2020 Q2 Form 10-Q Financial Statement
#000156459020038895 Filed on August 10, 2020
Income Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q2 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $668.0K |
| YoY Change | -100.0% | -100.0% | -3.05% |
| Cost Of Revenue | $0.00 | $0.00 | $100.0K |
| YoY Change | -100.0% | -100.0% | 0.0% |
| Gross Profit | $0.00 | $0.00 | $568.0K |
| YoY Change | -100.0% | -100.0% | -3.57% |
| Gross Profit Margin | 85.03% | ||
| Selling, General & Admin | $2.780M | $3.090M | $3.240M |
| YoY Change | -14.2% | -7.49% | -32.03% |
| % of Gross Profit | 570.42% | ||
| Research & Development | $0.00 | $3.823M | |
| YoY Change | -100.0% | 13.14% | |
| % of Gross Profit | 673.06% | ||
| Depreciation & Amortization | $4.000K | $0.00 | $205.0K |
| YoY Change | -98.05% | -100.0% | -28.82% |
| % of Gross Profit | 36.09% | ||
| Operating Expenses | $0.00 | $2.960M | $3.823M |
| YoY Change | -100.0% | -61.76% | -53.07% |
| Operating Profit | $0.00 | -$2.960M | -$6.521M |
| YoY Change | -100.0% | -58.66% | -13.71% |
| Interest Expense | $10.00K | $90.00K | $200.0K |
| YoY Change | -95.0% | -50.0% | 25.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $19.00K | $80.00K | $198.0K |
| YoY Change | -90.4% | ||
| Pretax Income | -$2.770M | -$2.720M | -$6.320M |
| YoY Change | -56.17% | -61.03% | -14.71% |
| Income Tax | $2.000K | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$2.769M | -$2.720M | -$6.323M |
| YoY Change | -56.21% | -61.03% | -14.74% |
| Net Earnings / Revenue | -946.56% | ||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$424.2K | -$416.5K | -$996.8K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 130.2M | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $24.79M | $27.36M | $35.49M |
| YoY Change | -30.15% | -25.0% | -10.4% |
| Cash & Equivalents | $24.79M | $27.36M | $35.49M |
| Short-Term Investments | |||
| Other Short-Term Assets | $630.0K | $850.0K | $730.0K |
| YoY Change | -13.7% | -19.05% | -21.51% |
| Inventory | $0.00 | $506.0K | |
| Prepaid Expenses | |||
| Receivables | $80.00K | $111.0K | $538.0K |
| Other Receivables | $0.00 | $0.00 | $100.0K |
| Total Short-Term Assets | $25.50M | $28.32M | $37.36M |
| YoY Change | -31.74% | -26.59% | -11.71% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $0.00 | $1.594M | |
| YoY Change | -100.0% | -36.24% | |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $120.0K | $123.0K | $134.0K |
| YoY Change | -10.45% | -10.87% | -52.14% |
| Total Long-Term Assets | $121.0K | $123.0K | $6.095M |
| YoY Change | -98.01% | -94.0% | 119.24% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $25.50M | $28.32M | $37.36M |
| Total Long-Term Assets | $121.0K | $123.0K | $6.095M |
| Total Assets | $25.62M | $28.44M | $43.45M |
| YoY Change | -41.03% | -29.99% | -3.63% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $110.0K | $720.0K | $553.0K |
| YoY Change | -80.11% | 14.65% | 38.25% |
| Accrued Expenses | $725.0K | $1.090M | $1.407M |
| YoY Change | -48.47% | -57.24% | -35.75% |
| Deferred Revenue | $0.00 | $0.00 | $532.0K |
| YoY Change | -100.0% | -100.0% | -15.29% |
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $840.0K | $1.810M | $3.540M |
| YoY Change | -76.27% | -51.57% | 10.28% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $0.00 | $3.770M | |
| YoY Change | -100.0% | 611.32% | |
| Total Long-Term Liabilities | $0.00 | $0.00 | $3.770M |
| YoY Change | -100.0% | -100.0% | 611.32% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $840.0K | $1.810M | $3.540M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $3.770M |
| Total Liabilities | $840.0K | $1.810M | $7.312M |
| YoY Change | -88.51% | -58.15% | 95.51% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$279.5M | -$267.1M | |
| YoY Change | 7.18% | ||
| Common Stock | $306.1M | $303.2M | |
| YoY Change | 3.04% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $24.79M | $26.63M | $36.14M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $25.62M | $28.44M | $43.45M |
| YoY Change | -41.04% | -29.99% | -3.63% |
Cashflow Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.769M | -$2.720M | -$6.323M |
| YoY Change | -56.21% | -61.03% | -14.74% |
| Depreciation, Depletion And Amortization | $4.000K | $0.00 | $205.0K |
| YoY Change | -98.05% | -100.0% | -28.82% |
| Cash From Operating Activities | -$2.570M | -$3.210M | -$5.935M |
| YoY Change | -56.7% | -36.81% | -15.48% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $20.00K | $0.00 |
| YoY Change | |||
| Cash From Investing Activities | $2.000K | $20.00K | $1.000K |
| YoY Change | 100.0% | -140.0% | -50.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -1.000K | 0.000 | 4.944M |
| YoY Change | -100.02% | -100.0% | 70.07% |
| NET CHANGE | |||
| Cash From Operating Activities | -2.570M | -3.210M | -5.935M |
| Cash From Investing Activities | 2.000K | 20.00K | 1.000K |
| Cash From Financing Activities | -1.000K | 0.000 | 4.944M |
| Net Change In Cash | -2.569M | -3.190M | -990.0K |
| YoY Change | 159.49% | -368.07% | -75.93% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$2.570M | -$3.210M | -$5.935M |
| Capital Expenditures | $0.00 | $0.00 | |
| Free Cash Flow | -$2.570M | -$3.210M | |
| YoY Change | -36.31% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2020Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
120000 | |
| CY2020Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
