2018 Q1 Form 10-Q Financial Statement
#000156459018012937 Filed on May 10, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.810M | $2.330M |
| YoY Change | 20.6% | 5.43% |
| % of Gross Profit | ||
| Research & Development | $3.286M | $4.504M |
| YoY Change | -27.04% | -19.37% |
| % of Gross Profit | ||
| Depreciation & Amortization | $172.0K | $394.0K |
| YoY Change | -56.35% | -8.37% |
| % of Gross Profit | ||
| Operating Expenses | $6.093M | $6.830M |
| YoY Change | -10.79% | -12.41% |
| Operating Profit | -$6.093M | -$6.830M |
| YoY Change | -10.79% | -12.41% |
| Interest Expense | $37.00K | $35.00K |
| YoY Change | 5.71% | 84.21% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$8.740M | -$251.0K |
| YoY Change | 3382.07% | 109.17% |
| Pretax Income | -$14.83M | -$7.080M |
| YoY Change | 109.46% | -10.61% |
| Income Tax | $0.00 | $0.00 |
| % Of Pretax Income | ||
| Net Earnings | -$14.83M | -$7.081M |
| YoY Change | 109.48% | -10.57% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$31.55M | -$19.14M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 28.69M | 22.17M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $15.51M | $24.37M |
| YoY Change | -36.37% | 6.44% |
| Cash & Equivalents | $15.51M | $16.37M |
| Short-Term Investments | $0.00 | $8.000M |
| Other Short-Term Assets | $860.0K | $300.0K |
| YoY Change | 186.67% | -36.17% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $16.37M | $24.67M |
| YoY Change | -33.64% | 5.59% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $4.450M | $3.503M |
| YoY Change | 27.03% | -27.25% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $510.0K | $140.0K |
| YoY Change | 264.29% | 0.0% |
| Total Long-Term Assets | $4.960M | $3.640M |
| YoY Change | 36.26% | -29.35% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $16.37M | $24.67M |
| Total Long-Term Assets | $4.960M | $3.640M |
| Total Assets | $21.33M | $28.31M |
| YoY Change | -24.66% | -0.72% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.360M | $1.887M |
| YoY Change | -27.93% | 10.16% |
| Accrued Expenses | $1.740M | $995.0K |
| YoY Change | 74.87% | -65.45% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $50.00K | $570.0K |
| YoY Change | -91.23% | -1.72% |
| Total Short-Term Liabilities | $8.420M | $3.895M |
| YoY Change | 116.17% | -34.81% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $50.00K |
| YoY Change | -100.0% | -91.94% |
| Other Long-Term Liabilities | $32.98M | $17.40M |
| YoY Change | 89.54% | 1208.27% |
| Total Long-Term Liabilities | $32.98M | $17.45M |
| YoY Change | 89.0% | 794.87% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $8.420M | $3.895M |
| Total Long-Term Liabilities | $32.98M | $17.45M |
| Total Liabilities | $41.40M | $21.34M |
| YoY Change | 94.02% | 169.32% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$188.9M | |
| YoY Change | 8.86% | |
| Common Stock | $195.8M | |
| YoY Change | 0.91% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$20.07M | $6.972M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $21.33M | $28.31M |
| YoY Change | -24.66% | -0.72% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$14.83M | -$7.081M |
| YoY Change | 109.48% | -10.57% |
| Depreciation, Depletion And Amortization | $172.0K | $394.0K |
| YoY Change | -56.35% | -8.37% |
| Cash From Operating Activities | $3.286M | -$7.350M |
| YoY Change | -144.71% | -6.25% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $1.255M | $37.00K |
| YoY Change | 3291.89% | 15.63% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $900.0K | -$8.010M |
| YoY Change | -111.24% | |
| Cash From Investing Activities | -$355.0K | -$8.040M |
| YoY Change | -95.58% | 26700.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $5.732M | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 5.495M | -150.0K |
| YoY Change | -3763.33% | 0.0% |
| NET CHANGE | ||
| Cash From Operating Activities | 3.286M | -7.350M |
| Cash From Investing Activities | -355.0K | -8.040M |
| Cash From Financing Activities | 5.495M | -150.0K |
| Net Change In Cash | 8.426M | -15.53M |
| YoY Change | -154.24% | 93.69% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $3.286M | -$7.350M |
| Capital Expenditures | $1.255M | $37.00K |
| Free Cash Flow | $2.031M | -$7.387M |
| YoY Change | -127.49% | -6.16% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q4 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
280000 | |
| CY2018Q1 | us-gaap |
Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
|
5000000 | |
| CY2018Q1 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
5000000 | |
| CY2017Q4 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
178000 | |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
3805000 | |
| CY2017Q4 | us-gaap |
Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
|
3040000 | |
| CY2017Q4 | us-gaap |
Incentive From Lessor
IncentiveFromLessor
|
499000 | |
| CY2017Q4 | us-gaap |
Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
|
14679000 | |
| CY2017Q4 | us-gaap |
Liabilities
Liabilities
|
22303000 | |
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2017Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2017Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
159000 | |
| CY2017Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
196760000 | |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-208187000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-11268000 | |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
11035000 | |
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
24571029 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
24571029 | |
| CY2018Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
0 | |
| CY2017Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
0 | |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3286000 | |
| CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2807000 | |
| CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2326000 | |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
6093000 | |
| CY2017Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
6830000 | |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6093000 | |
| CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6830000 | |
| CY2018Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
37000 | |
| CY2017Q1 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
35000 | |
| CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-24000 | |
| CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-17000 | |
| CY2018Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
8753000 | |
| CY2017Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
269000 | |
| CY2018Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-8740000 | |
| CY2017Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-251000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-14833000 | |
| CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7081000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-6000 | |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-14833000 | |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-7087000 | |
