$OTLC
Oncotelic Therapeutics, Inc.

2017 Q1 Form 10-K Financial Statement

#000119312517103621 Filed on March 30, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.120M $1.000M $4.600M
YoY Change -18.25% -3.85% -12.21%
% of Gross Profit
Research & Development $2.848M $2.980M $9.086M
YoY Change 43.84% 85.09% 22.65%
% of Gross Profit
Depreciation & Amortization $3.000K $0.00 $20.00K
YoY Change -40.0% -100.0% 25.0%
% of Gross Profit
Operating Expenses $3.970M $3.980M $13.68M
YoY Change 18.44% 50.19% 8.16%
Operating Profit -$3.970M -$13.68M
YoY Change 18.44% 8.16%
Interest Expense $10.00K $10.00K $30.00K
YoY Change -66.67% 200.0%
% of Operating Profit
Other Income/Expense, Net -$2.000K $0.00 $1.000K
YoY Change 100.0% -100.0% -133.33%
Pretax Income -$3.960M -$3.970M -$13.65M
YoY Change 18.92% 50.38% 7.91%
Income Tax
% Of Pretax Income
Net Earnings -$3.958M -$3.970M -$13.65M
YoY Change 19.04% 50.38% 7.96%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.15 -$0.15 -$0.54
COMMON SHARES
Basic Shares Outstanding 26.54M shares 26.54M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.340M $27.29M $27.29M
YoY Change -63.56% -9.12% -9.12%
Cash & Equivalents $6.041M $27.29M $27.29M
Short-Term Investments $2.300M $0.00 $0.00
Other Short-Term Assets $1.790M $110.0K $110.0K
YoY Change 37.69% 2650.0% -65.63%
Inventory
Prepaid Expenses $1.542M $38.00K
Receivables
Other Receivables
Total Short-Term Assets $10.13M $27.39M $27.39M
YoY Change -58.09% -9.76% -9.75%
LONG-TERM ASSETS
Property, Plant & Equipment $8.000K $30.00K $30.00K
YoY Change -68.0% -18.92% -25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.00K $33.00K $30.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $41.00K $63.00K $60.00K
YoY Change -29.31% -10.0% -14.29%
TOTAL ASSETS
Total Short-Term Assets $10.13M $27.39M $27.39M
Total Long-Term Assets $41.00K $63.00K $60.00K
Total Assets $10.18M $27.45M $27.45M
YoY Change -58.03% -9.76% -9.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $312.0K $287.0K $290.0K
YoY Change -34.32% -14.33% -14.71%
Accrued Expenses $1.080M $1.820M $1.820M
YoY Change -30.32% 68.52% 68.52%
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 $1.393M $2.103M $2.100M
YoY Change -31.18% 48.2% 47.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.393M $2.103M $2.100M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.390M $2.100M $2.100M
YoY Change -31.19% 47.89% 47.89%
SHAREHOLDERS EQUITY
Retained Earnings -$282.4M -$264.8M
YoY Change 5.33% 5.44%
Common Stock $291.2M $290.2M
YoY Change 0.29% 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.782M $25.35M $25.35M
YoY Change
Total Liabilities & Shareholders Equity $10.18M $27.45M $27.45M
YoY Change -58.03% -9.76% -9.76%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$3.958M -$3.970M -$13.65M
YoY Change 19.04% 50.38% 7.96%
Depreciation, Depletion And Amortization $3.000K $0.00 $20.00K
YoY Change -40.0% -100.0% 25.0%
Cash From Operating Activities -$3.700M -$2.970M -$11.93M
YoY Change -15.91% 4.58% -1.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $13.00K
YoY Change -100.0% -23.53%
Acquisitions
YoY Change
Other Investing Activities $6.210M
YoY Change -149.25%
Cash From Investing Activities $6.210M $0.00 -$10.00K
YoY Change -149.25% -100.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.194M
YoY Change -64.2%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 9.190M
YoY Change -73.88%
NET CHANGE
Cash From Operating Activities -3.700M -2.970M -11.93M
Cash From Investing Activities 6.210M 0.000 -10.00K
Cash From Financing Activities -10.00K 9.190M
Net Change In Cash 2.510M -2.980M -2.750M
YoY Change -114.76% 4.56% -111.95%
FREE CASH FLOW
Cash From Operating Activities -$3.700M -$2.970M -$11.93M
Capital Expenditures $0.00 $13.00K
Free Cash Flow -$2.970M -$11.94M
YoY Change 4.21% -1.84%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantForfeited
-483000 shares
CY2015 oxgn Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0326 pure
CY2016 dei Entity Registrant Name
EntityRegistrantName
MATEON THERAPEUTICS INC
CY2016 dei Document Type
DocumentType
10-K
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0000908259
CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-12-31
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-23750000
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.51
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0042 pure
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
804000
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3483 pure
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.0175 pure
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4995000
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:12px;margin-bottom:0px; margin-left:2%"> <font style="font-family:Times New Roman" size="2"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company has no significant off balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and short-term investments, which consist of U.S. government treasury bills, corporate bonds and commercial paper. The Company holds its cash and short-term investments with one financial institution.</font></p> </div>
CY2016 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.01 pure
CY2016 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.99 pure
CY2016 us-gaap Depreciation
Depreciation
19000
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.00 pure
CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000 pure
CY2016 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3400 pure
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.0037 pure
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
208000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
CY2016 us-gaap Operating Expenses
OperatingExpenses
13759000
CY2016 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
12502000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
-13654000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8512000
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1918000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-13759000
CY2016 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
21014000
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-489000
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
106000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M27D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.70
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4757000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-15238000
CY2016 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-06-30
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 6px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
CY2016 us-gaap Substantial Doubt About Going Concern Managements Evaluation
SubstantialDoubtAboutGoingConcernManagementsEvaluation
Mateon's existing cash and short-term investments to support operations into October 2017. Prior to this time, the Company will need to secure additional funding or could be forced to curtail or terminate operations. Because the Company does not currently have a guaranteed source of working capital that will sustain operations past October 2017, Management has determined that there is substantial doubt about the Company's ability to continue as a going concern.
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M21D
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.74
CY2016 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
109000
CY2016 us-gaap Substantial Doubt About Going Concern Conditions Or Events
SubstantialDoubtAboutGoingConcernConditionsOrEvents
The Company will need to raise capital in order to fund its operations beyond this date. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its investigational drugs and the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants.
CY2016 dei Trading Symbol
TradingSymbol
OXGN
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8764000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.88 pure
CY2016 oxgn Cash Equivalents Maturity Description
CashEquivalentsMaturityDescription
three months or less
CY2016 oxgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGranted
2569000 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2569000 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.51
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015 pure
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
423000 shares
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
804000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26545000 shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
447000
CY2016 oxgn Effective Income Tax Rate Reconciliation State And Local Rate Change
EffectiveIncomeTaxRateReconciliationStateAndLocalRateChange
0.00 pure
CY2016 oxgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Forfeited
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantForfeited
-423000 shares
CY2016 oxgn Number Of Drug Candidates
NumberOfDrugCandidates
2 Candidate
CY2016 oxgn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term Two
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTermTwo
P8Y5M9D
CY2016 oxgn Area Of Facility Lease
AreaOfFacilityLease
5275 sqft
CY2016 oxgn Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0097 pure
CY2016 oxgn Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageRemainingContractualTerm
P6Y11M16D
CY2016 oxgn Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageExercisePrice
2.20

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