$OCUL
OCULAR THERAPEUTIX, INC

2015 Q3 Form 10-Q Financial Statement

#000119312515284895 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $429.0K $459.0K $97.00K
YoY Change 200.0% 373.2%
Cost Of Revenue $91.00K $80.00K $20.00K
YoY Change 184.38% 300.0%
Gross Profit $338.0K $379.0K $77.00K
YoY Change 204.5% 392.21%
Gross Profit Margin 78.79% 82.57% 79.38%
Selling, General & Admin $3.249M $3.271M $1.731M
YoY Change 35.09% 88.97% 195.9%
% of Gross Profit 961.24% 863.06% 2248.05%
Research & Development $8.263M $6.743M $4.292M
YoY Change 84.36% 57.11% 78.54%
% of Gross Profit 2444.67% 1779.16% 5574.03%
Depreciation & Amortization $190.0K $190.0K $150.0K
YoY Change 35.71% 26.67% 50.0%
% of Gross Profit 56.21% 50.13% 194.81%
Operating Expenses $11.60M $10.09M $6.043M
YoY Change 67.7% 67.04% 102.17%
Operating Profit -$11.17M -$9.635M -$5.946M
YoY Change 64.91% 62.04% 98.93%
Interest Expense $406.0K $405.0K $257.0K
YoY Change -1.46% 57.59% 140.19%
% of Operating Profit
Other Income/Expense, Net -$350.0K -$374.0K -$446.0K
YoY Change -32.43% -16.14% 341.58%
Pretax Income -$11.52M -$10.01M -$6.390M
YoY Change 58.02% 56.65% 106.8%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$11.52M -$10.01M -$6.392M
YoY Change 57.99% 56.59% 106.86%
Net Earnings / Revenue -2686.25% -2180.61% -6589.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$466.2K -$451.5K -$310.6K
COMMON SHARES
Basic Shares Outstanding 24.72M shares 21.44M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.6M $123.7M $19.90M
YoY Change 40.47% 521.72%
Cash & Equivalents $41.20M $78.69M $19.94M
Short-Term Investments $72.45M $45.04M
Other Short-Term Assets $1.900M $2.600M $2.500M
YoY Change 58.33% 4.0%
Inventory $147.0K $145.0K $109.0K
Prepaid Expenses
Receivables $189.0K $164.0K $60.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $115.9M $126.6M $22.59M
YoY Change 40.87% 460.5%
LONG-TERM ASSETS
Property, Plant & Equipment $3.193M $2.603M $1.152M
YoY Change 132.05% 125.95%
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 $3.421M $2.831M $1.380M
YoY Change 113.28% 105.14%
TOTAL ASSETS
Total Short-Term Assets $115.9M $126.6M $22.59M
Total Long-Term Assets $3.421M $2.831M $1.380M
Total Assets $119.3M $129.5M $23.97M
YoY Change 42.25% 440.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.624M $2.812M $1.525M
YoY Change 150.23% 84.39%
Accrued Expenses $3.591M $2.284M $1.629M
YoY Change 44.8% 40.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.900M $4.400M $1.100M
YoY Change 300.0%
Total Short-Term Liabilities $11.18M $9.591M $4.489M
YoY Change 230.9% 113.66%
LONG-TERM LIABILITIES
Long-Term Debt $9.200M $10.70M $13.60M
YoY Change -37.84% -21.32%
Other Long-Term Liabilities $100.0K $100.0K $1.000M
YoY Change 0.0% -90.0%
Total Long-Term Liabilities $9.300M $10.80M $14.60M
YoY Change -37.58% -26.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.18M $9.591M $4.489M
Total Long-Term Liabilities $9.300M $10.80M $14.60M
Total Liabilities $20.51M $20.36M $19.05M
YoY Change 12.23% 6.84%
SHAREHOLDERS EQUITY
Retained Earnings -$118.5M -$107.0M -$74.18M
YoY Change 45.49% 44.26%
Common Stock $217.4M $216.1M $0.00
YoY Change 10868050.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.81M $109.1M -$69.44M
YoY Change
Total Liabilities & Shareholders Equity $119.3M $129.5M $23.97M
YoY Change 42.25% 440.04%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$11.52M -$10.01M -$6.392M
YoY Change 57.99% 56.59% 106.86%
Depreciation, Depletion And Amortization $190.0K $190.0K $150.0K
YoY Change 35.71% 26.67% 50.0%
Cash From Operating Activities -$9.700M -$8.530M -$4.510M
YoY Change 53.24% 89.14% 52.36%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$880.0K -$250.0K
YoY Change -70.37% 252.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$27.51M $9.830M
YoY Change
Cash From Investing Activities -$27.58M $8.950M -$250.0K
YoY Change 10114.81% -3680.0% 400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 65.74M 11.95M
YoY Change -100.3% 450.13% 48.45%
NET CHANGE
Cash From Operating Activities -9.700M -8.530M -4.510M
Cash From Investing Activities -27.58M 8.950M -250.0K
Cash From Financing Activities -200.0K 65.74M 11.95M
Net Change In Cash -37.48M 66.16M 7.190M
YoY Change -161.48% 820.17% 42.66%
FREE CASH FLOW
Cash From Operating Activities -$9.700M -$8.530M -$4.510M
Capital Expenditures -$80.00K -$880.0K -$250.0K
Free Cash Flow -$9.620M -$7.650M -$4.260M
YoY Change 58.75% 79.58% 46.39%

