$ONVO
ORGANOVO HOLDINGS, INC.

2014 Q3 Form 10-Q Financial Statement

#000119312514303337 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $50.00K $99.00K $106.0K
YoY Change 117.39% -6.6% -59.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.777M $3.695M $2.358M
YoY Change 44.32% 56.7% 122.45%
% of Gross Profit
Research & Development $3.229M $2.814M $1.482M
YoY Change 99.08% 89.88% 128.0%
% of Gross Profit
Depreciation & Amortization $110.0K $96.00K $93.00K
YoY Change 10.0% 3.23% 365.0%
% of Gross Profit
Operating Expenses $9.006M $6.509M $3.840M
YoY Change 60.11% 69.51% 124.56%
Operating Profit -$8.956M -$6.410M -$3.734M
YoY Change 59.87% 71.67% 157.52%
Interest Expense $100.0K $0.00 $13.00K
YoY Change -102.09% -100.0% -100.04%
% of Operating Profit
Other Income/Expense, Net $98.00K -$23.00K -$37.00K
YoY Change -102.05% -37.84%
Pretax Income -$8.860M -$6.430M -$3.770M
YoY Change -14.73% 70.56% -89.35%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.858M -$6.433M -$3.771M
YoY Change -14.71% 70.59% -89.34%
Net Earnings / Revenue -17716.0% -6497.98% -3557.55%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.243M -$1.645M -$1.065M
COMMON SHARES
Basic Shares Outstanding 78.48M shares 78.28M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.39M $44.90M $12.85M
YoY Change 1.93% 249.42% 51.71%
Cash & Equivalents $54.39M $44.90M $12.85M
Short-Term Investments
Other Short-Term Assets $620.0K $710.0K $330.0K
YoY Change 106.67% 115.15% 65.0%
Inventory $70.00K $71.00K $90.00K
Prepaid Expenses
Receivables $30.00K $60.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $55.11M $45.74M $13.26M
YoY Change 2.55% 244.95% 44.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.273M $1.001M $1.110M
YoY Change 23.47% -9.82% 246.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.00K $88.00K $130.0K
YoY Change -9.57% -32.31% -31.58%
Total Long-Term Assets $1.437M $1.168M $1.250M
YoY Change 23.56% -6.56% 145.1%
TOTAL ASSETS
Total Short-Term Assets $55.11M $45.74M $13.26M
Total Long-Term Assets $1.437M $1.168M $1.250M
Total Assets $56.54M $46.91M $14.51M
YoY Change 2.99% 223.28% 49.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.0K $839.0K $370.0K
YoY Change 11.11% 126.76% 42.31%
Accrued Expenses $1.559M $1.739M $1.140M
YoY Change -1.52% 52.54% 178.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $3.112M $3.085M $7.580M
YoY Change 5.85% -59.3% 751.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -99.99%
Total Long-Term Liabilities $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% -99.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.112M $3.085M $7.580M
Total Long-Term Liabilities $0.00 $0.00 $20.00K
Total Liabilities $3.114M $3.090M $7.600M
YoY Change 5.35% -59.34% -90.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $80.00K $78.00K
YoY Change 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.43M $43.82M $6.910M
YoY Change
Total Liabilities & Shareholders Equity $56.54M $46.91M $14.51M
YoY Change 2.99% 223.28% 49.43%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$8.858M -$6.433M -$3.771M
YoY Change -14.71% 70.59% -89.34%
Depreciation, Depletion And Amortization $110.0K $96.00K $93.00K
YoY Change 10.0% 3.23% 365.0%
Cash From Operating Activities -$6.310M $3.400M -$2.660M
YoY Change 75.28% -227.82% 43.78%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K $238.0K $163.0K
YoY Change 1600.0% 46.01% -332.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $50.00K
YoY Change -100.0% -200.0%
Cash From Investing Activities -$340.0K -$240.0K -$110.0K
YoY Change 1600.0% 118.18% -15.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.15M 330.0K 0.000
YoY Change -63.39% -100.0%
NET CHANGE
Cash From Operating Activities -6.310M 3.400M -2.660M
Cash From Investing Activities -340.0K -240.0K -110.0K
Cash From Financing Activities 16.15M 330.0K 0.000
Net Change In Cash 9.500M 3.400M -2.770M
YoY Change -76.54% -222.74% 47.34%
FREE CASH FLOW
Cash From Operating Activities -$6.310M $3.400M -$2.660M
Capital Expenditures -$340.0K $238.0K $163.0K
Free Cash Flow -$5.970M $3.162M -$2.823M
YoY Change 66.76% -212.01% 58.6%