123000 | |
| CY2020Q2 | us-gaap |
Assets
Assets
|
25621000 | |
| CY2020Q1 | us-gaap |
Assets
Assets
|
28441000 | |
| CY2020Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
110000 | |
| CY2020Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
720000 | |
| CY2020Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
725000 | |
| CY2020Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1090000 | |
| CY2019Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
668000 | |
| CY2019Q2 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
51000 | |
| CY2019Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3823000 | |
| CY2019Q2 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
7189000 | |
| CY2019Q2 | us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
1000 | |
| CY2019Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
197000 | |
| CY2020Q2 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
5000 | |
| CY2019Q2 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
0 | |
| CY2020Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
19000 | |
| CY2019Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
198000 | |
| CY2020Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2000 | |
| CY2019Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6521000 | |
| CY2020Q2 | onvo |
Stock Issued During Period Value Under Employee And Director Stock Option Rsu And Purchase Plans
StockIssuedDuringPeriodValueUnderEmployeeAndDirectorStockOptionRSUAndPurchasePlans
|
-1000 | |
| CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2769000 | |
| CY2019Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6323000 | |
| CY2019Q2 | onvo |
Stock Issued During Period Value Under Employee And Director Stock Option Rsu And Purchase Plans
StockIssuedDuringPeriodValueUnderEmployeeAndDirectorStockOptionRSUAndPurchasePlans
|
-52000 | |
| CY2019Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2020Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.02 | |
| CY2020Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
130588481 | |
| CY2020Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-2769000 | |
| CY2019Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-6323000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
36298000 | |
| CY2019Q2 | onvo |
Stock Issued During Period Value Public Offering
StockIssuedDuringPeriodValuePublicOffering
|
4996000 | |
| CY2019Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1220000 | |
| CY2019Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-6323000 | |
| CY2019Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
36139000 | |
| CY2020Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
26631000 | |
| CY2020Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
925000 | |
| CY2020Q2 | us-gaap |
Profit Loss
ProfitLoss
|
-2769000 | |
| CY2020Q2 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
24786000 | |
| CY2020Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
6000 | |
| CY2019Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
1000 | |
| CY2020Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
4000 | |
| CY2019Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
205000 | |
| CY2020Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
925000 | |
| CY2019Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1220000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-27000 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
35000 | |
| CY2020Q2 | onvo |
Increase Decrease In Grants Receivable
IncreaseDecreaseInGrantsReceivable
|
0 | |
| CY2019Q2 | onvo |
Increase Decrease In Grants Receivable
IncreaseDecreaseInGrantsReceivable
|
44000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
0 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
16000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-224000 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-360000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-610000 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-75000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-365000 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1142000 | |
| CY2020Q2 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
0 | |
| CY2019Q2 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
7000 | |
| CY2020Q2 | onvo |
Increase Decrease In Operating Lease Right Of Use Asset And Liabilities Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetAndLiabilitiesNet
|
0 | |
| CY2019Q2 | onvo |
Increase Decrease In Operating Lease Right Of Use Asset And Liabilities Net
IncreaseDecreaseInOperatingLeaseRightOfUseAssetAndLiabilitiesNet
|
91000 | |
| CY2020Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2570000 | |
| CY2019Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5935000 | |
| CY2020Q2 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
2000 | |
| CY2019Q2 | us-gaap |
Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
|
1000 | |
| CY2020Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
2000 | |
| CY2019Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
1000 | |
| CY2020Q2 | onvo |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
0 | |
| CY2019Q2 | onvo |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
4996000 | |
| CY2020Q2 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
1000 | |
| CY2019Q2 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
