$OCGN
Ocugen, Inc.

2017 Q1 Form 10-K Financial Statement

#000119312517085372 Filed on March 16, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 2015 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 $2.330M $8.530M $2.230M
YoY Change 5.43% 3.14% 17.37%
% of Gross Profit
Research & Development $4.504M $21.58M $5.770M
YoY Change -19.37% -7.17% 25.98%
% of Gross Profit
Depreciation & Amortization $394.0K $1.673M $430.0K
YoY Change -8.37% 3.66% 72.0%
% of Gross Profit
Operating Expenses $6.830M $30.31M $8.000M
YoY Change -12.41% -4.75% 23.46%
Operating Profit -$6.830M -$30.31M
YoY Change -12.41% -4.75%
Interest Expense $35.00K $60.00K -$20.00K
YoY Change 84.21% -54.89% -100.27%
% of Operating Profit
Other Income/Expense, Net -$251.0K $14.10M -$10.00K
YoY Change 109.17% -6977.56% -150.0%
Pretax Income -$7.080M -$15.84M -$8.350M
YoY Change -10.61% -49.53% -1007.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.081M -$16.21M -$8.350M
YoY Change -10.57% -49.39% -288.06%
Net Earnings / Revenue
Basic Earnings Per Share -$0.97
Diluted Earnings Per Share -$19.14M -$2.18 -$37.95M
COMMON SHARES
Basic Shares Outstanding 22.17M shares 14.26M 13.27M shares
Diluted Shares Outstanding 14.39M

Balance Sheet

Concept 2017 Q1 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.37M $31.91M $30.92M
YoY Change 6.44% 3.2% -47.17%
Cash & Equivalents $16.37M $31.91M $30.92M
Short-Term Investments $8.000M
Other Short-Term Assets $300.0K $170.0K $195.0K
YoY Change -36.17% -48.48% 33.56%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $24.67M $32.08M $31.24M
YoY Change 5.59% 2.69% -47.35%
LONG-TERM ASSETS
Property, Plant & Equipment $3.503M $3.860M $5.213M
YoY Change -27.25% -25.91% 6.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.0K $140.0K $140.0K
YoY Change 0.0% 0.0% -82.28%
Total Long-Term Assets $3.640M $4.000M $5.550M
YoY Change -29.35% -27.93% -10.14%
TOTAL ASSETS
Total Short-Term Assets $24.67M $32.08M $31.24M
Total Long-Term Assets $3.640M $4.000M $5.550M
Total Assets $28.31M $36.08M $36.79M
YoY Change -0.72% -1.93% -43.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.887M $1.950M $2.024M
YoY Change 10.16% -13.33% -58.58%
Accrued Expenses $995.0K $2.100M $1.444M
YoY Change -65.45% -29.77% -13.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $570.0K $580.0K $580.0K
YoY Change -1.72% 0.0% 41.46%
Total Short-Term Liabilities $3.895M $5.170M $6.359M
YoY Change -34.81% -18.71% -16.33%
LONG-TERM LIABILITIES
Long-Term Debt $50.00K $180.0K $760.0K
YoY Change -91.94% -76.32% -43.7%
Other Long-Term Liabilities $17.40M $17.16M $1.470M
YoY Change 1208.27% 1067.35% -13.53%
Total Long-Term Liabilities $17.45M $17.34M $2.230M
YoY Change 794.87% 677.58% -26.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.895M $5.170M $6.359M
Total Long-Term Liabilities $17.45M $17.34M $2.230M
Total Liabilities $21.34M $22.51M $8.588M
YoY Change 169.32% 162.05% -23.95%
SHAREHOLDERS EQUITY
Retained Earnings -$188.9M -$165.6M
YoY Change 8.86% 23.98%
Common Stock $195.8M $193.8M
YoY Change 0.91% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.972M $13.57M $28.20M
YoY Change
Total Liabilities & Shareholders Equity $28.31M $36.08M $36.79M
YoY Change -0.72% -1.93% -43.84%

