2013 Q3 Form 10-Q Financial Statement

#000117891313002087 Filed on July 17, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $660.0K $500.0K $400.0K
YoY Change 65.0% 72.41% 33.33%
% of Gross Profit
Research & Development $290.0K $835.6K $540.0K
YoY Change -46.3% 234.59% 86.21%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 -$10.00K
YoY Change -200.0% -100.0% -200.0%
% of Gross Profit
Operating Expenses $960.0K $835.6K $940.0K
YoY Change 2.13% 234.59% 59.32%
Operating Profit -$1.335M
YoY Change 146.97%
Interest Expense -$40.00K $80.00K -$1.870M
YoY Change -97.86% -900.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.000M -$1.256M -$2.950M
YoY Change -66.1% 128.27% 268.75%
Income Tax -$210.0K $90.00K
% Of Pretax Income
Net Earnings -$790.0K -$1.256M -$3.040M
YoY Change -74.01% 128.27% 294.81%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$104.4K -$174.5K -$508.4K
COMMON SHARES
Basic Shares Outstanding 7.901M shares 7.223M shares 70.45M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.480M $4.230M $5.090M
YoY Change 66.6% 95.83% 37.57%
Cash & Equivalents $2.272M $1.105M $4.431M
Short-Term Investments $6.200M $3.130M $650.0K
Other Short-Term Assets $30.21K $80.00K $36.66K
YoY Change -17.6% 100.0% 83.29%
Inventory
Prepaid Expenses $62.30K $2.307K
Receivables $333.7K $87.69K
Other Receivables $58.00K $178.8K $84.64K
Total Short-Term Assets $8.644M $4.824M $5.276M
YoY Change 63.82% 96.21% 23.16%
LONG-TERM ASSETS
Property, Plant & Equipment $6.000K $5.730K $4.768K
YoY Change 25.84% 170.16% -72.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% 0.0%
Other Assets $10.00K $10.00K $0.00
YoY Change -100.0%
Total Long-Term Assets $16.00K $22.52K $18.38K
YoY Change -12.93% 42.62% -56.1%
TOTAL ASSETS
Total Short-Term Assets $8.644M $4.824M $5.276M
Total Long-Term Assets $16.00K $22.52K $18.38K
Total Assets $8.660M $4.846M $5.295M
YoY Change 63.56% 95.87% 22.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $450.0K $400.0K $600.0K
YoY Change -25.0% 29.03% 57.89%
Accrued Expenses
YoY Change
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 $498.0K $446.0K $644.4K
YoY Change -22.72% 25.34% 46.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.00K $240.0K $870.0K
YoY Change -96.55% 60.0% 443.75%
Total Long-Term Liabilities $31.00K $241.1K $872.4K
YoY Change -96.45% 64.17% 442.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $498.0K $446.0K $644.4K
Total Long-Term Liabilities $31.00K $241.1K $872.4K
Total Liabilities $529.0K $687.1K $1.517M
YoY Change -65.12% 36.68% 151.96%
SHAREHOLDERS EQUITY
Retained Earnings -$22.12M -$21.33M -$17.89M
YoY Change 23.65% 28.81% 22.99%
Common Stock $29.95M $25.36M $21.67M
YoY Change 38.22% 36.95% 18.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.131M $4.159M $3.778M
YoY Change
Total Liabilities & Shareholders Equity $8.660M $4.846M $5.295M
YoY Change 63.56% 95.87% 22.4%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q3
OPERATING ACTIVITIES
Net Income -$790.0K -$1.256M -$3.040M
YoY Change -74.01% 128.27% 294.81%
Depreciation, Depletion And Amortization $10.00K $0.00 -$10.00K
YoY Change -200.0% -100.0% -200.0%
Cash From Operating Activities -$280.0K -$1.050M -$340.0K
YoY Change -17.65% 19.32% -20.93%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.920M $110.0K $20.00K
YoY Change -14700.0% -67.65% -300.0%
Cash From Investing Activities -$2.930M $110.0K $20.00K
YoY Change -14750.0% -67.65% -300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.370M 0.000 3.490M
YoY Change 25.21%
NET CHANGE
Cash From Operating Activities -280.0K -1.050M -340.0K
Cash From Investing Activities -2.930M 110.0K 20.00K
Cash From Financing Activities 4.370M 0.000 3.490M
Net Change In Cash 1.160M -940.0K 3.170M
YoY Change -63.41% 74.07% -820.45%
FREE CASH FLOW
Cash From Operating Activities -$280.0K -$1.050M -$340.0K
Capital Expenditures -$10.00K $0.00 $0.00
Free Cash Flow -$270.0K -$1.050M -$340.0K
YoY Change -20.59% 19.32% -20.93%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><!--StartFragment--> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 27pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> a.</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: justify"> General:</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 8.1pt; text-align: left; TEXT-INDENT: 0pt"> Oramed Pharmaceuticals Inc. (the "Company") was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. ("Hadasit") (the "First Agreement") to acquire the provisional patent related to orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, see also note 2a.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -2.85pt; text-align: left; TEXT-INDENT: 0pt"> In February 2013, the Company&#39;s common stock began trading on The Nasdaq Capital Market under the symbol ORMP.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd., which is engaged in research and development. Unless the context indicates otherwise, the term "Group" refers to Oramed Pharmaceuticals Inc. and its Israeli subsidiary, Oramed Ltd. (the "Subsidiary"), (together with the Company, "the Group").</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> The Group is engaged in research and development in the biotechnology field and is considered a development stage company in accordance with the ASC Topic 915 "Development Stage Entities" due to the fact that it has not generated any revenues from its operations.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Successful completion of the Company&#39;s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the FDA prior to selling its products within the United States, and foreign regulatory approvals must be obtained to sell its products internationally. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company&#39;s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities.</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Based on its current cash resources and commitments, and cash received in private offerings in the year ended August 31, 2012 and the nine month period ended May 31, 2013 (see note 4b), the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least the next 12 months, although no assurance can be given that it will not need additional funds prior to such time. If there are unexpected increases in general and administrative expenses or research and development expenses, the Company may need to seek additional financing during the next 12 months. See also note 6 with respect to the Company registered direct offering.</div> <!--EndFragment--></div> </div>
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us-gaap Prior Period Reclassification Adjustment Description
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><!--StartFragment--> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 27pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> d.</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: justify"> Reclassifications</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt; text-align: left; TEXT-INDENT: 0pt"> Certain figures in respect of prior years have been reclassified to conform to the current year presentation.</div> <!--EndFragment--></div> </div>
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