2015 Q2 Form 10-Q Financial Statement
#000119312515288281 Filed on August 12, 2015
Income Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $1.740M | $1.310M |
| YoY Change | 32.82% | 2.34% |
| % of Gross Profit | ||
| Research & Development | $5.858M | $4.669M |
| YoY Change | 25.47% | 58.81% |
| % of Gross Profit | ||
| Depreciation & Amortization | $397.0K | $160.0K |
| YoY Change | 148.13% | 33.33% |
| % of Gross Profit | ||
| Operating Expenses | $7.593M | $6.010M |
| YoY Change | 26.34% | 42.42% |
| Operating Profit | -$7.593M | -$6.010M |
| YoY Change | 26.34% | |
| Interest Expense | $26.00K | -$2.290M |
| YoY Change | -101.14% | 269.35% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$40.00K | -$2.292M |
| YoY Change | -98.25% | 22820.0% |
| Pretax Income | -$7.630M | -$8.300M |
| YoY Change | -8.07% | 71.49% |
| Income Tax | $0.00 | |
| % Of Pretax Income | ||
| Net Earnings | -$7.633M | -$8.302M |
| YoY Change | -8.06% | 71.53% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$34.68M | -$65.67M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 0.000 shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $45.22M | $7.780M |
| YoY Change | 481.23% | |
| Cash & Equivalents | $45.22M | $7.776M |
| Short-Term Investments | ||
| Other Short-Term Assets | $900.0K | $2.600M |
| YoY Change | -65.38% | |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $46.12M | $10.38M |
| YoY Change | 344.31% | |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $5.428M | $2.160M |
| YoY Change | 151.3% | |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $1.180M | $1.730M |
| YoY Change | -31.79% | |
| Total Long-Term Assets | $7.119M | $4.460M |
| YoY Change | 59.62% | |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $46.12M | $10.38M |
| Total Long-Term Assets | $7.119M | $4.460M |
| Total Assets | $53.24M | $14.84M |
| YoY Change | 258.75% | |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $2.337M | $2.850M |
| YoY Change | -18.0% | |
| Accrued Expenses | $2.093M | $1.680M |
| YoY Change | 24.58% | |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $580.0K | |
| YoY Change | ||
| Total Short-Term Liabilities | $6.687M | $6.060M |
| YoY Change | 10.35% | |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.050M | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $1.630M | $28.48M |
| YoY Change | -94.28% | |
| Total Long-Term Liabilities | $2.680M | $28.48M |
| YoY Change | -90.59% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $6.687M | $6.060M |
| Total Long-Term Liabilities | $2.680M | $28.48M |
| Total Liabilities | $9.373M | $34.54M |
| YoY Change | -72.86% | |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$149.1M | |
| YoY Change | ||
| Common Stock | $193.0M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $43.87M | -$19.70M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $53.24M | $14.84M |
| YoY Change | 258.75% |
Cashflow Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$7.633M | -$8.302M |
| YoY Change | -8.06% | 71.53% |
| Depreciation, Depletion And Amortization | $397.0K | $160.0K |
| YoY Change | 148.13% | 33.33% |
| Cash From Operating Activities | -$7.470M | -$5.450M |
| YoY Change | 37.06% | 48.5% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$400.0K | -$70.00K |
| YoY Change | 471.43% | -69.57% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | |
| YoY Change | ||
| Cash From Investing Activities | -$400.0K | -$70.00K |
| YoY Change | 471.43% | -69.57% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -90.00K | 9.940M |
| YoY Change | -100.91% | |
| NET CHANGE | ||
| Cash From Operating Activities | -7.470M | -5.450M |
| Cash From Investing Activities | -400.0K | -70.00K |
| Cash From Financing Activities | -90.00K | 9.940M |
| Net Change In Cash | -7.960M | 4.420M |
| YoY Change | -280.09% | -213.33% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$7.470M | -$5.450M |
| Capital Expenditures | -$400.0K | -$70.00K |
| Free Cash Flow | -$7.070M | -$5.380M |
| YoY Change | 31.41% | 56.4% |
Facts In Submission
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|---|---|---|---|---|
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Common Stock Shares Authorized
CommonStockSharesAuthorized
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100000000 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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10000000 | shares |
| CY2014Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
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44531 | shares |
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Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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Warrants Not Settleable In Cash Fair Value Disclosure
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117000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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7776000 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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Common Stock Shares Authorized
CommonStockSharesAuthorized
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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7.74 | |
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Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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Common Stock Shares Outstanding
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Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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7.65 | |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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0.01 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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Preferred Stock Shares Issued
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0.01 | |
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AdditionalPaidInCapitalCommonStock
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Incentive From Lessor
IncentiveFromLessor
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1220000 | |
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Stockholders Equity
StockholdersEquity
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43865000 | |
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223000 | |
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583000 | |
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2337000 | |
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Long Term Loans Payable
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1053000 | |
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Accrued Liabilities Current
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2093000 | |
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Retained Earnings Accumulated Deficit
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Liabilities
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Liabilities And Stockholders Equity
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Common Stock Value
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Commitments And Contingencies
CommitmentsAndContingencies
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Preferred Stock Value
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Cash And Cash Equivalents Fair Value Disclosure
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Prepaid Expense And Other Assets Current
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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45222000 | |
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Deferred Tax Assets Net Noncurrent
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1044000 | |
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Property Plant And Equipment Gross
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12571000 | |
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Indefinite Lived Intangible Assets Excluding Goodwill
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510000 | |
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1232000 | |
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Indefinite Lived Intangible Assets Accumulated Impairment
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120000 | |
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630000 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
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5.12 | |
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Incentive From Lessor Current
IncentiveFromLessorCurrent
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407000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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8734000 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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537683 | shares |
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Common Stock Shares Authorized
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100000000 | shares |
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6.19 | |
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Preferred Stock Shares Outstanding
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Long Term Loans Payable
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1683000 | |
