$OCGN
Ocugen, Inc.

2016 Q1 Form 10-K Financial Statement

#000119312516500103 Filed on March 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2014 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.210M $2.230M $1.900M
YoY Change 4.74% 17.37% -1.04%
% of Gross Profit
Research & Development $5.586M $5.770M $4.580M
YoY Change -3.09% 25.98% 29.38%
% of Gross Profit
Depreciation & Amortization $430.0K $430.0K $250.0K
YoY Change 15.9% 72.0% 66.67%
% of Gross Profit
Operating Expenses $7.798M $8.000M $6.480M
YoY Change -0.95% 23.46% 18.68%
Operating Profit -$7.798M
YoY Change -0.95%
Interest Expense $19.00K -$20.00K $7.440M
YoY Change -69.35% -100.27% -186.31%
% of Operating Profit
Other Income/Expense, Net -$120.0K -$10.00K $20.00K
YoY Change 31.87% -150.0% -200.0%
Pretax Income -$7.920M -$8.350M $920.0K
YoY Change -0.5% -1007.61% -106.5%
Income Tax
% Of Pretax Income
Net Earnings -$7.918M -$8.350M $4.440M
YoY Change -0.58% -288.06% -110.53%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$36.00M -$37.95M $21.14M
COMMON SHARES
Basic Shares Outstanding 13.27M shares 13.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.90M $30.92M $58.53M
YoY Change -56.94% -47.17% 570.45%
Cash & Equivalents $22.90M $30.92M $58.53M
Short-Term Investments
Other Short-Term Assets $470.0K $195.0K $146.0K
YoY Change -43.37% 33.56% -90.99%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.36M $31.24M $59.32M
YoY Change -56.74% -47.35% 473.17%
LONG-TERM ASSETS
Property, Plant & Equipment $4.815M $5.213M $4.878M
YoY Change -11.2% 6.87% 113.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.0K $140.0K $790.0K
YoY Change -91.46% -82.28% -50.63%
Total Long-Term Assets $5.152M $5.550M $6.176M
YoY Change -31.94% -10.14% 38.79%
TOTAL ASSETS
Total Short-Term Assets $23.36M $31.24M $59.32M
Total Long-Term Assets $5.152M $5.550M $6.176M
Total Assets $28.52M $36.79M $65.50M
YoY Change -53.69% -43.84% 342.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.713M $2.024M $4.886M
YoY Change -47.98% -58.58% 93.12%
Accrued Expenses $2.880M $1.444M $1.676M
YoY Change 51.9% -13.84% 61.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $580.0K $580.0K $410.0K
YoY Change 7.41% 41.46%
Total Short-Term Liabilities $5.975M $6.359M $7.600M
YoY Change -20.32% -16.33% 49.31%
LONG-TERM LIABILITIES
Long-Term Debt $620.0K $760.0K $1.350M
YoY Change -48.33% -43.7%
Other Long-Term Liabilities $1.330M $1.470M $1.700M
YoY Change -19.88% -13.53% -93.97%
Total Long-Term Liabilities $1.950M $2.230M $3.050M
YoY Change -31.82% -26.89% -89.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.975M $6.359M $7.600M
Total Long-Term Liabilities $1.950M $2.230M $3.050M
Total Liabilities $7.923M $8.588M $11.29M
YoY Change -23.49% -23.95% -66.07%
SHAREHOLDERS EQUITY
Retained Earnings -$173.5M -$165.6M -$133.5M
YoY Change 22.6% 23.98%
Common Stock $194.1M $193.8M $187.7M
YoY Change 0.7% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.59M $28.20M $54.21M
YoY Change
Total Liabilities & Shareholders Equity $28.52M $36.79M $65.50M
YoY Change -53.69% -43.84% 342.56%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income -$7.918M -$8.350M $4.440M
YoY Change -0.58% -288.06% -110.53%
Depreciation, Depletion And Amortization $430.0K $430.0K $250.0K
YoY Change 15.9% 72.0% 66.67%
Cash From Operating Activities -$7.840M -$6.990M -$4.680M
YoY Change -9.78% 49.36% -9.83%
INVESTING ACTIVITIES
Capital Expenditures $32.00K -$130.0K -$1.740M
YoY Change -96.5% -92.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$130.0K -$1.740M
YoY Change -96.74% -92.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -150.0K -150.0K 61.69M
YoY Change -103.17% -100.24% 526.29%
NET CHANGE
Cash From Operating Activities -7.840M -6.990M -4.680M
Cash From Investing Activities -30.00K -130.0K -1.740M
Cash From Financing Activities -150.0K -150.0K 61.69M
Net Change In Cash -8.020M -7.270M 55.27M
YoY Change 64.34% -113.15% 1086.05%
FREE CASH FLOW
Cash From Operating Activities -$7.840M -$6.990M -$4.680M
Capital Expenditures $32.00K -$130.0K -$1.740M
Free Cash Flow -$7.872M -$6.860M -$2.940M
YoY Change -18.04% 133.33% -43.35%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>NATURE OF BUSINESS</b></td> </tr> </table> <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"> On May&#xA0;13, 2011, the Company completed the acquisition of ProChon Biotech Ltd. (&#x201C;ProChon&#x201D;), a privately-held biotechnology company focused on modulating the fibroblast growth factor system to enable it to create more effective solutions for tissue regeneration. ProChon&#x2019;s products combine cell regeneration technologies with proprietary growth factors and biocompatible scaffolds to restore injured or chronically damaged tissues to normal. The acquisition of ProChon provides the Company with access to a significant portfolio of intellectual property, including proprietary cell growth factors, in addition to furthering opportunities for the use of biomaterials to create more effective solutions for regenerating human tissue. In the aggregate, the fair value of the consideration paid to acquire ProChon was $2,224. 