2015 Q2 Form 10-Q Financial Statement

#000128581915000005 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $3.187M $388.0K $100.0K
YoY Change 6982.22% 288.0% -90.87%
Cost Of Revenue $365.0K $11.00K $0.00
YoY Change
Gross Profit $2.822M $377.0K $100.0K
YoY Change 6171.11% 277.0%
Gross Profit Margin 88.55% 97.16% 100.0%
Selling, General & Admin $7.890M $8.990M $3.770M
YoY Change 62.35% 138.46% -5.51%
% of Gross Profit 279.59% 2384.62% 3770.0%
Research & Development $10.90M $9.318M $12.02M
YoY Change -12.15% -22.46% 68.61%
% of Gross Profit 386.25% 2471.62% 12017.0%
Depreciation & Amortization $50.00K $60.00K $80.00K
YoY Change -37.5% -25.0% 14.29%
% of Gross Profit 1.77% 15.92% 80.0%
Operating Expenses $19.15M $18.32M $15.78M
YoY Change 10.96% 16.05% 42.01%
Operating Profit -$15.97M -$17.93M -$15.68M
YoY Change -7.26% 14.32% 56.53%
Interest Expense $937.0K $957.0K $672.0K
YoY Change -0.21% 42.41% 14.48%
% of Operating Profit
Other Income/Expense, Net $224.0K $218.0K -$286.0K
YoY Change 35.76% -176.22% -355.36%
Pretax Income -$16.68M -$18.67M -$16.64M
YoY Change -7.28% 12.2% 58.63%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.68M -$18.67M -$16.64M
YoY Change -7.29% 12.18% 58.66%
Net Earnings / Revenue -523.38% -4811.6% -16642.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$440.7K -$511.8K -$538.5K
COMMON SHARES
Basic Shares Outstanding 37.83M shares 37.80M shares 30.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.40M $70.10M $52.20M
YoY Change 37.07% 34.29% 292.48%
Cash & Equivalents $2.561M $1.441M $567.0K
Short-Term Investments $48.90M $68.60M $51.60M
Other Short-Term Assets $108.0K $116.0K $143.0K
YoY Change -26.03% -18.88% -71.4%
Inventory $633.0K $566.0K
Prepaid Expenses $1.423M $1.784M $1.312M
Receivables $3.100M $500.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $56.68M $73.07M $54.13M
YoY Change 45.46% 34.98% 242.33%
LONG-TERM ASSETS
Property, Plant & Equipment $789.0K $727.0K $989.0K
YoY Change -13.01% -26.49% -6.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $488.0K $439.0K $267.0K
YoY Change 11.16% 64.42% 86.71%
Total Long-Term Assets $1.956M $1.845M $1.935M
YoY Change -3.41% -4.65% 2.93%
TOTAL ASSETS
Total Short-Term Assets $56.68M $73.07M $54.13M
Total Long-Term Assets $1.956M $1.845M $1.935M
Total Assets $58.64M $74.91M $56.07M
YoY Change 43.04% 33.61% 216.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.045M $4.611M $4.926M
YoY Change -20.45% -6.39% 88.81%
Accrued Expenses $6.757M $6.438M $5.306M
YoY Change 23.39% 21.33% -23.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.294M $9.019M $0.00
YoY Change 477.63% -100.0%
Total Short-Term Liabilities $20.10M $20.07M $10.23M
YoY Change 65.13% 96.13% -3.33%
LONG-TERM LIABILITIES
Long-Term Debt $21.48M $23.91M $32.21M
YoY Change -30.18% -25.79% 67.77%
Other Long-Term Liabilities $9.100M $9.100M $8.400M
YoY Change 4.6% 8.33% 121.05%
Total Long-Term Liabilities $21.48M $23.91M $32.21M
YoY Change -30.18% -25.79% 67.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.10M $20.07M $10.23M
Total Long-Term Liabilities $21.48M $23.91M $32.21M
Total Liabilities $41.57M $43.97M $42.44M
YoY Change -3.16% 3.6% 42.5%
SHAREHOLDERS EQUITY
Retained Earnings -$363.4M -$346.7M -$271.0M
YoY Change 25.74% 27.93% 20.42%
Common Stock $379.0K $378.0K $339.0K
YoY Change 11.47% 11.5% 30.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.932M $21.85M $5.212M
YoY Change
Total Liabilities & Shareholders Equity $58.64M $74.91M $56.07M
YoY Change 43.04% 33.61% 216.89%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$16.68M -$18.67M -$16.64M
YoY Change -7.29% 12.18% 58.66%
Depreciation, Depletion And Amortization $50.00K $60.00K $80.00K
YoY Change -37.5% -25.0% 14.29%
Cash From Operating Activities -$16.54M -$17.48M -$11.14M
YoY Change 8.32% 56.89% 24.21%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K $0.00 $6.000K
YoY Change -1200.0% -100.0% -93.18%
Acquisitions
YoY Change
Other Investing Activities $19.74M -$62.09M -$38.91M
YoY Change 25.73% 59.57% -542.16%
Cash From Investing Activities $19.62M -$62.09M -$38.91M
YoY Change 24.97% 59.57% -546.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $79.10M $37.80M
YoY Change 109.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.950M $80.65M $49.23M
YoY Change -461.11% 63.82% 223686.36%
NET CHANGE
Cash From Operating Activities -16.54M -$17.48M -$11.14M
Cash From Investing Activities 19.62M -$62.09M -$38.91M
Cash From Financing Activities -1.950M $80.65M $49.23M
Net Change In Cash 1.130M $1.087M -$817.0K
YoY Change 16.49% -233.05% 241.84%
FREE CASH FLOW
Cash From Operating Activities -$16.54M -$17.48M -$11.14M
Capital Expenditures -$110.0K $0.00 $6.000K
Free Cash Flow -$16.43M -$17.48M -$11.15M
YoY Change 7.53% 56.81% 23.07%

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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0151
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5447791 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.90
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
14049 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
12.19
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
84325 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.49
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
119875000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8364469 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8365741 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.52
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.70
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
116713000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
8075479 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.58
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.02
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.46
CY2014Q1 us-gaap Share Price
SharePrice
11.50
CY2015Q1 us-gaap Share Price
SharePrice
20.03
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M17D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
87848000 USD
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M24D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M17D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M22D
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3400000 shares
CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3500000 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
69004 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
-42654000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
21846000 USD
CY2014 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30897039 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36483559 shares
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Organization</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our first drug product Omidria has been approved by the U.S. Food and Drug Administration (FDA) for use during cataract surgery or intraocular lens (IOL) replacement. </font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. Significant items subject to such estimates include revenue recognition, fair market value of investments, stock-based compensation expense and accruals for clinical trials and contingencies. 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 these estimates.</font></div></div>

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