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CY2014Q2 us-gaap Revenue Recognition Multiple Element Arrangements
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> Revenue Arrangements with Multiple Deliverables</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company occasionally enters into revenue arrangements that contain multiple deliverables. Judgment is required to properly identify the accounting units of the multiple deliverable transactions and to determine the manner in which revenue should be allocated among the accounting units. Moreover, judgment is used in interpreting the commercial terms and determining when all criteria of revenue recognition have been met for each deliverable in order for revenue recognition to occur in the appropriate accounting period. For multiple deliverable agreements, consideration is allocated at the inception of the agreement to all deliverables based on their relative selling price. The relative selling price for each deliverable is determined using vendor-specific objective evidence (&#x201C;VSOE&#x201D;) of selling price or third-party evidence of selling price if VSOE does not exist. If neither VSOE nor third-party evidence of selling price exists, the Company uses its best estimate of the selling price for the deliverable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company recognizes revenue for delivered elements only when it determines there are no uncertainties regarding customer acceptance. While changes in the allocation of the arrangement consideration between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition, which could affect the Company&#x2019;s results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company expects to periodically receive license fees for non-exclusive research licensing associated with funded research projects. License fees under these arrangements are recognized over the term of the contract or development period as it has been determined that such licenses do not have stand-alone value.</p> </div>
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0156 pure
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
200000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7802 pure
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y8M23D
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
78241373 shares
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.31
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3365000
CY2014Q2 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
The estimated useful lives of the fixed assets range between two and five years.
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.94
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3400000
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.83
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
266801 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
22125 shares
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M28D
CY2014Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
60522 shares
CY2014Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain reclassifications were made to the Condensed Consolidated Statement of Operations for the three months ended June&#xA0;30, 2013 in order to conform to the presentation of the Condensed Consolidated Statement of Operations for the three months ended June&#xA0;30, 2014. The reclassifications did not have any effect on previously reported net loss.</p> </div>
CY2014Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
60522 shares
CY2014Q2 us-gaap Revenues
Revenues
99000
CY2014Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-117000
CY2014Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.22
CY2014Q2 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the condensed consolidated financial statements include those assumed in computing the valuation of warrants, revenue recognized under the proportional performance model, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets.</p> </div>
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
6250 shares
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
7000
CY2014Q2 us-gaap Interest Paid
InterestPaid
CY2014Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
60000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-6433000
CY2014Q2 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-23000
CY2014Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7800000
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
30000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6410000
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
30000
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
333000
CY2014Q2 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
238000
CY2014Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2014Q2 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
130000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
279284
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1537000
CY2014Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3270000
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-238000
CY2014Q2 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
572000
CY2014Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
513000
CY2014Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
141000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2814000
CY2014Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
111000
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
96000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
235000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3695000
CY2014Q2 onvo Lease Amendment Effective Date
LeaseAmendmentEffectiveDate
2014-09-01
CY2014Q2 onvo Class Of Warrant Or Right Number Of Warrants Exercised
ClassOfWarrantOrRightNumberOfWarrantsExercised
111647 shares
CY2014Q2 onvo Operating Leases Monthly Base Rent Expense
OperatingLeasesMonthlyBaseRentExpense
38800
CY2014Q2 onvo Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
224000
CY2014Q2 onvo Deduction In Warrant Liability
DeductionInWarrantLiability
55000
CY2014Q2 onvo Lease Term With Option To Extend
LeaseTermWithOptionToExtend
P48M
CY2014Q2 onvo Revenue From Research Collaborations
RevenueFromResearchCollaborations
69000
CY2014Q2 onvo Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedAndExpirationsInPeriod
shares
CY2014Q2 onvo Stockholders Equity During Period Issuance Of Common Stock From Warrant Exercises
StockholdersEquityDuringPeriodIssuanceOfCommonStockFromWarrantExercises
110600 shares
CY2014Q2 onvo Warrant Or Right Expense Or Revenue Recognized
WarrantOrRightExpenseOrRevenueRecognized
101000
CY2014Q2 onvo Warrant Reclassified Equity Instruments
WarrantReclassifiedEquityInstruments
0
CY2014Q2 onvo Number Of Warrant Exercised During Period Recorded As Derivative Liability
NumberOfWarrantExercisedDuringPeriodRecordedAsDerivativeLiability
8647 shares

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