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Retained Earnings Accumulated Deficit
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-133541000 | |
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Liabilities
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11293000 | |
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Liabilities And Stockholders Equity
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65499000 | |
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Common Stock Value
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127000 | |
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Commitments And Contingencies
CommitmentsAndContingencies
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Deferred Tax Liabilities Current
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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6375000 | |
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Liabilities Current
LiabilitiesCurrent
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8251000 | |
| CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
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| CY2014Q4 | us-gaap |
Assets
Assets
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65499000 | |
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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4878000 | |
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Restricted Cash And Cash Equivalents Noncurrent
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604000 | |
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Noncurrent Assets
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4878000 | |
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Assets Current
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58856000 | |
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Cash And Cash Equivalents Fair Value Disclosure
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49750000 | |
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Prepaid Expense And Other Assets Current
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796000 | |
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Cash And Cash Equivalents At Carrying Value
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58060000 | |
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Deferred Tax Assets Net Noncurrent
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651000 | |
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Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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11253000 | |
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Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
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510000 | |
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Indefinite Lived Intangible Assets Accumulated Impairment
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120000 | |
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Indefinite Lived Intangible Assets Gross
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630000 | |
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Incentive From Lessor Current
IncentiveFromLessorCurrent
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407000 | |
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5158407 | shares |
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Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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70115000 | |
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Proceeds From Issuance Initial Public Offering Net
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61277000 | |
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Class Of Warrant Or Right Number Of Securities Surrendered
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Class Of Warrant Or Right Exercisable Expiration Period
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P10Y | |
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Net Cash Provided By Used In Operating Activities Continuing Operations
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-10465000 | ||
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Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.0068 | pure | |
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Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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0.0121 | pure | |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-25.91 | ||
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Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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Q2 | ||
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Nature Of Operations
NatureOfOperations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. NATURE OF BUSINESS</b></p> <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 “Company”) is a Delaware corporation and has its principal operations in Waltham, Massachusetts. The Company is a regenerative medicine company engaged in developing and commercializing products in the musculoskeletal segment of the marketplace. The Company is developing technology and products to treat 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 (“FDA”) 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. 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 its products, successfully enrolling patients in its clinical trials in a timely manner, protection of its intellectual property, obtaining FDA approval for its products and maintaining ongoing compliance with government regulations, the ability to obtain adequate financing, fluctuations in operating results, dependence on key personnel and collaborative partners, adoption of the Company’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 8, 2014, the Company closed its initial public offering (“IPO”) 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. The shares began trading on The Nasdaq Global Market on December 3, 2014. On January 6, 2015, an additional 465,000 shares of common stock were sold at the IPO price of $11.00 per share following the underwriters’ exercise in part of their overallotment option for gross proceeds of $5,115. 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 8, 2014:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">the conversion of all outstanding shares of the Company’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">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </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">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </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. (“Other Liability”), 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">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </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">  </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%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">the authorization 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 (“U.S. GAAP”) 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’s management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 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 31, 2014, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 27, 2015.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> The condensed consolidated financial statements include the accounts of Histogenics Corporation and its wholly-owned subsidiaries, ProChon Biotech Ltd. (“ProChon”) and Histogenics Securities Corporation. All intercompany accounts and transactions are eliminated in consolidation.</p> </div> | ||
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company has reclassified certain prior period amounts to conform to the current period presentation. The amounts reclassified impact research and development expenses and general and administrative expenses for the three months and six months ended June 30, 2014.</p> </div> | ||
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0.000 | pure |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.596 | pure |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.000 | pure |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
0 | shares |
| CY2015Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.88 | |
| CY2015Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
13215701 | shares |
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7633000 | |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-7593000 | |
| CY2015Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-14000 | |
| CY2015Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-40000 | |
| CY2015Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
257000 | |
| CY2015Q2 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
300000 | |
| CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
7593000 | |
| CY2015Q2 | us-gaap |
Interest Expense
InterestExpense
|
26000 | |
| CY2015Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
5858000 | |
| CY2015Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
257000 | |
| CY2015Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1735000 | |
| CY2015Q2 | us-gaap |
Depreciation
Depreciation
|
397000 | |
| CY2015Q2 | hsgx |
Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
|
-7633000 |
