 13.14%
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 $37.61M $34.87M $23.17M
YoY Change
Total Liabilities & Shareholders Equity $42.92M $36.55M $24.95M
YoY Change 31.58% 473.47% 655.97%

Cashflow Statement

Concept 2014 Q3 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income -$8.993M -$3.215M -$2.753M
YoY Change 83.68% 53.02% 21.33%
Depreciation, Depletion And Amortization $16.00K $20.00K $10.00K
YoY Change 23.08%
Cash From Operating Activities -$6.730M -$2.760M -$2.630M
YoY Change 65.64% 112.31% 15.35%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$30.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00M
YoY Change
Cash From Investing Activities $10.00M -$10.00K -$30.00K
YoY Change -166766.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.18M -60.00K
YoY Change 196.03%
NET CHANGE
Cash From Operating Activities -6.730M -2.760M -2.630M
Cash From Investing Activities 10.00M -10.00K -30.00K
Cash From Financing Activities 14.18M -60.00K
Net Change In Cash 3.270M 11.41M -2.720M
YoY Change -180.36% 226.93% 19.3%
FREE CASH FLOW
Cash From Operating Activities -$6.730M -$2.760M -$2.630M
Capital Expenditures -$10.00K -$30.00K
Free Cash Flow -$2.750M -$2.600M
YoY Change 111.54% 14.04%

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CurrentFiscalYearEndDate
--06-30
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On December 18, 2012, the Company effected a 1-for-6 reverse stock split (the "2012 Reverse Stock Split") of the Company's common stock.
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M12D
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.459 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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7.97
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0.00 pure
CY2014 us-gaap Finite Lived Intangible Asset Useful Life
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P14Y
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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0.00 pure
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.40 pure
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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20061387 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.85
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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; text-indent:8%"> <font style="font-family:Times New Roman" size="2">Financial instruments that potentially subject 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.</font></p> </div>
CY2014 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; text-indent:8%"> <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 materially differ from those estimates.</font></p> </div>
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.33
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6495853 shares
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.35
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
568593 shares
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
8833 shares
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M12D
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-27148000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4747000
CY2014 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
32721000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7897000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
10814000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
4747000
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
32695000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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50000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-27147000
CY2014 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
81000
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1200000
CY2014 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
35016000
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IncomeTaxesPaidNet
-1000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-27147000
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
41000
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OperatingIncomeLoss
-27228000
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CashAndCashEquivalentsPeriodIncreaseDecrease
-21796000
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-35066000
CY2014 us-gaap Operating Expenses
OperatingExpenses
27228000
CY2014 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1171000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2014 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1770000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-1583000
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-9230000
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
50000
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
35000
CY2014 us-gaap Depreciation
Depreciation
15000
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19331000
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.35
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9831000
CY2012 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
1139000
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
32721000
CY2014 meip Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2015-06
CY2014 meip Stock Issued During Period Values Warrants Exercised
StockIssuedDuringPeriodValuesWarrantsExercised
26000
CY2014 meip Lease Arrangement Rent Area
LeaseArrangementRentArea
8800 sqft
CY2014 meip Effective Income Tax Rate Reconciliation Foreign Taxes
EffectiveIncomeTaxRateReconciliationForeignTaxes
0.00 pure
CY2014 meip Percentage Of Likelihood Of Income Tax Being Sustained
PercentageOfLikelihoodOfIncomeTaxBeingSustained
0.50 pure
CY2014 meip Cash And Cash Equivalent Maturity Period Maximum
CashAndCashEquivalentMaturityPeriodMaximum
P3M
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.465 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7081000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.01 pure
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
3.34 pure
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2247709 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.56
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06 pure
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1885722 shares
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-8546000
CY2012 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
39000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-8394000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-7523000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1024000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7522000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-126000
CY2012 us-gaap Gain Loss On Investments
GainLossOnInvestments
100000
CY2012 us-gaap Payments Of Financing Costs
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406000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
511000
CY2012 us-gaap Financial Services Costs
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406000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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9425000
CY2012 us-gaap General And Administrative Expense
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3479000
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-25129000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
511000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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2344000
CY2012 us-gaap Operating Expenses
OperatingExpenses
8394000
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266000
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IncomeTaxExpenseBenefit
1000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
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259000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-474000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
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9831000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2557000
CY2012 us-gaap Depreciation Depletion And Amortization
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13000
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2012 us-gaap Depreciation
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13000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-41000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4915000
CY2012 meip Capital Loss Carryforward Expiration Year
CapitalLossCarryforwardExpirationYear
2017
CY2012 meip Income Tax Reconciliation Foreign Currency Loss
IncomeTaxReconciliationForeignCurrencyLoss
-28202000
CY2012 meip Effective Income Tax Rate Reconciliation Foreign Taxes
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CY2012 meip Adjustments To Additional Paid In Capital Effect Of Change In Terms Of Warrants
AdjustmentsToAdditionalPaidInCapitalEffectOfChangeInTermsOfWarrants
-14000
meip Number Of Warrants Exercised
NumberOfWarrantsExercised
3707 shares
meip Class Of Warrant Or Right Exercised In Period
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2046871 shares
meip Common Stock Issued In Connection With Exercise Of Warrants
CommonStockIssuedInConnectionWithExerciseOfWarrants
1496018 shares
CY2011Q3 us-gaap Stock Issued During Period Shares New Issues
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1100000
CY2011Q3 meip Warrants Exercisable
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CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
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CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
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