$ONVO
ORGANOVO HOLDINGS, INC.

2023 Q3 Form 10-Q Financial Statement

#000095017023041307 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $0.00 $75.00K $162.0K
YoY Change -100.0% -89.2%
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $75.00K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $2.780M $2.604M $2.478M
YoY Change 26.36% 17.35% 9.4%
% of Gross Profit 3472.0%
Research & Development $1.335M $1.666M $5.404M
YoY Change 8.45% 63.33% 390.38%
% of Gross Profit 2221.33%
Depreciation & Amortization $70.00K $67.00K $59.00K
YoY Change 29.63% 34.0% 28.26%
% of Gross Profit 89.33%
Operating Expenses $4.115M $4.270M $7.941M
YoY Change 19.94% 31.83% 132.67%
Operating Profit -$4.115M -$4.195M
YoY Change 22.69% 29.52%
Interest Expense $120.0K $169.0K $329.0K
YoY Change 263.64% 550.0% 16350.0%
% of Operating Profit
Other Income/Expense, Net $121.0K $169.0K $0.00
YoY Change 266.67% 550.0%
Pretax Income -$3.990M -$4.026M -$7.459M
YoY Change 20.14% 25.3% 290.32%
Income Tax $0.00 $2.000K $0.00
% Of Pretax Income
Net Earnings -$3.994M -$4.028M -$7.459M
YoY Change 20.26% 25.29% 290.32%
Net Earnings / Revenue -5370.67% -4604.32%
Basic Earnings Per Share -$0.46 -$0.46
Diluted Earnings Per Share -$0.46 -$0.46 -$0.86
COMMON SHARES
Basic Shares Outstanding 8.718M 8.717M 8.715M
Diluted Shares Outstanding 8.719M 8.717M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.620M $10.75M $16.01M
YoY Change -68.03% -58.94% -44.18%
Cash & Equivalents $7.600M $10.80M $15.30M
Short-Term Investments $0.00 $0.00 $706.0K
Other Short-Term Assets $620.0K $792.0K $889.0K
YoY Change 19.46% 10.46% 3.61%
Inventory $0.00
Prepaid Expenses $313.0K
Receivables $55.00K $149.0K $152.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.296M $11.70M $17.05M
YoY Change -65.94% -56.54% -42.27%
LONG-TERM ASSETS
Property, Plant & Equipment $808.0K $850.0K $2.607M
YoY Change 6.6% 23.19% 293.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $550.0K $605.0K $658.0K
YoY Change -34.29% -32.1% -30.59%
Total Long-Term Assets $2.865M $3.061M $3.265M
YoY Change -19.36% -15.84% -13.23%
TOTAL ASSETS
Total Short-Term Assets $8.296M $11.70M $17.05M
Total Long-Term Assets $2.865M $3.061M $3.265M
Total Assets $11.16M $14.76M $20.31M
YoY Change -60.01% -51.69% -38.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $435.0K $488.0K $331.0K
YoY Change -1.36% 275.38% -20.24%
Accrued Expenses $666.0K $787.0K $3.340M
YoY Change 44.16% 17.46% 583.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.600M $1.770M $3.671M
YoY Change 15.19% 38.07% 165.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.110M $1.210M $1.313M
YoY Change -26.73% -24.84% -22.95%
Total Long-Term Liabilities $1.110M $1.210M $1.313M
YoY Change -26.73% -24.84% -22.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.600M $1.770M $3.671M
Total Long-Term Liabilities $1.110M $1.210M $1.313M
Total Liabilities $2.705M $2.980M $4.984M
YoY Change -6.85% 3.04% 61.45%
SHAREHOLDERS EQUITY
Retained Earnings -$333.0M -$329.0M -$325.0M
YoY Change 5.95% 5.79% 5.61%
Common Stock $341.5M $340.8M $340.3M
YoY Change 0.65% 0.65% 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.456M $11.78M $15.33M
YoY Change
Total Liabilities & Shareholders Equity $11.16M $14.76M $20.31M
YoY Change -60.01% -51.69% -38.99%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.994M -$4.028M -$7.459M
YoY Change 20.26% 25.29% 290.32%
Depreciation, Depletion And Amortization $70.00K $67.00K $59.00K
YoY Change 29.63% 34.0% 28.26%
Cash From Operating Activities -$3.150M -$5.300M -$4.733M
YoY Change 42.08% 120.83% 207.14%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $15.00K $162.0K
YoY Change -116.81% -79.73% -405.66%
Acquisitions
YoY Change
Other Investing Activities $40.00K $779.0K $0.00
YoY Change 21.21% -107.34%
Cash From Investing Activities $20.00K $764.0K -$162.0K
YoY Change -123.26% -107.14% 205.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -3.150M -5.300M -4.733M
Cash From Investing Activities 20.00K 764.0K -162.0K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -3.130M -4.547M -4.895M
YoY Change 35.91% -65.31% 207.09%
FREE CASH FLOW
Cash From Operating Activities -$3.150M -$5.300M -$4.733M
Capital Expenditures $20.00K $15.00K $162.0K
Free Cash Flow -$3.170M -$5.315M -$4.895M
YoY Change 51.1% 114.83% 228.97%

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CY2023Q2 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Nature of Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is a biotechnology company that focuses on building high fidelity, 3D tissues that recapitulate key aspects of human disease. The Company uses these models to identify gene targets responsible for driving the disease and intends to initiate drug discovery programs around these validated targets. The Company is initially focusing on the intestine and has ongoing 3D tissue development efforts in ulcerative colitis (“UC”) and Crohn’s disease (“CD”). The Company intends to add additional tissues/diseases/targets to its portfolio over time. In line with these plans, the Company is building upon both its external and in house scientific expertise, which will be essential to its drug development effort.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company uses its proprietary technology to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, function and disease. Organovo’s advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Management believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs across multiple therapeutic areas.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s NovoGen Bioprinters</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;vertical-align:super;font-size:6.7pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> are automated devices that enable the fabrication of 3D living tissues comprised of mammalian cells. The Company believes that the use of its bioprinting platform as well as complementary 3D technologies will allow it to develop an understanding of disease biology that leads to validated novel drug targets and therapeutics to those targets to treat disease.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The majority of the Company’s current focus is in inflammatory bowel disease ("IBD"), including CD and UC. The Company is creating high fidelity disease models, leveraging its prior work including the work found in its peer-reviewed publication on bioprinted intestinal tissues (</span><span style="background-color:rgba(0,0,0,0);color:rgba(33,33,33,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Madden et al. Bioprinted 3D Primary Human Intestinal Tissues Model Aspects of Native Physiology and ADME/Tox Functions. iScience. 2018 Apr 27;2:156-167. doi: 10.1016/j.isci.2018.03.015.) The Company’s current understanding of intestinal tissue models and IBD disease models leads it to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. Using these disease models, the Company intends to identify and validate novel therapeutic targets. After finding therapeutic drug targets, the Company intends to focus on developing novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug (“IND”) filing and potential future clinical trials.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(33,33,33,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In March of 2023, the Company </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">entered into and closed an asset purchase agreement with Metacrine, Inc to acquire their farnesoid X receptor ("FXR") program. FXR is a mediator of gastrointestinal ("</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">GI") and liver diseases. FXR agonism has been tested in a variety of preclinical models of IBD. The acquired program contains </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">two</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> clinically tested compounds and over </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">2,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> discovery or preclinical compounds.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="color:rgba(33,33,33,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(33,33,33,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., and Opal Merger Sub, Inc.</span></p>
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FilingSummary.xml Edgar Link unprocessable