2020 Q1 Form 10-Q Financial Statement
#000143774920010432 Filed on May 12, 2020
Income Statement
Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $460.0K | $300.0K | $330.0K |
YoY Change | 53.33% | -54.55% | -71.79% |
% of Gross Profit | |||
Research & Development | $598.0K | $350.0K | $310.0K |
YoY Change | 70.86% | -39.66% | -51.56% |
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $598.0K | $350.0K | $640.0K |
YoY Change | 70.86% | -39.66% | -64.64% |
Operating Profit | -$1.066M | -$653.0K | |
YoY Change | 63.25% | -47.25% | |
Interest Expense | $4.000K | $1.033M | -$50.00K |
YoY Change | -99.61% | 118.39% | -89.36% |
% of Operating Profit | |||
Other Income/Expense, Net | -$824.0K | -$999.0K | -$140.0K |
YoY Change | -17.52% | 83.98% | -450.0% |
Pretax Income | -$1.890M | -$1.652M | -$830.0K |
YoY Change | 14.41% | -7.24% | -62.95% |
Income Tax | -$92.00K | -$71.00K | -$90.00K |
% Of Pretax Income | |||
Net Earnings | -$1.798M | -$1.581M | -$740.0K |
YoY Change | 13.73% | -9.81% | -65.74% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$268.3K | -$311.6K | -$145.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 6.631M | 5.070M | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.300M | $1.380M | $1.410M |
YoY Change | -5.8% | 17.95% | 840.0% |
Cash & Equivalents | $1.296M | $1.379M | $1.405M |
Short-Term Investments | |||
Other Short-Term Assets | $390.0K | $70.00K | $110.0K |
YoY Change | 457.14% | -53.33% | -45.0% |
Inventory | |||
Prepaid Expenses | $389.0K | $73.00K | $110.0K |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $2.091M | $1.860M | $1.847M |
YoY Change | 12.42% | 5.14% | 140.81% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $45.00K | $51.00K | $51.00K |
YoY Change | -11.76% | -8.93% | |
Total Long-Term Assets | $45.00K | $51.00K | $51.00K |
YoY Change | -11.76% | -8.93% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $2.091M | $1.860M | $1.847M |
Total Long-Term Assets | $45.00K | $51.00K | $51.00K |
Total Assets | $2.136M | $1.911M | $1.898M |
YoY Change | 11.77% | 4.71% | 147.46% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $271.0K | $905.0K | $1.064M |
YoY Change | -70.06% | -25.94% | -11.04% |
Accrued Expenses | $308.0K | $200.0K | $216.0K |
YoY Change | 54.0% | 112.77% | -82.78% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $830.0K | $259.0K | $286.0K |
YoY Change | 220.46% | 418.0% | 1942.86% |
Total Short-Term Liabilities | $1.412M | $2.499M | $1.630M |
YoY Change | -43.5% | -35.84% | -60.91% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.412M | $2.499M | $1.630M |
Total Long-Term Liabilities | $0.00 | $0.00 | |
Total Liabilities | $1.410M | $2.500M | $1.630M |
YoY Change | -43.6% | -39.69% | -63.42% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$43.06M | -$36.64M | -$35.06M |
YoY Change | 17.51% | 18.55% | 20.26% |
Common Stock | $7.000K | $5.000K | $5.000K |
YoY Change | 40.0% | 25.0% | 25.0% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $724.0K | -$588.0K | $268.0K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $2.136M | $1.911M | $1.898M |
YoY Change | 11.77% | 4.71% | 147.46% |
Cashflow Statement
Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.798M | -$1.581M | -$740.0K |
YoY Change | 13.73% | -9.81% | -65.74% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$1.120M | -$783.0K | -$160.0K |
YoY Change | 43.04% | 33.16% | -79.75% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $26.00K | $27.00K | |
YoY Change | -3.7% | ||
Cash From Financing Activities | -26.00K | 758.0K | 1.330M |
YoY Change | -103.43% | -52.95% | |
NET CHANGE | |||
Cash From Operating Activities | -1.120M | -783.0K | -160.0K |
Cash From Investing Activities | |||
Cash From Financing Activities | -26.00K | 758.0K | 1.330M |
Net Change In Cash | -1.153M | -25.00K | 1.170M |
YoY Change | 4512.0% | -102.44% | -248.1% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.120M | -$783.0K | -$160.0K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div> Risks and Uncertainties</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (“FDA”) in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font: inherit;"> may </div>take many years, and is normally expected to involve substantial expenditures.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have incurred losses of <div style="display: inline; font-style: italic; font: inherit;">$42.6</div> million since our inception in <div style="display: inline; font-style: italic; font: inherit;">2011.</div> For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font: inherit;">$1.8</div> million, which includes a foreign currency loss of <div style="display: inline; font-style: italic; font: inherit;">$0.8</div> million. We also incurred negative cash flows from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$1.2</div> million for this period. As we continue to pursue development activities and seek commercialization of our initial product candidate, SBP-<div style="display: inline; font-style: italic; font: inherit;">101,</div> we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>we had cash of <div style="display: inline; font-style: italic; font: inherit;">$1.3</div> million, working capital of <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million, (current assets less current liabilities) and stockholders’ equity of <div style="display: inline; font-style: italic; font: inherit;">$0.7</div> million. The Company’s principal sources of cash have historically included the issuance of convertible debt and equity securities.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed<div style="display: inline; font-weight: bold;"> </div>consolidated financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our current independent registered public accounting firm included a paragraph emphasizing this going concern uncertainty in their audit report regarding our <div style="display: inline; font-style: italic; font: inherit;">2019</div> financial statements dated <div style="display: inline; font-style: italic; font: inherit;"> March 24, 2020. </div>Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our SBP-<div style="display: inline; font-style: italic; font: inherit;">101</div> product candidate in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our SBP-<div style="display: inline; font-style: italic; font: inherit;">101</div> product candidate. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note <div style="display: inline; font-style: italic; font: inherit;">4</div> titled “Liquidity and Business Plan.”</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the spread of a novel strain of coronavirus (“COVID-<div style="display: inline; font-style: italic; font: inherit;">19”</div>) a global pandemic and continued widespread infection in the United States is a possibility. Actions have been taken by federal, state and local governmental authorities to combat the spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> including through issuances of “stay-at-home” directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. These measures, while intended to protect human life, have led to significantly reduced economic activity. The rapid development and uncertainty of the situation precludes any prediction as to the ultimate impact COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> will have on the Company's business, financial condition, results of operation and cash flows, which will depend largely on future developments directly or indirectly relating to the duration and scope of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> outbreak in the United States and Australia. On <div style="display: inline; font-style: italic; font: inherit;"> April 3, 2020, </div>we initiated a temporary pause in the enrollment of new patients in our ongoing clinical trial. We anticipate resumption of new patient enrollment in <div style="display: inline; font-style: italic; font: inherit;">Q2</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> once conditions allow. We continue to treat patients already enrolled. </div></div> | |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-26000 | |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
758000 | |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1120000 | |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-783000 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-42600000 | ||
CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1798000 | |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1581000 | |
CY2020Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-824000 | |
CY2019Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-999000 | |
CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1066000 | |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-653000 | |
CY2020Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
45000 | |
CY2019Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
51000 | |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
797000 | |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-32000 | |
CY2020Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-820000 | |
CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
34000 | |
CY2020Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2019Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
CY2019Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
CY2020Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2019Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2020Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2019Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2020Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
CY2019Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
CY2020Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
389000 | |
CY2019Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
283000 | |
CY2020Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
||
CY2019Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
810000 | |
CY2020Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
26000 | |
CY2019Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
27000 | |
CY2020Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
||
CY2019Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
25000 | |
CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
598000 | |
CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
350000 | |
CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-43056000 | |
CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-41258000 | |
CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
112000 | |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10000 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
18549 | |
CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
19549 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1000 | |
CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1744811 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1745811 | |
CY2020Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
1346936 | |
CY2020Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
1745811 | |
CY2020Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
|
P6Y343D | |
CY2020Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
|
6.525 | |
CY2020Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
P7Y156D | |
CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
724000 | |
CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1385000 | |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
268000 | |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-588000 | |
CY2020Q1 | us-gaap |
Unsecured Debt Current
UnsecuredDebtCurrent
|
91000 | |
CY2019Q4 | us-gaap |
Unsecured Debt Current
UnsecuredDebtCurrent
|
116000 | |
CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of condensed consolidated financial statements 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 condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div> | |
CY2020Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
6631308 | |
CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5072397 |