Cashflow Statement

Concept 2017 Q1 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$7.081M -$16.21M -$8.350M
YoY Change -10.57% -49.39% -288.06%
Depreciation, Depletion And Amortization $394.0K $1.673M $430.0K
YoY Change -8.37% 3.66% 72.0%
Cash From Operating Activities -$7.350M -$25.74M -$6.990M
YoY Change -6.25% -14.29% 49.36%
INVESTING ACTIVITIES
Capital Expenditures $37.00K $320.0K -$130.0K
YoY Change 15.63% -83.58% -92.53%
Acquisitions
YoY Change
Other Investing Activities -$8.010M
YoY Change
Cash From Investing Activities -$8.040M -$320.0K -$130.0K
YoY Change 26700.0% -83.59% -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 27.05M -150.0K
YoY Change 0.0% 518.99% -100.24%
NET CHANGE
Cash From Operating Activities -7.350M -25.74M -6.990M
Cash From Investing Activities -8.040M -320.0K -130.0K
Cash From Financing Activities -150.0K 27.05M -150.0K
Net Change In Cash -15.53M 990.0K -7.270M
YoY Change 93.69% -103.59% -113.15%
FREE CASH FLOW
Cash From Operating Activities -$7.350M -$25.74M -$6.990M
Capital Expenditures $37.00K $320.0K -$130.0K
Free Cash Flow -$7.387M -$26.06M -$6.860M
YoY Change -6.16% -18.51% 133.33%