52000 | |
| CY2020Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1000 | |
| CY2019Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
4944000 | |
| CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-2569000 | |
| CY2019Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-990000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
27356000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
36556000 | |
| CY2020Q2 | us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | |
| CY2019Q2 | onvo |
Assets Held For Sale
AssetsHeldForSale
|
0 | |
| CY2020Q2 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
2000 | |
| CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
24787000 | |
| CY2019Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
35566000 | |
| CY2019Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
35487000 | |
| CY2020Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
0 | |
| CY2019Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
79000 | |
| CY2020Q2 | onvo |
Receivable Related To Fixed Asset Sales
ReceivableRelatedToFixedAssetSales
|
5000 | |
| CY2019Q2 | onvo |
Receivable Related To Fixed Asset Sales
ReceivableRelatedToFixedAssetSales
|
0 | |
| CY2020Q2 | onvo |
Assets Held For Sale
AssetsHeldForSale
|
1000 | |
| CY2019Q2 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | |
| CY2020Q2 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<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;"> </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 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. (“Organovo Holdings,” “Organovo,” and “the Company”) is<font style="color:#000000;"> an early-stage biotechnology company that has focused on pioneering the development of bioprinted 3D human tissues that emulate key aspects of human biology and disease. </font>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.</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;">Historical Operations and Strategic Alternatives Process</p> <p style="margin-top:6pt;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 August 2019, the Company has focused its efforts on developing its <font style="font-style:italic;">in vivo</font> liver tissues to treat end-stage liver disease and a select group of life-threatening, orphan diseases, for which there are limited treatment options other than organ transplantation. The Company also explored the development of other potential pipeline <font style="font-style:italic;">in vivo</font> tissue constructs in-house and through collaborations with academic and government researchers. In the past, the Company also explored the development of <font style="font-style:italic;">in vitro </font>tissues, including proof of concept models of diseased tissues, for use in drug discovery and development.</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;">In August 2019, after a rigorous assessment of its <font style="font-style:italic;">in vitro </font>liver therapeutic tissue program, the Company concluded that the variability of biological performance and related duration of potential benefits no longer supported an attractive opportunity due to redevelopment challenges and lengthening timelines to compile sufficient data to support an IND filing. As a result, the Company suspended development of its lead program and all other related in-house pipeline development activities.</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 Company’s Board also engaged a financial advisory firm to explore the Company’s available strategic alternatives, including evaluating a range of ways to generate value from its technology platform and intellectual property, its commercial and development capabilities, its listing on the Nasdaq Capital Market, and the Company’s remaining financial assets. These strategic alternatives included possible mergers and business combinations, sales of part or all of our assets, and licensing and partnering arrangements. The Company implemented various restructuring steps to manage its resources and extend its cash runway, including reducing commercial activities related to its liver tissues, except for sales of primary human cells out of inventory, negotiating an exit from its long-term facility lease, selling various assets, and reducing its workforce. Additionally, in November 2019, the Company sold certain inventory and equipment and related proprietary information held by its wholly-owned subsidiary, Samsara Sciences, Inc. (“Samsara”), and as a result of such sale, Samsara ceased its operations.</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;">After conducting a diligent and extensive process of evaluating strategic alternatives and identifying and reviewing potential candidates for a strategic acquisition or other transaction, which included the receipt of more than 27 non-binding indications of interest from interested parties and careful evaluation and consideration of those proposals, and following extensive negotiation with Tarveda, on December 13, 2019, the Company entered into a merger agreement with Tarveda (the “Merger Agreement”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, the Company’s wholly-owned merger subsidiary would merge (the “Merger”) into Tarveda, with Tarveda surviving the Merger. The Merger Agreement included various conditions to the consummation of the Merger, including approval by the Company’s stockholders at a Special Meeting of Stockholders to be held on April 7, 2020 (the “Special Meeting”).