$OCUL
OCULAR THERAPEUTIX, INC

2015 Q2 Form 10-Q Financial Statement

#000119312515188936 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $459.0K $426.0K $27.00K
YoY Change 373.2% 1477.78%
Cost Of Revenue $80.00K $56.00K $9.000K
YoY Change 300.0% 522.22%
Gross Profit $379.0K $370.0K $18.00K
YoY Change 392.21% 1955.56%
Gross Profit Margin 82.57% 86.85% 66.67%
Selling, General & Admin $3.271M $2.764M $1.885M
YoY Change 88.97% 46.63% 230.7%
% of Gross Profit 863.06% 747.03% 10472.22%
Research & Development $6.743M $4.719M $4.958M
YoY Change 57.11% -4.82% 99.12%
% of Gross Profit 1779.16% 1275.41% 27544.44%
Depreciation & Amortization $190.0K $173.0K $93.00K
YoY Change 26.67% 86.02% 3.33%
% of Gross Profit 50.13% 46.76% 516.67%
Operating Expenses $10.09M $7.539M $6.852M
YoY Change 67.04% 10.03% 123.92%
Operating Profit -$9.635M -$7.113M -$6.825M
YoY Change 62.04% 4.22% 123.04%
Interest Expense $405.0K $505.0K $43.00K
YoY Change 57.59% 1074.42% -130.71%
% of Operating Profit
Other Income/Expense, Net -$374.0K -$465.0K -$183.0K
YoY Change -16.14% 154.1%
Pretax Income -$10.01M -$7.580M -$7.010M
YoY Change 56.65% 8.13% 119.06%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.01M -$7.578M -$7.008M
YoY Change 56.59% 8.13% 119.0%
Net Earnings / Revenue -2180.61% -1778.87% -25955.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$451.5K -$354.9K -$340.8K
COMMON SHARES
Basic Shares Outstanding 21.44M shares 21.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.7M $67.42M $12.80M
YoY Change 521.72% 426.74%
Cash & Equivalents $78.69M $12.52M $12.75M
Short-Term Investments $45.04M $54.90M
Other Short-Term Assets $2.600M $1.500M $600.0K
YoY Change 4.0% 150.0%
Inventory $145.0K $158.0K $100.0K
Prepaid Expenses
Receivables $164.0K $352.0K $300.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $126.6M $69.47M $13.80M
YoY Change 460.5% 403.41%
LONG-TERM ASSETS
Property, Plant & Equipment $2.603M $1.799M $1.000M
YoY Change 125.95% 79.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.831M $2.027M $1.300M
YoY Change 105.14% 55.92%
TOTAL ASSETS
Total Short-Term Assets $126.6M $69.47M $13.80M
Total Long-Term Assets $2.831M $2.027M $1.300M
Total Assets $129.5M $71.50M $15.10M
YoY Change 440.04% 373.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.812M $2.195M $1.000M
YoY Change 84.39% 119.5%
Accrued Expenses $2.284M $1.922M $700.0K
YoY Change 40.21% 174.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.400M $2.900M $200.0K
YoY Change 300.0% 1350.0%
Total Short-Term Liabilities $9.591M $7.227M $2.100M
YoY Change 113.66% 244.14%
LONG-TERM LIABILITIES
Long-Term Debt $10.70M $12.10M $1.900M
YoY Change -21.32% 536.84%
Other Long-Term Liabilities $100.0K $100.0K $400.0K
YoY Change -90.0% -75.0%
Total Long-Term Liabilities $10.80M $12.20M $2.300M
YoY Change -26.03% 430.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.591M $7.227M $2.100M
Total Long-Term Liabilities $10.80M $12.20M $2.300M
Total Liabilities $20.36M $19.42M $4.300M
YoY Change 6.84% 351.72%
SHAREHOLDERS EQUITY
Retained Earnings -$107.0M -$97.01M
YoY Change 44.26%
Common Stock $216.1M $149.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.1M $52.07M $10.80M
YoY Change
Total Liabilities & Shareholders Equity $129.5M $71.50M $15.10M
YoY Change 440.04% 373.49%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$10.01M -$7.578M -$7.008M
YoY Change 56.59% 8.13% 119.0%
Depreciation, Depletion And Amortization $190.0K $173.0K $93.00K
YoY Change 26.67% 86.02% 3.33%
Cash From Operating Activities -$8.530M -$6.880M -$4.030M
YoY Change 89.14% 70.72% 19.23%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K $354.0K $297.0K
YoY Change 252.0% 19.19% -1585.0%
Acquisitions
YoY Change
Other Investing Activities $9.830M -$17.50M $0.00
YoY Change
Cash From Investing Activities $8.950M -$17.85M -$300.0K
YoY Change -3680.0% 5850.0% 1400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 65.74M -140.0K -430.0K
YoY Change 450.13% -67.44% -6.52%
NET CHANGE
Cash From Operating Activities -8.530M -6.880M -4.030M
Cash From Investing Activities 8.950M -17.85M -300.0K
Cash From Financing Activities 65.74M -140.0K -430.0K
Net Change In Cash 66.16M -24.87M -4.760M
YoY Change 820.17% 422.48% 23.32%
FREE CASH FLOW
Cash From Operating Activities -$8.530M -$6.880M -$4.030M
Capital Expenditures -$880.0K $354.0K $297.0K
Free Cash Flow -$7.650M -$7.234M -$4.327M
YoY Change 79.58% 67.18% 28.78%

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Ocular Therapeutix, Inc.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 13%; MARGIN-TOP: 6pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 13%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of common stock and stock-based awards and preferred stock warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</p> </div>
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PaymentsToAcquireInvestments
17500000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
426000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-170000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
25000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7113000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-465000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
354000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7578000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-7578000
CY2015Q1 us-gaap Investment Income Net
InvestmentIncomeNet
40000
CY2015Q1 us-gaap Interest Paid
InterestPaid
310000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
23000
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
173000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
62000
CY2015Q1 us-gaap Interest Expense
InterestExpense
505000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
7539000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4719000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
870000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
37000
CY2015Q1 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
18000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-24870000
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
56000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-137000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-804000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-17854000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
195000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1894000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
153000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
921000
CY2015Q1 ocul Non Cancelable Operating Leases Expiration Dates
NonCancelableOperatingLeasesExpirationDates
June 2017 and June 2018
CY2015Q1 ocul Maturity Period For Marketable Securities Classified As Available For Sale
MaturityPeriodForMarketableSecuritiesClassifiedAsAvailableForSale
P1Y
CY2015Q1 ocul Class Of Warrant Exercised
ClassOfWarrantExercised
70769 shares
CY2015Q1 ocul Stockholder Equity Reverse Stock Split Effective Date
StockholderEquityReverseStockSplitEffectiveDate
2014-07-10
CY2015Q1 ocul Premium On Marketable Securities
PremiumOnMarketableSecurities
-17000
CY2015Q1 ocul Transfers Between Fair Value Measurement Levels
TransfersBetweenFairValueMeasurementLevels
0
CY2015Q1 ocul Earliest Year Open For Tax Examination
EarliestYearOpenForTaxExamination
2011

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