$OCGN
Ocugen, Inc.

2015 Q1 Form 10-Q Financial Statement

#000119312515188172 Filed on May 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.110M $1.800M
YoY Change 17.22% 97.8%
% of Gross Profit
Research & Development $5.764M -$3.374M
YoY Change -270.84% -276.65%
% of Gross Profit
Depreciation & Amortization $371.0K $153.0K
YoY Change 142.48% 27.5%
% of Gross Profit
Operating Expenses $7.873M -$5.173M
YoY Change -252.19% -284.09%
Operating Profit -$7.873M -$5.173M
YoY Change 52.19%
Interest Expense $62.00K $1.740M
YoY Change -96.44% 1481.82%
% of Operating Profit
Other Income/Expense, Net -$91.00K $1.736M
YoY Change -105.24% -8780.0%
Pretax Income -$7.960M -$3.440M
YoY Change 131.4% 26.47%
Income Tax
% Of Pretax Income
Net Earnings -$7.964M -$3.437M
YoY Change 131.71% 26.36%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$36.18M -$19.11M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.18M $3.360M
YoY Change 1482.74%
Cash & Equivalents $53.18M $3.360M
Short-Term Investments
Other Short-Term Assets $830.0K $2.210M
YoY Change -62.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $54.01M $5.560M
YoY Change 871.4%
LONG-TERM ASSETS
Property, Plant & Equipment $5.422M $2.250M
YoY Change 140.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.640M $1.600M
YoY Change 2.5%
Total Long-Term Assets $7.570M $4.420M
YoY Change 71.27%
TOTAL ASSETS
Total Short-Term Assets $54.01M $5.560M
Total Long-Term Assets $7.570M $4.420M
Total Assets $61.58M $9.980M
YoY Change 517.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.293M $3.160M
YoY Change 4.21%
Accrued Expenses $1.896M $800.0K
YoY Change 137.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $540.0K
YoY Change
Total Short-Term Liabilities $7.499M $5.530M
YoY Change 35.61%
LONG-TERM LIABILITIES
Long-Term Debt $1.200M $0.00
YoY Change
Other Long-Term Liabilities $1.660M $26.30M
YoY Change -93.69%
Total Long-Term Liabilities $2.860M $26.30M
YoY Change -89.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.499M $5.530M
Total Long-Term Liabilities $2.860M $26.30M
Total Liabilities $10.36M $31.83M
YoY Change -67.46%
SHAREHOLDERS EQUITY
Retained Earnings -$141.5M
YoY Change
Common Stock $192.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.22M -$21.84M
YoY Change
Total Liabilities & Shareholders Equity $61.58M $9.980M
YoY Change 517.03%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$7.964M -$3.437M
YoY Change 131.71% 26.36%
Depreciation, Depletion And Amortization $371.0K $153.0K
YoY Change 142.48% 27.5%
Cash From Operating Activities -$8.690M -$5.020M
YoY Change 73.11% 81.88%
INVESTING ACTIVITIES
Capital Expenditures $915.0K $120.0K
YoY Change 662.5% -340.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$920.0K -$120.0K
YoY Change 666.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.738M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.730M -240.0K
YoY Change -2070.83%
NET CHANGE
Cash From Operating Activities -8.690M -5.020M
Cash From Investing Activities -920.0K -120.0K
Cash From Financing Activities 4.730M -240.0K
Net Change In Cash -4.880M -5.380M
YoY Change -9.29% 94.93%
FREE CASH FLOW
Cash From Operating Activities -$8.690M -$5.020M
Capital Expenditures $915.0K $120.0K
Free Cash Flow -$9.605M -$5.140M
YoY Change 86.87% 89.67%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>1. NATURE OF BUSINESS</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>Organization</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Histogenics Corporation (the &#x201C;Company&#x201D;) was incorporated under the laws of the Commonwealth of Massachusetts on June&#xA0;28, 2000 and has its principal operations in Waltham, Massachusetts. In 2006, the Company&#x2019;s board of directors approved a corporate reorganization pursuant to which the Company incorporated as a Delaware corporation. The Company is a regenerative medicine company engaged in developing and commercializing products in the musculoskeletal segment of the marketplace. The Company combines cell therapy and tissue engineering technologies to develop products for tissue repair and regeneration focusing on patients suffering from particular cartilage-derived pain and immobility. The Company is developing technology and products to reverse or prevent cartilage damage, including NeoCart for the repair of cartilage lesions. NeoCart is currently in a Phase 3 clinical trial in the United States under a special protocol assessment with the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) for the treatment of knee cartilage damage.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Since its inception, the Company has devoted substantially all of its efforts to product development, recruiting management and technical staff, raising capital, starting up production and building infrastructure and has not generated revenues from its planned principal operations. In addition, expenses have primarily been for research and development and administrative costs.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company is subject to a number of risks. Principal among these risks are the successful development of therapeutics, successfully enrolling patients in our clinical trials in a timely manner, protection of proprietary therapeutics, obtaining FDA approval and ongoing compliance with government regulations, ability to obtain adequate financing, fluctuations in operating results, dependence on key personnel and collaborative partners, adoption of the Company&#x2019;s products by the physician community, rapid technological changes inherent in the markets targeted, and substitute products and competition from larger companies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Initial public offering</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On December&#xA0;8, 2014, the Company closed its initial public offering (&#x201C;IPO&#x201D;) whereby the Company sold 5,909,091 shares of common stock at a price of $11.00 per share for gross proceeds of $65,000. On January&#xA0;6, 2015, an additional 465,000 shares of common stock were sold at the IPO price of $11.00 per share following the underwriters&#x2019; exercise in part of their overallotment option for gross proceeds of $5,115. The shares began trading on The Nasdaq Global Market on December&#xA0;3, 2014. Gross proceeds from the offering, inclusive of the overallotment, were $70,115. After giving effect to underwriting discounts and commissions and offering expenses payable by the Company, net proceeds were $61,277. In addition, each of the following occurred in connection with the completion of the IPO on December&#xA0;8, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the conversion of all outstanding shares of the Company&#x2019;s convertible redeemable preferred stock and accrued dividends into 5,158,407 shares of common stock;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the conversion of $11,100 in convertible notes payable and accrued interest into 1,009,115 shares of common stock;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the net exercise of certain warrants into 44,531 shares of common stock and the surrender of 5,839 warrant shares to satisfy the contingent payment payable to Purpose Co., Ltd. (&#x201C;Other Liability&#x201D;), resulting in the settlement of the related warrant liability and Other Liability upon the closing of the IPO of $490 and $612, respectively, to additional paid-in capital;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the termination of the redemption provision of the net sales distribution payment; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the Company is now authorized to issue 100,000,000 shares of common stock and 10,000,000 shares of preferred stock.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Basis of Presentation and Principles of Consolidation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The condensed consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (&#x201C;U.S. GAAP&#x201D;) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These interim condensed consolidated financial statements, in the opinion of the Company&#x2019;s management, reflect all normal recurring adjustments necessary for a fair presentation of the Company&#x2019;s financial position and results of operations for the interim periods ended March&#xA0;31, 2015 and 2014. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December&#xA0;31, 2014, and the notes thereto, which are included in the Company&#x2019;s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) on March&#xA0;27, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The condensed consolidated financial statements include the accounts of Histogenics Corporation and its wholly-owned subsidiaries, ProChon Biotech Ltd. (&#x201C;ProChon&#x201D;) and Histogenics Securities Corporation. All significant intercompany accounts and transactions are eliminated in consolidation.</p> </div>
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