$MEIP
MEI Pharma, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518156845 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $548.0K $433.0K $4.505M
YoY Change 22.05% -90.39%
Cost Of Revenue $1.110M $930.0K $1.147M
YoY Change 12.12% -18.92%
Gross Profit -$560.0K -$497.0K $3.358M
YoY Change 3.7% -114.8%
Gross Profit Margin -102.19% -114.78% 74.54%
Selling, General & Admin $2.460M $2.490M $2.150M
YoY Change 34.43% 15.81% 8.04%
% of Gross Profit 64.03%
Research & Development $4.460M $3.071M $1.876M
YoY Change 115.46% 63.7% -45.15%
% of Gross Profit 55.87%
Depreciation & Amortization $10.00K $10.00K $10.00K
YoY Change -80.0% 0.0% -50.0%
% of Gross Profit 0.3%
Operating Expenses $6.910M $3.071M $1.876M
YoY Change 77.18% 63.7% -65.32%
Operating Profit -$7.470M -$6.054M -$670.0K
YoY Change 68.24% 803.58% -87.62%
Interest Expense -$11.78M $110.0K $70.00K
YoY Change -11880.0% 57.14% 75.0%
% of Operating Profit
Other Income/Expense, Net -$9.710M
YoY Change
Pretax Income -$19.25M -$5.950M -$600.0K
YoY Change 343.55% 891.67% -88.83%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.25M -$5.948M -$602.0K
YoY Change 343.31% 888.04% -88.79%
Net Earnings / Revenue -3513.32% -1373.67% -13.36%
Basic Earnings Per Share -$0.36 -$0.16 -$0.02
Diluted Earnings Per Share -$0.36 -$0.16 -$0.02
COMMON SHARES
Basic Shares Outstanding 37.32M shares 37.45M 37.17M shares
Diluted Shares Outstanding 37.45M 37.17M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.7M $36.20M $56.80M
YoY Change 91.6% -36.27% 14.98%
Cash & Equivalents $13.31M $6.198M $11.64M
Short-Term Investments $89.40M $30.00M $45.10M
Other Short-Term Assets $1.600M $900.0K $2.800M
YoY Change -11.11% -67.86% 154.55%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $104.3M $37.06M $59.52M
YoY Change 88.58% -37.74% 17.84%
LONG-TERM ASSETS
Property, Plant & Equipment $32.00K $36.00K $35.00K
YoY Change -36.0% 2.86% -33.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $328.0K $341.0K $375.0K
YoY Change -13.91% -9.07% -12.18%
TOTAL ASSETS
Total Short-Term Assets $104.3M $37.06M $59.52M
Total Long-Term Assets $328.0K $341.0K $375.0K
Total Assets $104.7M $37.40M $59.89M
YoY Change 87.88% -37.56% 17.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.643M $1.259M $242.0K
YoY Change 522.74% 420.25% -48.07%
Accrued Expenses $3.454M $2.382M $3.711M
YoY Change 5.14% -35.81% 4.27%
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 $7.885M $4.484M $4.989M
YoY Change 62.04% -10.12% 23.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $46.30M
YoY Change
Total Long-Term Liabilities $46.30M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.885M $4.484M $4.989M
Total Long-Term Liabilities $46.30M $0.00 $0.00
Total Liabilities $54.20M $4.500M $5.000M
YoY Change 1013.81% -10.0% 25.0%
SHAREHOLDERS EQUITY
Retained Earnings -$214.4M -$195.1M -$170.0M
YoY Change 22.98% 14.8% -0.73%
Common Stock $264.9M $228.1M $224.9M
YoY Change 17.63% 1.41% 3.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.46M $32.91M $54.90M
YoY Change
Total Liabilities & Shareholders Equity $104.7M $37.40M $59.89M
YoY Change 87.88% -37.56% 17.59%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$19.25M -$5.948M -$602.0K
YoY Change 343.31% 888.04% -88.79%
Depreciation, Depletion And Amortization $10.00K $10.00K $10.00K
YoY Change -80.0% 0.0% -50.0%
Cash From Operating Activities -$3.750M -$6.240M $1.600M
YoY Change 19.43% -490.0% -136.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$59.43M $5.090M -$5.020M
YoY Change -594400.0% -201.39% -200.2%
Cash From Investing Activities -$59.43M $5.090M -$5.010M
YoY Change 148475.0% -201.6% -200.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.29M 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -3.750M -6.240M 1.600M
Cash From Investing Activities -59.43M 5.090M -5.010M
Cash From Financing Activities 70.29M 0.000 0.000
Net Change In Cash 7.110M -1.150M -3.410M
YoY Change -323.58% -66.28% -650.0%
FREE CASH FLOW
Cash From Operating Activities -$3.750M -$6.240M $1.600M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$3.750M -$6.240M $1.600M
YoY Change 21.36% -490.0% -136.53%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The preparation of financial statements in conformity with U.S. GAAP 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. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.</p> </div>
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IncreaseDecreaseInDeferredRevenue
-153000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
45040000
us-gaap Costs And Expenses
CostsAndExpenses
22187000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7332000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-670000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
46000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
189000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12579000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2260000
us-gaap Cost Of Services
CostOfServices
2276000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
189000
meip Lease Arrangement Rent Area
LeaseArrangementRentArea
13700 sqft
meip Lease Commencement Month And Year
LeaseCommencementMonthAndYear
2017-06
meip Percentage Of Purchases From Major Suppliers
PercentageOfPurchasesFromMajorSuppliers
1.00 pure
meip Number Of Patients Enrolled In Study
NumberOfPatientsEnrolledInStudy
40 Patient
meip Agreement Termination Notice Period
AgreementTerminationNoticePeriod
P90D
meip Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2020-05
meip Number Of Clinical Stage Candidates
NumberOfClinicalStageCandidates
4 ClinicalTrials
meip Number Of Candidate In An Ongoing Global Registration Trial
NumberOfCandidateInAnOngoingGlobalRegistrationTrial
1 ClinicalTrials
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017 meip Tax Cuts And Jobs Act Of2017 Accounting Complete
TaxCutsAndJobsActOf2017AccountingComplete
false
CY2017 meip Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
13600000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8070000 shares
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37172000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37172000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
36772000 shares
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2017Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
400000 shares
CY2017Q1 us-gaap Revenues
Revenues
4505000
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
726000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-670000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-602000
CY2017Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
68000
CY2017Q1 us-gaap Licenses Revenue
LicensesRevenue
3779000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
614000
CY2017Q1 us-gaap Costs And Expenses
CostsAndExpenses
5175000
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2152000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1876000
CY2017Q1 us-gaap Cost Of Services
CostOfServices
1147000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5913000 shares
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37449000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37449000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37052000 shares
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2018Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
397000 shares
CY2018Q1 us-gaap Revenues
Revenues
433000
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
433000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6054000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-5948000
CY2018Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
106000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
770000
CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
6487000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2486000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3071000
CY2018Q1 us-gaap Cost Of Services
CostOfServices
930000

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