2012 Q3 Form 10-Q Financial Statement

#000119312512341048 Filed on August 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $1.417M $1.526M $1.155M
YoY Change 43.57% 32.12% 131.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.740M $2.210M $2.030M
YoY Change 49.73% 8.87% 1.0%
% of Gross Profit
Research & Development $7.764M $7.558M $4.077M
YoY Change 45.91% 85.38% -33.38%
% of Gross Profit
Depreciation & Amortization $60.00K $80.00K $60.00K
YoY Change -45.45% 33.33% -57.14%
% of Gross Profit
Operating Expenses $14.45M $9.770M $6.104M
YoY Change 102.11% 60.06% -24.92%
Operating Profit -$13.04M -$8.244M -$4.949M
YoY Change 111.49% 66.58%
Interest Expense $413.0K $453.0K $527.0K
YoY Change -21.78% -14.04% -235.13%
% of Operating Profit
Other Income/Expense, Net $159.0K $152.0K $171.0K
YoY Change -7.02% -11.11% -22.27%
Pretax Income -$13.28M -$8.540M -$5.290M
YoY Change 103.99% 61.44% -32.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.28M -$8.539M -$5.291M
YoY Change 103.87% 61.39% -32.17%
Net Earnings / Revenue -936.91% -559.57% -458.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$514.1K -$380.1K -$238.6K
COMMON SHARES
Basic Shares Outstanding 25.86M shares 22.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.60M $7.300M $36.90M
YoY Change -6.99% -80.22% -11.93%
Cash & Equivalents $1.060M $7.268M $4.159M
Short-Term Investments $29.60M $0.00 $32.70M
Other Short-Term Assets $300.0K $500.0K $300.0K
YoY Change 50.0% 66.67% 50.0%
Inventory
Prepaid Expenses
Receivables $500.0K $800.0K $2.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.44M $8.520M $39.70M
YoY Change -6.99% -78.54% -7.67%
LONG-TERM ASSETS
Property, Plant & Equipment $685.0K $660.0K $1.000M
YoY Change -14.38% -34.0% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.00K $88.00K $300.0K
YoY Change -74.67% -70.67% 0.0%
Total Long-Term Assets $1.324M $1.546M $1.200M
YoY Change 10.33% 28.83% -33.33%
TOTAL ASSETS
Total Short-Term Assets $31.44M $8.520M $39.70M
Total Long-Term Assets $1.324M $1.546M $1.200M
Total Assets $32.76M $10.07M $40.90M
YoY Change -6.4% -75.39% -8.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.702M $1.285M $800.0K
YoY Change 68.88% 60.63% -27.27%
Accrued Expenses $6.373M $6.016M $3.000M
YoY Change 145.12% 100.53% -9.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.400M $6.200M $3.700M
YoY Change 20.75% 67.57% -30.19%
Total Short-Term Liabilities $21.81M $17.25M $14.30M
YoY Change 38.04% 20.62% 41.58%
LONG-TERM LIABILITIES
Long-Term Debt $8.700M $10.30M $16.60M
YoY Change -42.38% -37.95% 238.78%
Other Long-Term Liabilities $3.100M $3.000M
YoY Change
Total Long-Term Liabilities $11.80M $13.30M $16.60M
YoY Change -21.85% -19.88% 238.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.81M $17.25M $14.30M
Total Long-Term Liabilities $11.80M $13.30M $16.60M
Total Liabilities $33.60M $30.60M $30.90M
YoY Change 8.74% -0.97% 106.0%
SHAREHOLDERS EQUITY
Retained Earnings -$206.8M -$193.6M
YoY Change
Common Stock $259.0K $225.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$820.0K -$20.54M $10.00M
YoY Change
Total Liabilities & Shareholders Equity $32.76M $10.07M $40.90M
YoY Change -6.4% -75.39% -8.71%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$13.28M -$8.539M -$5.291M
YoY Change 103.87% 61.39% -32.17%
Depreciation, Depletion And Amortization $60.00K $80.00K $60.00K
YoY Change -45.45% 33.33% -57.14%
Cash From Operating Activities -$7.400M -$8.860M -$6.320M
YoY Change 80.05% 40.19% -17.49%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$80.00K -$510.0K
YoY Change 800.0% -84.31% 112.5%
Acquisitions
YoY Change
Other Investing Activities -$29.57M $820.0K $7.000M
YoY Change -722.53% -88.29% -37.61%
Cash From Investing Activities -$29.66M $740.0K $6.490M
YoY Change -725.74% -88.6% -40.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.85M -1.410M 70.00K
YoY Change 30750.0% -2114.29% -105.6%
NET CHANGE
Cash From Operating Activities -7.400M -8.860M -6.320M
Cash From Investing Activities -29.66M 740.0K 6.490M
Cash From Financing Activities 30.85M -1.410M 70.00K
Net Change In Cash -6.210M -9.530M 240.0K
YoY Change -950.68% -4070.83% -88.35%
FREE CASH FLOW
Cash From Operating Activities -$7.400M -$8.860M -$6.320M
Capital Expenditures -$90.00K -$80.00K -$510.0K
Free Cash Flow -$7.310M -$8.780M -$5.810M
YoY Change 78.29% 51.12% -21.7%