</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;">At the Special Meeting, the Merger was not approved by the Company’s stockholders. As a result, the Company terminated the Merger Agreement with Tarveda. Pursuant to the terms of the Merger Agreement, the Company was obligated to reimburse certain of Tarveda’s merger-related expenses not to exceed $300,000, which was offset by Tarveda’s portion of shared expenses incurred by Organovo in fiscal 2020.</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;">The Cooperation Agreement and Advisory Nominees Proposal</p> <p style="margin-top:6pt;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;">Following the Special Meeting and the termination of the Merger Agreement, the Company’s Board continued to solicit stockholder feedback regarding the Company’s strategic alternatives and how to maximize stockholder value. In response to feedback from its largest stockholder regarding its desire for the Board to consider opportunities in the 3D bioprinting field and suggestion that the Board should speak with Keith Murphy, the Company’s founder, stockholder and former Chief Executive Officer and Chairman, for potential business ideas, the Company’s Board initiated discussions with Mr. Murphy. Based on these discussions, the Company entered into a Cooperation Agreement with Mr. Murphy on July 14, 2020 (the “Cooperation Agreement”). Under the terms of the Cooperation Agreement, the Board appointed Mr. Murphy and Adam K. Stern to the Board as Class III directors, and two of the Company’s existing directors, Richard Maroun and David Shapiro, resigned from the Board and all Board committees. The Board also agreed to nominate, recommend, support and solicit proxies for the re-election of Messrs. Murphy and Stern at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”). The Board also agreed to nominate, recommend, support and solicit proxies for an advisory stockholder vote (the “Advisory Nominees Proposal”) at the 2020 Annual Meeting to appoint three individuals, Douglas Jay Cohen, David Gobel and Alison Tjosvold Milhous (collectively, the “Advisory Nominees”), to the Board. Mr. Murphy identified each of the Advisory Nominees. If the final vote tabulation for the Advisory Nominees Proposal receives more votes cast “FOR” than “AGAINST” its approval, the Board has approved the appointment of the Advisory Nominees, to be automatically effective immediately following the final adjournment of the 2020 Annual Meeting. In addition, immediately following the appointment of the Advisory Nominees, each of our existing directors (other than Messrs. Murphy and Stern) will resign from the Board, which will result in Messrs. Murphy and Stern and the Advisory Nominees constituting the full membership of the Board (collectively, the “New Director Slate”).</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;">Proposed Drug Discovery Business</p> <p style="margin-top:6pt;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 New Director Slate has advised the Company that if the Advisory Nominees Proposal is approved at the 2020 Annual Meeting, the New Director Slate intends to recommence operations and focus the Company’s efforts on developing highly customized human tissues as living, dynamic models of human biology and disease for use in drug discovery and development. The New Director Slate has advised the Company that it believes the Company’s proprietary technology can be used to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, and function. The New Director Slate also believes the Company can utilize its proprietary technology to develop highly customized and dynamic models of human disease, including cell type-specific compartments, prevalent intercellular tight junctions, and microvascular structures. They believe these features can facilitate the Company’s development of complex, multicellular disease models for use in the development of targeted therapeutics for various diseases including, among others, <font style="color:#000000;">intestine, kidney, skin and breast diseases</font>. Market opportunities may include externally-partnered or internally-directed drug discovery and the clinical development of new molecular entities or repurposed drugs in-licensed from other pharmaceutical companies. The goal of the New Director Slate is for the Company to establish a pipeline of drug candidates in high-value disease areas, aiming to commence human clinical testing for at least one drug candidate within a three to four year timeframe. </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;">If the Advisory Nominees Proposal is approved, the New Director Slate intends to restart the Company’s research operations by hiring a team of R&D professionals with the experience required to develop bioprinted and other 3D tissues for use in drug discovery, to leverage 3D models of disease to discover new drug candidates, and to develop new drug candidates for the initiation of clinical studies.</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 New Director Slate has advised the Company that they expect our research and development staff to grow to seven to ten employees. They also expect to maintain or grow a general and administrative staff of three to five employees to support the Company’s operations and reporting requirements as a public company.