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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; 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: 4%"> 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>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.716 pure
dei Trading Symbol
TradingSymbol
OCUL
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21765087 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1229000
us-gaap Net Income Loss
NetIncomeLoss
-17587000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17587000
us-gaap Sales Revenue Net
SalesRevenueNet
885000
us-gaap Interest Paid
InterestPaid
625000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
749000
us-gaap Operating Income Loss
OperatingIncomeLoss
-16748000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6392000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
148000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
572000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
134000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
97000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
557000
CY2014Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
5000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
535000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
149000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
6043000
CY2014Q2 us-gaap Interest Expense
InterestExpense
257000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1911000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
390000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
41293000
us-gaap Operating Expenses
OperatingExpenses
17633000
us-gaap Interest Expense
InterestExpense
910000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8896000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
9826000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
65596000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
65646000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-380000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
144000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4124000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
74000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
136000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
651000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
360000
ocul Transfers Between Fair Value Measurement Levels
TransfersBetweenFairValueMeasurementLevels
0
ocul Earliest Year Open For Tax Examination
EarliestYearOpenForTaxExamination
2011
ocul Maturity Period For Marketable Securities Classified As Available For Sale
MaturityPeriodForMarketableSecuritiesClassifiedAsAvailableForSale
P1Y
ocul Class Of Warrant Exercised
ClassOfWarrantExercised
70769 shares
ocul Non Cancelable Operating Leases Expiration Dates
NonCancelableOperatingLeasesExpirationDates
June 2017 and June 2018
ocul Non Cash Deferred Offering Costs
NonCashDeferredOfferingCosts
5000
ocul Premium On Marketable Securities
PremiumOnMarketableSecurities
25000
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0217 pure
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.10
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.767 pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3044605 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-6392000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6397000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
97000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5946000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-190000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-446000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-10009000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10009000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4292000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1196000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
20000
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0203 pure
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.664 pure
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22167274 shares
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
459000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9635000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-374000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8000
CY2015Q2 us-gaap Investment Income Net
InvestmentIncomeNet
28000
CY2015Q2 us-gaap Contracts Revenue
ContractsRevenue
125000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10017000
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-8000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
334000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1152000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1041000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
195000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
10094000
CY2015Q2 us-gaap Interest Expense
InterestExpense
405000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6743000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2230000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
80000

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