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3263000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4534000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3031000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
378000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Organization</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We are a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing products targeting inflammation, coagulopathies and disorders of the central nervous system. Our most clinically advanced product candidates are derived from our proprietary PharmacoSurgery&#x2122; platform designed to improve clinical outcomes of patients undergoing arthroscopic, ophthalmological, urological and other surgical and medical procedures. Our efforts are devoted to conducting research and development of our products, to developing our patent portfolio and to raising equity capital.</font></p> </div>
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14804000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2791000
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
511000
us-gaap Operating Expenses
OperatingExpenses
19338000
us-gaap Paid In Kind Interest
PaidInKindInterest
200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.89 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
52796 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M5D
us-gaap Revenues
Revenues
3022000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
235000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
20565000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
161000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4741874 shares
us-gaap Net Income Loss
NetIncomeLoss
-17434000
us-gaap Interest Paid
InterestPaid
769000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22450722 shares
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-108000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1245900 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from those estimates.</font></p> </div>
us-gaap Interest Expense
InterestExpense
947000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.28
omer Reduction Of Equipment Cost Basis Due To Assets Purchased With Grant Funding
ReductionOfEquipmentCostBasisDueToAssetsPurchasedWithGrantFunding
59000
omer Number Of Extension Options
NumberOfExtensionOptions
2 pure
omer Lease Term
LeaseTerm
P15Y
omer Lease Extension Period
LeaseExtensionPeriod
P5Y
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
171000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5291000
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q1 omer Class Of Warrant Or Right Expiration Date Extension Period
ClassOfWarrantOrRightExpirationDateExtensionPeriod
P1Y
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0188 pure
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4949000
CY2011Q2 us-gaap Share Based Compensation
ShareBasedCompensation
547000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2011Q2 us-gaap Investment Income Net
InvestmentIncomeNet
14000
CY2011Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2011Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
19000
CY2011Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2027000
CY2011Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4077000
CY2011Q2 us-gaap Operating Expenses
OperatingExpenses
6104000
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.81 pure
CY2011Q2 us-gaap Revenues
Revenues
1155000
CY2011Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22167629 shares
CY2011Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
76000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-5291000
CY2011Q2 us-gaap Interest Expense
InterestExpense
527000
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.07
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0078 pure
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8244000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
152000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8539000
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
569000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2012Q2 us-gaap Investment Income Net
InvestmentIncomeNet
6000
CY2012Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2012Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
19000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2212000
CY2012Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7558000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
9770000
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.86 pure
CY2012Q2 us-gaap Revenues
Revenues
1526000
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22466540 shares
CY2012Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
78000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-8539000
CY2012Q2 us-gaap Interest Expense
InterestExpense
453000
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.09

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