$MEIP
MEI Pharma, Inc.

2020 Q3 Form 10-Q Financial Statement

#000119312520290130 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $3.834M $1.157M
YoY Change 231.37% 137.09%
Cost Of Revenue $509.0K $688.0K
YoY Change -26.02% -30.43%
Gross Profit $3.325M $469.0K
YoY Change 608.96% -193.61%
Gross Profit Margin 86.72% 40.54%
Selling, General & Admin $5.920M $4.130M
YoY Change 43.34% 21.47%
% of Gross Profit 178.05% 880.6%
Research & Development $13.00M $8.962M
YoY Change 45.01% 46.18%
% of Gross Profit 390.86% 1910.87%
Depreciation & Amortization $69.00K $31.00K
YoY Change 122.58% 138.46%
% of Gross Profit 2.08% 6.61%
Operating Expenses $13.00M $8.962M
YoY Change 45.01% 46.18%
Operating Profit -$15.59M -$12.62M
YoY Change 23.47% 25.81%
Interest Expense $13.50M $9.640M
YoY Change 40.04% -313.75%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$10.00K
YoY Change 0.0% -99.8%
Pretax Income -$2.090M -$2.990M
YoY Change -30.1% -79.44%
Income Tax
% Of Pretax Income
Net Earnings $712.0K -$2.994M
YoY Change -123.78% -79.41%
Net Earnings / Revenue 18.57% -258.77%
Basic Earnings Per Share -$0.02 -$0.04
Diluted Earnings Per Share -$0.13 -$0.04
COMMON SHARES
Basic Shares Outstanding 112.4M 73.63M
Diluted Shares Outstanding 115.0M 73.63M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.1M $65.90M
YoY Change 167.22% -27.42%
Cash & Equivalents $10.96M $5.984M
Short-Term Investments $165.2M $59.90M
Other Short-Term Assets $2.000M $1.700M
YoY Change 17.65% -54.05%
Inventory
Prepaid Expenses
Receivables $5.400M $500.0K
Other Receivables $20.40M $0.00
Total Short-Term Assets $203.9M $68.05M
YoY Change 199.67% -27.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.659M $619.0K
YoY Change 168.01% 2110.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.08M $872.0K
YoY Change 1055.85% 176.83%
TOTAL ASSETS
Total Short-Term Assets $203.9M $68.05M
Total Long-Term Assets $10.08M $872.0K
Total Assets $214.0M $68.92M
YoY Change 210.5% -27.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.375M $3.098M
YoY Change 105.78% 99.23%
Accrued Expenses $5.537M $3.295M
YoY Change 68.04% 32.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.49M $10.07M
YoY Change 212.73% 110.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.2M $11.60M
YoY Change 763.79% -76.89%
Total Long-Term Liabilities $100.2M $11.60M
YoY Change 763.79% -76.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.49M $10.07M
Total Long-Term Liabilities $100.2M $11.60M
Total Liabilities $131.7M $21.64M
YoY Change 508.42% -60.64%
SHAREHOLDERS EQUITY
Retained Earnings -$279.3M -$234.2M
YoY Change 19.26% 2.3%
Common Stock $361.7M $281.5M
YoY Change 28.48% 4.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.98M $47.28M
YoY Change
Total Liabilities & Shareholders Equity $214.0M $68.92M
YoY Change 210.5% -27.26%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $712.0K -$2.994M
YoY Change -123.78% -79.41%
Depreciation, Depletion And Amortization $69.00K $31.00K
YoY Change 122.58% 138.46%
Cash From Operating Activities -$9.111M -$14.08M
YoY Change -35.28% 9.85%
INVESTING ACTIVITIES
Capital Expenditures $644.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $5.120M $4.970M
YoY Change 3.02% 3.76%
Cash From Investing Activities $4.476M $4.967M
YoY Change -9.89% 3.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.136M $159.0K
YoY Change 1872.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.260M 5.505M
YoY Change -40.78% 557.71%
NET CHANGE
Cash From Operating Activities -9.111M -14.08M
Cash From Investing Activities 4.476M 4.967M
Cash From Financing Activities 3.260M 5.505M
Net Change In Cash -1.375M -3.606M
YoY Change -61.87% -49.85%
FREE CASH FLOW
Cash From Operating Activities -$9.111M -$14.08M
Capital Expenditures $644.0K
Free Cash Flow -$9.755M
YoY Change