| CY2018Q1 | hsgx |
Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
|
-14370000 | |
| CY2017Q1 | hsgx |
Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
|
-5832000 | |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.52 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.27 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27670118 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
21914001 | |
| CY2018Q1 | us-gaap |
Depreciation
Depreciation
|
172000 | |
| CY2017Q1 | us-gaap |
Depreciation
Depreciation
|
394000 | |
| CY2017Q1 | hsgx |
Deferred Rent And Lease Incentive
DeferredRentAndLeaseIncentive
|
134000 | |
| CY2017Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-1000 | |
| CY2018Q1 | hsgx |
Deferred Rent And Lease Incentive
DeferredRentAndLeaseIncentive
|
-853000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
3286000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-7345000 | |
| CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1255000 | |
| CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
37000 | |
| CY2018Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
900000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
403000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
492000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
664000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
122000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
375000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
586000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
299000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
-360000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1609000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1103000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
10000000 | |
| CY2017Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
8006000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-355000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-8043000 | |
| CY2018Q1 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
133000 | |
| CY2017Q1 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
|
146000 | |
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5732000 | |
| CY2018Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
106000 | |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
2000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
5495000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-146000 | |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
8426000 | |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-15534000 | |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7218000 | |
| CY2016Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
32045000 | |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15644000 | |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
16511000 | |
| CY2018Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
905000 | |
| CY2018Q1 | hsgx |
Public Offering Costs In Accounts Payable
PublicOfferingCostsInAccountsPayable
|
106000 | |
| CY2018Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. NATURE OF BUSINESS</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Organization</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Histogenics Corporation (the “Company”) was incorporated under the laws of the Commonwealth of Massachusetts on June 28, 2000 and has its principal operations in Waltham, Massachusetts. In 2006, the Company’s board of directors approved a corporate reorganization pursuant to which the Company incorporated as a Delaware corporation. The Company is a leader in the development of restorative cell therapies (“RCTs”). RCTs refer to a new class of products the Company is developing that are designed to offer patients rapid-onset pain relief and restored function through the repair of damaged or worn tissue. NeoCart, the Company’s lead investigational product, is an innovative cell therapy that utilizes various aspects of the Company’s RCT technology platform to treat tissue injury in the field of orthopedics, specifically cartilage damage in the knee. NeoCart is designed to rebuild a patient’s own knee cartilage to treat pain at the source, improve function and potentially prevent a patient’s progression to osteoarthritis. NeoCart is one of the most rigorously studied restorative cell therapies for orthopedic use and is currently in a 249 patient, Phase 3 clinical trial in the United States (the “U.S.”) under a special protocol assessment with the U.S. Food and Drug Administration (the “FDA”). Patient enrollment in this trial is complete with top-line, one-year superiority data expected in the third quarter of 2018, with a potential Biologics License Application (“BLA”) submission expected in the third quarter of 2018, subject to successful Phase 3 clinical trial results.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 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;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 29, 2016, the Company closed a private placement of common stock, preferred stock and warrants, contemplated by a securities purchase agreement dated September 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 6, Capital Stock, for further discussion of the private placement.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2018, the Company completed an underwritten registered direct offering of 2,691,494 shares of common stock. The total net proceeds of the offering were $5.7 million after deducting underwriter’s discounts and commissions, and expenses related to the offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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’s operations. Principal among these risks are the successful development of therapeutics, ability to obtain adequate financing, obtaining regulatory approval for any of its product candidates in any jurisdiction, obtaining adequate reimbursement rates for any of its approved product candidates, compliance with government regulations, protection of proprietary therapeutics, 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, the introduction of substitute products and competition from larger companies.