$ONVO
ORGANOVO HOLDINGS, INC.

2019 Q4 Form 10-Q Financial Statement

#000156459020004042 Filed on February 10, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q1 2018 Q4
Revenue $298.0K $680.0K $779.0K
YoY Change -61.75% -38.46% -32.44%
Cost Of Revenue $13.00K $100.0K $100.0K
YoY Change -87.0% -64.29% -50.0%
Gross Profit $285.0K $580.0K $679.0K
YoY Change -58.03% -29.27% -28.75%
Gross Profit Margin 95.64% 85.29% 87.16%
Selling, General & Admin $5.374M $3.340M $3.387M
YoY Change 58.67% -24.6% -30.45%
% of Gross Profit 1885.61% 575.86% 498.82%
Research & Development $145.0K $4.400M $3.782M
YoY Change -96.17% 10.83% -5.69%
% of Gross Profit 50.88% 758.62% 557.0%
Depreciation & Amortization $760.0K $160.0K $250.0K
YoY Change 204.0% -48.39% -19.35%
% of Gross Profit 266.67% 27.59% 36.82%
Operating Expenses $5.519M $7.740M $7.169M
YoY Change -23.02% -7.97% -19.18%
Operating Profit -$5.234M -$7.160M -$6.526M
YoY Change -19.8% -5.67% -17.57%
Interest Expense $130.0K $180.0K $190.0K
YoY Change -31.58% 28.57% 58.33%
% of Operating Profit
Other Income/Expense, Net $1.864M $127.0K
YoY Change 1367.72%
Pretax Income -$3.370M -$6.980M -$6.400M
YoY Change -47.34% -6.31% -17.84%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.370M -$6.980M -$6.399M
YoY Change -47.34% -6.3% -17.87%
Net Earnings / Revenue -1130.87% -1026.47% -821.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$516.9K -$1.167M -$1.102M
COMMON SHARES
Basic Shares Outstanding 119.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.47M $36.48M $35.22M
YoY Change -13.49% -16.58% -25.6%
Cash & Equivalents $30.47M $36.48M $35.35M
Short-Term Investments
Other Short-Term Assets $470.0K $1.050M $530.0K
YoY Change -11.32% -9.48% -40.45%
Inventory $0.00 $490.0K $1.050M
Prepaid Expenses
Receivables $170.0K $503.0K $550.0K
Other Receivables $0.00 $60.00K $120.0K
Total Short-Term Assets $31.11M $38.57M $37.47M
YoY Change -16.97% -17.51% -25.46%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.832M $1.950M
YoY Change -100.0% -34.29% -34.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $127.0K $138.0K $270.0K
YoY Change -52.96% -9.21% -12.9%
Total Long-Term Assets $200.0K $2.049M $2.220M
YoY Change -90.99% -33.19% -32.32%
TOTAL ASSETS
Total Short-Term Assets $31.11M $38.57M $37.47M
Total Long-Term Assets $200.0K $2.049M $2.220M
Total Assets $31.31M $40.62M $39.69M
YoY Change -21.11% -18.47% -25.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $820.0K $628.0K $650.0K
YoY Change 26.15% 35.34% 44.44%
Accrued Expenses $1.540M $2.549M $2.180M
YoY Change -29.36% -23.71% -27.09%
Deferred Revenue $0.00 $525.0K $580.0K
YoY Change -100.0% -21.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.358M $3.737M $3.410M
YoY Change -30.85% -19.77% -20.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $590.0K $600.0K
YoY Change -100.0% 1.72% -9.09%
Total Long-Term Liabilities $0.00 $590.0K $600.0K
YoY Change -100.0% 1.72% -9.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.358M $3.737M $3.410M
Total Long-Term Liabilities $0.00 $590.0K $600.0K
Total Liabilities $2.360M $4.325M $4.010M
YoY Change -41.15% -17.48% -18.99%
SHAREHOLDERS EQUITY
Retained Earnings -$260.8M
YoY Change 11.38%
Common Stock $297.1M
YoY Change 6.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.95M $36.30M $35.68M
YoY Change
Total Liabilities & Shareholders Equity $31.31M $40.62M $39.69M
YoY Change -21.11% -18.47% -25.88%

Cashflow Statement

Concept 2019 Q4 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$3.370M -$6.980M -$6.399M
YoY Change -47.34% -6.3% -17.87%
Depreciation, Depletion And Amortization $760.0K $160.0K $250.0K
YoY Change 204.0% -48.39% -19.35%
Cash From Operating Activities -$580.0K -$5.080M -$3.950M
YoY Change -85.32% -9.45% -38.76%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$40.00K -$30.00K
YoY Change -100.0% -71.43% 0.0%
Acquisitions
YoY Change
Other Investing Activities $700.0K $0.00 $0.00
YoY Change
Cash From Investing Activities $700.0K -$50.00K -$20.00K
YoY Change -3600.0% -61.54% -33.33%
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 6.320M 1.850M
YoY Change -100.0% 199.53% -40.13%
NET CHANGE
Cash From Operating Activities -580.0K -5.080M -3.950M
Cash From Investing Activities 700.0K -50.00K -20.00K
Cash From Financing Activities 0.000 6.320M 1.850M
Net Change In Cash 120.0K 1.190M -2.120M
YoY Change -105.66% -132.78% -37.46%
FREE CASH FLOW
Cash From Operating Activities -$580.0K -$5.080M -$3.950M
Capital Expenditures $0.00 -$40.00K -$30.00K
Free Cash Flow -$580.0K -$5.040M -$3.920M