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The shares began trading on the Nasdaq Global Market on December&#xA0;3, 2014. Gross proceeds from the offering were $65,000. After giving effect to underwriting discounts and commissions and offering expenses payable by the Company, net proceeds were $56,539. In addition, each of the following occurred in connection with the completion of the IPO on December&#xA0;3, 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 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"> &#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 royalty 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 Accounting</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#x201C;U.S. GAAP&#x201D;). The consolidated financial statements include the accounts of Histogenics Corporation and its wholly-owned subsidiaries, ProChon and Histogenics Securities Corporation. All significant intercompany accounts and transactions are eliminated in consolidation.</p> </div>
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Histogenics Corporation
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EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
914722 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
124000
CY2015 us-gaap Depreciation
Depreciation
1614000
CY2015 hsgx Average Closing Common Stock Price Period
AverageClosingCommonStockPricePeriod
P10D
CY2015 hsgx Maximum Percentage Of Recognition Of Tax Benefits From Uncertain Tax Positions
MaximumPercentageOfRecognitionOfTaxBenefitsFromUncertainTaxPositions
0.50 pure
CY2015 hsgx Deferred Rent And Lease Incentive
DeferredRentAndLeaseIncentive
-322000
CY2015 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <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 year ended December&#xA0;31, 2014.</p> </div>
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.76
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.08
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The preparation of the Company&#x2019;s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company&#x2019;s consolidated financial statements and accompanying notes. The most significant estimates in the Company&#x2019;s consolidated financial statements relate to the valuation of equity awards, estimated useful lives of fixed assets and intangible assets. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company&#x2019;s actual results may differ from these estimates under different assumptions or conditions.</p> </div>
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
53458 shares
CY2015 dei Trading Symbol
TradingSymbol
HSGX
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13231126 shares
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2015 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
310000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2633000
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1949000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-32024000
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
39000
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2015 us-gaap Repayments Of Debt
RepaymentsOfDebt
406000
CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1228000
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-475000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-31819000
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-72000
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-205000
CY2015 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
11000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
11785000
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2015 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
79000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-31332000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-692000
CY2015 us-gaap Interest Paid Net
InterestPaidNet
94000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-32024000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
1228000
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2015 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
377000
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
1539000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1116000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-27612000
CY2015 us-gaap Operating Expenses
OperatingExpenses
31819000
CY2015 us-gaap Interest Expense
InterestExpense
133000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1949000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4371000
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23243000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4738000
CY2015 hsgx Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-32024000
CY2015 hsgx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.012 pure
CY2015 hsgx Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2015 hsgx Stock Issued During Period Value Overallotment Net Of Fees And Issuance Costs
StockIssuedDuringPeriodValueOverallotmentNetOfFeesAndIssuanceCosts
4738000
CY2015 hsgx Payable In Cash For Each Net Sales Distribution Payment Redeemed
PayableInCashForEachNetSalesDistributionPaymentRedeemed
10000000

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