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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 had an accumulated deficit at March 31, 2018 of $223.0 million and has incurred losses and cash flow deficits from operations for the three months ended March 31, 2018 and 2017. <font style="color:#000000;">The Company has financed operations to date primarily through public and private placements of equity securities, and borrowings under debt agreements. The Company anticipates that it will continue to incur net losses for the next several years. The Company believes that its existing cash, cash equivalents and marketable securities will only be sufficient to fund its projected cash needs into the fourth quarter of 2018. Accordingly, these factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional capital to commercialize NeoCart, if approved, and for the future development of its existing product candidates. To meet its capital needs, the Company intends to raise additional capital through debt or equity financing or other strategic transactions. However, any such financing may not be on favorable terms or available to the Company. The failure of the Company to obtain sufficient funds on commercially acceptable terms when needed will have a material adverse effect on the Company’s business, results of operations and financial condition. The forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of our expenses could vary materially and adversely as a result of a number of factors. The Company has based its estimates on assumptions that may prove to be wrong, and the Company’s expenses could prove to be significantly higher than it currently anticipates.</font></p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Basis of Accounting</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, they do not include all of the information and footnotes required by GAAP for complete financial statements. These interim 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 March 31, 2018 and 2017. 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, 2017, 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 15, 2018.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, ProChon and Histogenics Securities Corporation. All significant intercompany accounts and transactions are eliminated in consolidation.</p></div> | |
| CY2018Q1 | hsgx |
Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
|
0 | |
| CY2017Q4 | hsgx |
Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
|
0 | |
| CY2018Q1 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
9888000 | |
| CY2018Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
100000 | |
| CY2017Q4 | us-gaap |
Restricted Cash
RestrictedCash
|
100000 | |
| CY2017Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
0 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
0 | |
| CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
10000000 | |
| CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
|
Expects to recognize revenue on approximately 50% and 100% of the remaining performance obligations over the next 12 months and the following 12 months, respectively. | |
| CY2018Q1 | hsgx |
Revenue Remaining Performance Obligation Percentage Recognized Next Twelve Months
RevenueRemainingPerformanceObligationPercentageRecognizedNextTwelveMonths
|
0.50 | |
| CY2018Q1 | hsgx |
Revenue Remaining Performance Obligation Percentage Recognized Following Twelve Months
RevenueRemainingPerformanceObligationPercentageRecognizedFollowingTwelveMonths
|
1.00 | |
| CY2018Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
|
P12M | |
| CY2018Q1 | hsgx |
Net Income Loss Available To Series A Preferred Stock
NetIncomeLossAvailableToSeriesAPreferredStock
|
463000 | |
| CY2017Q1 | hsgx |
Net Income Loss Available To Series A Preferred Stock
NetIncomeLossAvailableToSeriesAPreferredStock
|
1249000 | |
| CY2018Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
15539000 | |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
13642000 | |
| CY2018Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
11091000 | |
| CY2017Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
10919000 | |
| CY2018Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
400000 | |
| CY2017Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
200000 | |
| CY2016Q3 | hsgx |
Minimum Threshold Percentage Of Beneficial Common Stock Interest
MinimumThresholdPercentageOfBeneficialCommonStockInterest
|
0.0499 | |
| CY2016Q3 | hsgx |
Maximum Threshold Percentage Of Beneficial Common Stock Interest On Holders Discretion
MaximumThresholdPercentageOfBeneficialCommonStockInterestOnHoldersDiscretion
|
0.0999 | |
| CY2018Q1 | us-gaap |
Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
|
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). | |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2158348 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
944950 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
919 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
1236 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3101143 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
2706748 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1165411 | |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.40 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
2.63 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
2.56 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
2.63 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.86 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
4.03 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
5.29 | |
| CY2017 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y1M6D | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y6M | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P8Y4M24D | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y4M24D | |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
436000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
1358000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
1206000 | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
519000 | |
| CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
2400000 | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
3.57 | |
| CY2018Q1 | hsgx |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue
|
2.49 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.96 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.04 | |
| CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
403000 | |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
492000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0270 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0213 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.882 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.653 | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y29D | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y29D | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.000 | |
| CY2018Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.0197 | |
| CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Risk Free Interest Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodRiskFreeInterestRate
|
0.0107 | |
| CY2018Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
|
0.740 | |
| CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Volatility Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedVolatilityRate
|
0.728 | |
| CY2018Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
|
P6Y29D | |
| CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
|
P6Y29D | |
| CY2018Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
|
0.000 | |
| CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Dividend Rate
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedDividendRate
|
0.000 | |
| CY2018Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 |