YoY Change -85.2% -7.86% -38.94%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note<font style="font-weight:normal;">&#160;</font>1. Description of Business </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Nature of&#160;operations</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Organovo Holdings, Inc. (&#8220;Organovo Holdings,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the Company&#8221; and &#8220;our Company&#8221;) is a biotechnology company that has focused on pioneering the development of bioprinted human tissues that emulate human biology and disease. In August 2019, <font style="color:#000000;">after a rigorous assessment of the Company&#8217;s lead liver therapeutic tissue program following completion of various preclinical studies, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) concluded that the variability of biological performance and related duration of potential benefits presented development challenges and lengthy redevelopment timelines that no longer supported an attractive opportunity for the Company and its stockholders. Furthermore, the Board deemed the stage of development of the Company&#8217;s other therapeutic pipeline assets, including stem cell based tissue programs, to be too premature to potentially reach IND filing status within an acceptable investment horizon and with the Company&#8217;s available resources. As a result, the Company suspended all development of its lead program and all other related pipeline development activity and engaged a financial advisory firm to explore its strategic alternatives, including</font> evaluating <font style="color:#000000;">a range of ways to generate value from the Company&#8217;s technology platform and intellectual property, its commercial and development capabilities, its listing on the Nasdaq Capital Market, and its remaining financial assets.</font></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 13, 2019, the Company and Tarveda Therapeutics, Inc. (&#8220;Tarveda&#8221;), a privately owned biopharmaceutical company, entered into an Agreement and Plan of Merger and Reorganization, as amended by the First Amendment to Merger Agreement, dated January 26, 2020, and as may be amended from time to time (the &#8220;Merger Agreement&#8221;). The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Opal Merger Sub, Inc. (&#8220;Opal&#8221;), a new wholly-owned subsidiary of the Company, will merge with and into Tarveda, with Tarveda as the surviving corporation, becoming a wholly-owned subsidiary of the Company (the &#8220;Merger&#8221;). As a result of the Merger, each outstanding share of Tarveda capital stock will be converted into the right to receive shares of the Company&#8217;s common stock. Under the terms of the Merger Agreement, the Company will issue, and Tarveda securityholders will be entitled to receive, in a tax-free exchange, shares of its common stock such that Tarveda securityholders will own approximately 75% of the combined company on a fully diluted basis (as defined in the Merger Agreement) and the Company&#8217;s securityholders will own approximately 25% of the combined company on a fully diluted basis (as defined in the Merger Agreement). The Merger Agreement provides that the exchange ratio for Tarveda&#8217;s capital stock are subject to upward and downward adjustment based on the Company&#8217;s net cash balance at the closing of the Merger. If the Company&#8217;s net cash balance at the closing of the Merger is below $22 million, the Merger Agreement provides for adjusting the exchange ratio to increase the number of shares of its common stock issued to former Tarveda securityholders. As a result, Tarveda&#8217;s securityholders may receive additional shares of the Company&#8217;s common stock as Merger consideration, and consequently the Company&#8217;s securityholders may be further diluted as a result of the Merger. If the Company&#8217;s net cash balance at the closing of the Merger is above $22 million, the Merger Agreement provides for adjusting the conversion ratio to decrease the number of shares of its common stock issued to former Tarveda securityholders. Additionally, the Merger Agreement provides for certain adjustments for debt of each of the parties. These percentages are calculated based on other assumptions as well, and, to the extent these assumptions prove to be inaccurate, Tarveda&#8217;s securityholders may receive a larger or smaller percentage of the combined company&#8217;s pro forma fully diluted capitalization. If Tarveda&#8217;s net cash balance at the closing of the Merger is below $15 million, the Company may elect to not consummate the Merger. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger is subject to customary closing conditions, including approval by the Company&#8217;s stockholders of the issuance of its common stock in the Merger, as well as a reverse stock split of its common shares. The Company anticipates the Merger will be completed in the fiscal fourth quarter of 2020. The Merger Agreement contains certain termination rights for both the Company and Tarveda, and further provides that, upon termination of the Merger Agreement under specified circumstances, either party may be required to pay the other party a termination fee ranging between $1.0 million (plus reimbursement of $0.3 million of expenses) and $2.0 million (plus reimbursement of $0.5 million of expenses), depending on the cause of the termination.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to execution of the Merger Agreement, the Company solicited bids from potential purchasers for its operating assets, which the Company had sought to sell or otherwise dispose of in one or more strategic transactions. In connection with that process, the Company entered into an agreement with LifeNet Health (&#8220;LifeNet&#8221;) on November 7, 2019 to sell certain equipment and inventory of our Samsara Sciences, for $1.5 million in cash. In addition, on January 26, 2020, the Company and Tarveda agreed to amend the Merger Agreement to provide that the Company would be credited with $1.5 million for purposes of calculating the number of shares to be issued to Tarveda stockholders in connection with the Merger if the Company does not sell or transfer its intellectual property and remaining assets prior to the closing of the Merger. The Company&#8217;s remaining assets following these actions will consist primarily of its cash, cash equivalents, interest receivables, restricted cash and other working capital items related to its corporate administrative function, its intellectual property portfolio, its license and collaboration agreements, its remaining assets, its listing on the Nasdaq Capital Market and the Merger Agreement with Tarveda. In addition, the majority of the Company&#8217;s employees have been terminated, except for six general and administrative personnel.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the sale transaction with LifeNet, aside from the maintenance of the Company&#8217;s intellectual property portfolio, license and collaboration agreements, its remaining assets, and its listing on the Nasdaq Capital Market, all of the Company&#8217;s business immediately following the Merger will be the business conducted by Tarveda immediately prior to the Merger, if the Merger closes. Accordingly, because of the pending Merger with Tarveda and the action described above, the Company believes its historical operating results are not indicative of future results. The Company cannot assure you that it will close the pending Merger with Tarveda on favorable terms, in a timely manner, or at all.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Except where specifically noted or the context otherwise requires, references to &#8220;Organovo Holdings,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; and &#8220;us&#8221; in these notes to the unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., Samsara Sciences, Inc, and Opal Merger Sub, Inc.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 revenue recognition, the measurement of operating lease right-of-use assets and lease liabilities, the valuation of stock-based compensation expense, the valuation of impairment of long-lived assets, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Impairment of long-lived assets</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with ASC 360-10, the Company records an impairment loss on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets (i.e. not able to be recovered). During the second quarter of Fiscal 2020, the Company announced the restructuring of its operations. This event required the reevaluation of the recoverability of the gross carrying value of its long-lived assets. Upon the Company&#8217;s announcement and at each quarter-end, the Company performed an asset impairment analysis on its long-lived asset group, consisting primarily of licensed intangible assets, computer equipment, and software following the completion of various asset sales prior to December 31, 2019, which concluded that the carrying amount is not recoverable. However, the Company&#8217;s analysis indicated that carrying amount of the asset group does not exceed its fair value. As such, no impairment loss is required to be recognized. Nonetheless, it is reasonably possible that the impairment analysis may change in the near term resulting in the need to write down those assets to fair value. The Company will continue to monitor assets for impairment.</p>
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