Facts In Submission

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CY2020Q3 meip Percentage Of Purchases From Major Suppliers
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CY2020Q3 meip Agreement Termination Notice Period
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CY2020Q3 us-gaap Use Of Estimates
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) 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. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2019Q2 us-gaap Contract With Customer Asset Net Current
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686000
CY2020Q3 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
4775000
CY2019Q3 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-217000
CY2020Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
5379000
CY2019Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
469000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82500000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7774000
CY2020Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
19000000
CY2020Q3 meip Additional Recognition Of Deferred Revenue
AdditionalRecognitionOfDeferredRevenue
64900000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1596000
CY2020Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1336000
CY2019Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-868000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
83836000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6906000
CY2020Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2019Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
67723000
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
159000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-8000
CY2019Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1000
CY2020Q3 meip Cash And Cash Equivalentsshort Term Investments And Common Stock Proceeds Receivable
CashAndCashEquivalentsshortTermInvestmentsAndCommonStockProceedsReceivable
176100000
CY2020Q3 meip Revenue Performance Obligation Amount
RevenuePerformanceObligationAmount
3600000
CY2019Q3 meip Revenue Performance Obligation Amount
RevenuePerformanceObligationAmount
800000
CY2020Q3 meip Aggregate Value Of Securities Available Under Agreement
AggregateValueOfSecuritiesAvailableUnderAgreement
175700000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2092000
CY2020Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3136000
CY2020Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
124000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2942000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2994000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
159000
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
72000
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2113000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
47280000
CY2020Q3 meip Receivable For Foreign Tax Withholding
ReceivableForForeignTaxWithholding
20420000
CY2020Q2 meip Receivable For Foreign Tax Withholding
ReceivableForForeignTaxWithholding
20420000
CY2020Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
64864000
CY2020Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5000
CY2019Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
14000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
47930000
CY2020Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3136000
CY2019Q3 meip Proceeds From Previously Issued Common Stock
ProceedsFromPreviouslyIssuedCommonStock
5274000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1240000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1531000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1576000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1209000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15557000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26992000
CY2020Q3 meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
-13224000
CY2020Q3 dei Document Type
DocumentType
10-Q
CY2020Q3 dei Amendment Flag
AmendmentFlag
false
CY2020Q3 dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
CY2020Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2020Q3 dei Entity Registrant Name
EntityRegistrantName
MEI Pharma, Inc.
CY2020Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001262104
CY2020Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2020Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020Q3 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q3 dei Entity Shell Company
EntityShellCompany
false
CY2020Q3 dei Entity Small Business
EntitySmallBusiness
true
CY2020Q3 meip Unsold Securities Shares And Warrants Under Agreement
UnsoldSecuritiesSharesAndWarrantsUnderAgreement
107500000
CY2020Q3 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2020Q3 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8420000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
602000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8072000
CY2020Q3 meip Non Cash Lease Expense
NonCashLeaseExpense
269000
CY2020Q3 meip Increase Decrease In Operating Lease Liabilities Current
IncreaseDecreaseInOperatingLeaseLiabilitiesCurrent
-15000
CY2020Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8689000
CY2020Q3 meip Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4403000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11555000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2881000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8674000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0750
CY2020Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2020Q3 meip Profits And Costs Sharing Ratio
ProfitsAndCostsSharingRatio
0.5
CY2020Q3 dei Trading Symbol
TradingSymbol
MEIP
CY2020Q3 dei Security12b Title
Security12bTitle
Common Stock
CY2020Q3 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
112522001

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