$OCUL
OCULAR THERAPEUTIX, INC

2020 Q2 Form 10-Q Financial Statement

#000155837020009817 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.569M $650.0K
YoY Change 141.38% 0.0%
Cost Of Revenue $134.0K $552.0K
YoY Change -75.72% 268.0%
Gross Profit $1.435M $98.00K
YoY Change 1364.29% -80.4%
Gross Profit Margin 91.46% 15.08%
Selling, General & Admin $11.30M $12.28M
YoY Change -8.02% 131.32%
% of Gross Profit 787.32% 12533.67%
Research & Development $8.021M $9.414M
YoY Change -14.8% 7.59%
% of Gross Profit 558.95% 9606.12%
Depreciation & Amortization $710.0K $600.0K
YoY Change 18.33% 7.14%
% of Gross Profit 49.48% 612.24%
Operating Expenses $19.32M $21.70M
YoY Change -10.96% 54.32%
Operating Profit -$17.88M -$21.60M
YoY Change -17.2% 59.28%
Interest Expense $1.694M $1.627M
YoY Change 4.12% -777.92%
% of Operating Profit
Other Income/Expense, Net -$18.68M -$2.854M
YoY Change 554.66%
Pretax Income -$36.57M -$24.45M
YoY Change 49.57% 77.17%
Income Tax
% Of Pretax Income
Net Earnings -$36.57M -$24.45M
YoY Change 49.54% 77.2%
Net Earnings / Revenue -2330.66% -3762.0%
Basic Earnings Per Share -$0.64
Diluted Earnings Per Share -$0.64 -$569.8K
COMMON SHARES
Basic Shares Outstanding 57.37M
Diluted Shares Outstanding 57.37M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.30M $61.80M
YoY Change 36.41% 8.8%
Cash & Equivalents $84.29M $61.77M
Short-Term Investments
Other Short-Term Assets $2.100M $2.300M
YoY Change -8.7% 91.67%
Inventory $1.067M $800.0K
Prepaid Expenses
Receivables $2.874M $600.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $90.29M $65.40M
YoY Change 38.06% 11.79%
LONG-TERM ASSETS
Property, Plant & Equipment $8.934M $17.50M
YoY Change -48.95% 68.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.800M $6.800M
YoY Change -73.53% 325.0%
Total Long-Term Assets $16.97M $24.30M
YoY Change -30.18% 102.5%
TOTAL ASSETS
Total Short-Term Assets $90.29M $65.40M
Total Long-Term Assets $16.97M $24.30M
Total Assets $107.3M $89.70M
YoY Change 19.58% 27.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.650M $4.000M
YoY Change -33.75% 90.48%
Accrued Expenses $5.769M $6.100M
YoY Change -5.43% 64.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.100M
YoY Change
Total Short-Term Liabilities $13.80M $10.10M
YoY Change 36.66% -15.13%
LONG-TERM LIABILITIES
Long-Term Debt $47.30M $48.80M
YoY Change -3.07% 413.68%
Other Long-Term Liabilities $40.80M $22.60M
YoY Change 80.53% 584.85%
Total Long-Term Liabilities $88.10M $71.40M
YoY Change 23.39% 457.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.80M $10.10M
Total Long-Term Liabilities $88.10M $71.40M
Total Liabilities $101.9M $81.50M
YoY Change 25.05% 229.96%
SHAREHOLDERS EQUITY
Retained Earnings -$441.7M
YoY Change
Common Stock $447.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.344M $8.258M
YoY Change
Total Liabilities & Shareholders Equity $107.3M $89.70M
YoY Change 19.58% 27.23%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$36.57M -$24.45M
YoY Change 49.54% 77.2%
Depreciation, Depletion And Amortization $710.0K $600.0K
YoY Change 18.33% 7.14%
Cash From Operating Activities -$14.80M -$19.18M
YoY Change -22.84% 56.7%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$490.0K
YoY Change -75.51% -12.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$120.0K -$490.0K
YoY Change -75.51% -12.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.33M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.06M 5.340M
YoY Change 856.18% -20.42%
NET CHANGE
Cash From Operating Activities -14.80M -19.18M
Cash From Investing Activities -120.0K -490.0K
Cash From Financing Activities 51.06M 5.340M
Net Change In Cash 36.14M -14.33M
YoY Change -352.2% 135.3%
FREE CASH FLOW
Cash From Operating Activities -$14.80M -$19.18M
Capital Expenditures -$120.0K -$490.0K
Free Cash Flow -$14.68M -$18.69M
YoY Change -21.46% 60.02%

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2044000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
63000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
265000
ocul Derivative Liability In Connection With Issuance Of Senior Convertible Notes
DerivativeLiabilityInConnectionWithIssuanceOfSeniorConvertibleNotes
14685000
ocul Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
318000
ocul Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
40000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
128000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1665000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-21512000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-10659000
CY2020Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
378000
CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
350000
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
50017000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1826000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-36568000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
5344000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
35875000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1000
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4954000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1942000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-17124000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
25648000
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
294000
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5074000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1695000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-24453000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
8258000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
84294000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-441695000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.13;text-align:justify;text-indent:18pt;margin:6pt 0pt 0pt 0pt;">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 and the disclosure of contingent assets and liabilities at the date of the consolidated 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 and the fair value of derivatives.  Additionally, the full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.13;text-align:justify;margin:0pt;">and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk and of Significant Suppliers and Customers</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 24.45pt;"><span style="font-style:italic;font-weight:bold;margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all cash and cash equivalents balances at one accredited financial institution, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its products. The Company’s development programs as well as revenue from future sales of its product sales could be adversely affected by a significant interruption in the supply of any of the components of these products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">For the three and six months ended June 30, 2020, three individual customers accounted for 48%, 16% and 14% and 41%, 19% and 14%<span style="white-space:pre-wrap;">, respectively, of the Company’s total revenue. </span>At June 30, 2020, three customers accounted for 48%, 21% and 16% of the Company’s total accounts receivable. No other customer accounted for more than 10% of total revenue or accounts receivable at June 30, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">For the three and six months ended June 30, 2019, one individual customer accounted for 40% and 24%<span style="white-space:pre-wrap;">, respectively, of the Company’s total revenue. At December 31, 2019, </span>three customers accounted for 39%, 18% and 11% of the Company’s total accounts receivable. No other customer accounted for more than 10% of total accounts receivable for the year ended December 31, 2019.</p>
CY2020Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
235000
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
217000
CY2020Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
106000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
148000
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
726000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
589000
CY2020Q2 us-gaap Inventory Net
InventoryNet
1067000
CY2019Q4 us-gaap Inventory Net
InventoryNet
954000
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
84294000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
61765000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54437000
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
6764000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1764000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86058000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68529000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56201000
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
12124000
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-20411000
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
32535000
CY2020Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2019Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1826000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1695000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3491000
CY2020Q2 ocul Proceeds From Paycheck Protection Program Loan
ProceedsFromPaycheckProtectionProgramLoan
3201000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3637000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
13121000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2020Q2 ocul Share Based Compensation Arrangement By Share Based Payment Award Nonvested Stock Options Outstanding Held By Nonemployees
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonvestedStockOptionsOutstandingHeldByNonemployees
12000
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
48327000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-36568000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-24453000
us-gaap Net Income Loss
NetIncomeLoss
-58080000
us-gaap Net Income Loss
NetIncomeLoss
-41577000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
57368292
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42910084
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54634572
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42582501
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.57
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.06
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.98
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9289112
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7626281

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