</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;">If the Advisory Nominees Proposal is approved, the New Director Slate has advised us that the Company expects to lease sufficient office and laboratory space to support its requirements. They expect that the Company will need space in the short term in the 3,000-7,000 sq. ft. range, with mixed office and laboratory space. They expect to lease a new facility in San Diego at prevailing market terms.</p> <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;">COVID-19</p> <p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019 a respiratory illness caused by a novel strain of coronavirus, SARS-CoV-2, causing the Coronavirus Disease 2019, also known as COVID-19 or coronavirus emerged. While initially the outbreak was largely concentrated in China it has spread globally. Global health concerns relating to the COVID-19 pandemic have been weighing on the macroeconomic environment, and the pandemic has significantly increased economic volatility and uncertainty. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. </p> <p style="Background-color:#FFFFFF;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;">The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak and <font style="color:#212529;">travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns</font>. In particular, the continued coronavirus pandemic could adversely impact the Company’s operations, including among others, the timing and ability to pursue strategic alternatives, given the impact it may have on the manufacturing and supply chain, sales and marketing and clinical trial operations of potential strategic partners, and the ability, if we elect to do so, to advance our research and development activities and pursue development of any of our pipeline products, each of which could have an adverse impact on the Company’s business and financial results.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> | |
| CY2020Q2 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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 unaudited condensed consolidated financial statements include those assumed in the valuation of stock-based compensation expense, the valuation of impairment of long-lived assets, our assessment of contingent liabilities that would require the establishment of a reserve, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its critical accounting estimates.</p> | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.08 | |
| CY2020Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
0 | |
| CY2019Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
262000 | |
| CY2019Q2 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
0 | |
| CY2020Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
0 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
0 | |
| CY2020Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
0 | |
| CY2019Q2 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
100000 | |
| CY2020Q2 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | |
| CY2019Q2 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | |
| CY2020Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
12000000 | |
| CY2019Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14600000 | |
| CY2020Q2 | onvo |
Number Of Participants Enrolled In Employee Stock Purchase Plan
NumberOfParticipantsEnrolledInEmployeeStockPurchasePlan
|
0 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | |
| CY2019Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | |
| CY2020Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
25000000 | |
| CY2020Q2 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2020Q2 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
20:1 to 40:1 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
7638076 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | |
| CY2020Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
7638076 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
4593119 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.08 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.48 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
37440 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
0 | |
| CY2020Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
79237 | |
| CY2020Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
3396 | |
| CY2020Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y1M17D | |
| CY2020Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y1M17D | |
| CY2020Q2 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
27357005 | |
| CY2019Q4 | onvo |
Monthly Rent Payments
MonthlyRentPayments
|
4000 | |
| CY2020Q2 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
0 | |
| CY2019Q2 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
107000 | |
| CY2020Q2 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
0 | |
| CY2019Q2 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
15000 | |
| CY2020 | us-gaap |
Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
|
52 | |
| CY2020 | us-gaap |
Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
|
0.90 | |
| CY2020Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
0 | |
| CY2019Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
0 |