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CY2016 dei Entity Registrant Name
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Histogenics Corporation
CY2016 dei Document Type
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10-K
CY2016 dei Entity Central Index Key
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0001372299
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The Series A Preferred Stock shall not be converted if, after giving effect to the conversion, the holder and its affiliated persons would own beneficially more than 4.99% of our common stock (subject to adjustment up to 9.99% solely at the holder's discretion upon 61 days' prior notice to us or, solely as to a holder, if such limitation is waived by such holder upon execution of the private placement agreement).
CY2016 dei Entity Well Known Seasoned Issuer
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2016
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss.</p> </div>
CY2016 us-gaap Depreciation
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1673000
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FY
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CY2016 dei Entity Filer Category
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Smaller Reporting Company
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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0
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CY2016 us-gaap Income Tax Examination Description
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The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for years 2001 through present. Carryforward attributes that were generated in earlier periods remain subject to examination to the extent the year in which they were used or will be used remains open for examination. The tax years which remain subject to examination by tax authorities in Israel, as of December 31, 2016, include years 2013 through the present.
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653000
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200000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-15838000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-369000
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CY2016 us-gaap Increase Decrease In Accounts Payable
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-435000
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-148000
CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 Accounts Payable and Accounts Payable due to Intrexon Corporation (&#x201C;Intrexon&#x201D;) for the year ended December&#xA0;31, 2015.</p> </div>
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27630000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
27049000
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
257000
CY2016 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
1494000
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-9200000
CY2016 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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132238 shares
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-16208000
CY2016 us-gaap Nature Of Operations
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <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: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left"><b>Organization</b></td> <td valign="top" align="left"></td> </tr> </table> <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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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 and is initially focused on patients suffering from cartilage-derived pain and immobility. The Company&#x2019;s most advanced product, NeoCart, is currently in a Phase 3 clinical trial in the United States (the &#x201C;U.S.&#x201D;) 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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 for consideration of $2.2 million 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. The acquisition of ProChon provided 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. The acquisition led to the initial recognition of goodwill, which was subsequently written off in 2011, and intangible assets including IPR&amp;D and a licensing agreement which have been impaired as discussed in Note 2.</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On December&#xA0;18, 2014, the Company formed a wholly owned subsidiary, Histogenics Securities Corporation, under the laws of the Commonwealth of Massachusetts.</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On September&#xA0;29, 2016, the Company closed a private placement of common stock, preferred stock and warrants, contemplated by a securities purchase agreement dated September&#xA0;15, 2016, with certain institutional and accredited investors. The net proceeds after deducting placement agent fees and other transaction-related expenses was $27.6 million. See Note 8, Capital Stock, for further discussion of the private placement.</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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 yet generated revenues from its planned principal operations. Expenses have primarily been for research and development and related administrative costs.</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The Company is subject to a number of risks. The developmental nature of its activities is such that significant inherent risks exist in the Company&#x2019;s operations. Principal among these risks are the successful development of therapeutics, successfully enrolling patients in its clinical trials in a timely manner, obtaining regulatory approval for any of its product candidates in any jurisdiction, compliance with government regulations, ability to obtain adequate financing, protection of proprietary therapeutics, 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has incurred losses and cash flow deficits from operations for the years ended December&#xA0;31, 2016 and 2015. The Company has financed operations to date primarily through private placements of equity securities, including the sale of common stock and preferred stock, and the related issuance of warrants in September 2016, the issuance of common stock in the initial public offering completed in December 2014, and borrowings under debt agreements. The Company has incurred losses and negative cash flows from operations since inception resulting in an accumulated deficit at December&#xA0;31, 2016 of $181.8 million. The Company anticipates that it will continue to incur net losses for the next several years. The Company believes that its existing cash and cash equivalents will be sufficient to fund its projected cash needs into the middle of 2018, and it has the ability to reduce or defer operating expenses as may be needed to fund its operations into the middle of the third quarter of 2018. The Company will require additional capital to complete the filing of a biologics license application with the FDA and commercialize NeoCart, if approved, and for the future development of its existing product candidates. However, the terms of such financing may not be on favorable terms or available to the Company.</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Initial public offering</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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On December&#xA0;3, 2014, the Company completed 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. The shares began trading on the Nasdaq Global Market on December&#xA0;3, 2014. Gross proceeds from the offering were $65 million. In January 2015, the underwriters exercised a portion of their overallotment option and purchased an additional 465,000 shares of the Company&#x2019;s common stock at $11.00 per share, resulting in an additional $5.1 million in gross proceeds. After giving effect to underwriting discounts and commissions and offering expenses payable by the Company, net proceeds were $61.3 million.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> </div>
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-25736000
CY2016 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
320000
CY2016 us-gaap Repayments Of Debt
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583000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3685 shares
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
125000
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <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: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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, warrant liability, recoverability of deferred tax assets, 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left"></td> <td valign="top" align="left"></td> </tr> </table> </div>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14389192 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.725 pure
CY2016 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
377000
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P7Y
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y4M24D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.71
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.02
CY2016 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.97
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
0.635 pure
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.76
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14256954 shares
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3000
CY2016 dei Trading Symbol
TradingSymbol
HSGX
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
0.0157 pure
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21577000
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
464240 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.26
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0173 pure
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
112878 shares
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
1548000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2016 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
0.000 pure
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y4M24D
CY2016 us-gaap Interest Paid Net
InterestPaidNet
66000
CY2016 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2016 hsgx Maximum Percentage Of Recognition Of Tax Benefits From Uncertain Tax Positions
MaximumPercentageOfRecognitionOfTaxBenefitsFromUncertainTaxPositions
0.50 pure
CY2016 hsgx Deferred Rent And Lease Incentive
DeferredRentAndLeaseIncentive
533000
CY2016 hsgx Fair Market Value Of Private Placement Warrants At Issuance
FairMarketValueOfPrivatePlacementWarrantsAtIssuance
30704000
CY2016 hsgx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.290 pure
CY2016 hsgx Net Income Loss Available To Series A Preferred Stock
NetIncomeLossAvailableToSeriesAPreferredStock
-2345000
CY2016 hsgx Stock Issued During Period Preferred Stock Value
StockIssuedDuringPeriodPreferredStockValue
0
CY2016 hsgx Effective Income Tax Rate Reconciliation Net Operating Loss Limitation
EffectiveIncomeTaxRateReconciliationNetOperatingLossLimitation
-1.111 pure
CY2016 hsgx Effective Income Tax Rate Reconciliation R And D Credit Limitation
EffectiveIncomeTaxRateReconciliationRAndDCreditLimitation
-0.015 pure

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