$PHIO
Phio Pharmaceuticals Corp.

2016 Q3 Form 10-Q Financial Statement

#000119312516678578 Filed on August 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $0.00 $9.000K $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $750.0K $890.0K $800.0K
YoY Change -2.6% 11.25% -5.88%
% of Gross Profit
Research & Development $1.464M $1.339M $1.361M
YoY Change -15.57% -1.62% 15.05%
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K $20.00K
YoY Change -50.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.216M $2.224M $2.165M
YoY Change -11.5% 2.73% 6.49%
Operating Profit -$2.216M -$2.215M -$2.165M
YoY Change -11.5% 2.31% 7.13%
Interest Expense $4.000K $4.000K $1.000K
YoY Change -50.0% 300.0% -80.0%
% of Operating Profit
Other Income/Expense, Net $4.000K $3.000K -$1.000K
YoY Change -50.0% -400.0% -106.67%
Pretax Income -$2.210M -$2.210M -$2.170M
YoY Change -11.6% 1.84% 7.96%
Income Tax
% Of Pretax Income
Net Earnings -$2.212M -$2.212M -$2.166M
YoY Change -11.38% 2.12% 7.98%
Net Earnings / Revenue -24577.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$221.0M -$221.0M -$217.0M
COMMON SHARES
Basic Shares Outstanding 6.560M shares 6.535M shares 36.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.380M $5.830M $13.99M
YoY Change -63.62% -58.33% 17.46%
Cash & Equivalents $2.379M $3.832M $5.986M
Short-Term Investments $2.000M $2.000M $8.000M
Other Short-Term Assets $370.0K $530.0K $770.0K
YoY Change -22.92% -31.17% 83.33%
Inventory
Prepaid Expenses $321.0K $477.0K
Receivables
Other Receivables
Total Short-Term Assets $4.750M $6.359M $14.75M
YoY Change -62.05% -56.9% 19.68%
LONG-TERM ASSETS
Property, Plant & Equipment $124.0K $135.0K $181.0K
YoY Change -23.46% -25.41% -11.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.00K $27.00K $18.00K
YoY Change 50.0% 50.0% 0.0%
Total Long-Term Assets $151.0K $162.0K $199.0K
YoY Change -16.11% -18.59% -10.36%
TOTAL ASSETS
Total Short-Term Assets $4.750M $6.359M $14.75M
Total Long-Term Assets $151.0K $162.0K $199.0K
Total Assets $4.901M $6.521M $14.95M
YoY Change -61.4% -56.39% 19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $457.0K $297.0K $635.0K
YoY Change 105.86% -53.23% 116.72%
Accrued Expenses $1.408M $1.256M $1.187M
YoY Change -2.43% 5.81% 74.05%
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 $1.865M $1.553M $1.822M
YoY Change 12.01% -14.76% 73.03%
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 $1.865M $1.553M $1.822M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.870M $1.550M $1.820M
YoY Change 11.98% -14.84% 73.33%
SHAREHOLDERS EQUITY
Retained Earnings -$63.76M -$61.55M -$51.99M
YoY Change 17.01% 18.38% 22.71%
Common Stock $1.000K $1.000K $6.000K
YoY Change -83.33% -83.33% 500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.036M $4.968M $13.13M
YoY Change
Total Liabilities & Shareholders Equity $4.901M $6.521M $14.95M
YoY Change -61.4% -56.39% 19.15%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$2.212M -$2.212M -$2.166M
YoY Change -11.38% 2.12% 7.98%
Depreciation, Depletion And Amortization $10.00K $20.00K $20.00K
YoY Change -50.0% 0.0% 0.0%
Cash From Operating Activities -$1.600M -$1.860M -$1.800M
YoY Change -18.78% 3.33% -10.89%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K
YoY Change -57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.500M -$8.000M
YoY Change -118.75% -365.78%
Cash From Investing Activities $0.00 $1.500M -$8.030M
YoY Change -118.68% -373.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.0K 0.000 9.240M
YoY Change 1400.0% -100.0% 366.67%
NET CHANGE
Cash From Operating Activities -1.600M -1.860M -1.800M
Cash From Investing Activities 0.000 1.500M -8.030M
Cash From Financing Activities 150.0K 0.000 9.240M
Net Change In Cash -1.450M -360.0K -590.0K
YoY Change -26.02% -38.98% -120.34%
FREE CASH FLOW
Cash From Operating Activities -$1.600M -$1.860M -$1.800M
Capital Expenditures $0.00 -$30.00K
Free Cash Flow -$1.600M -$1.770M
YoY Change -18.78% -9.23%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Description of Business</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> RXi Pharmaceuticals Corporation (&#x201C;<b>RXi</b>,&#x201D; &#x201C;<b>we</b>,&#x201D; &#x201C;<b>our</b>&#x201D; or the &#x201C;<b>Company</b>&#x201D;) is a clinical-stage RNAi company developing innovative therapeutics that address significant unmet medical needs. The Company&#x2019;s development programs are based on our proprietary self-delivering RNAi (sd-rxRNA<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xAE;</sup>) platform and Samcyprone&#x2122;, a topical immunomodulator. Our clinical development programs include RXI-109, an sd-rxRNA for the treatment of dermal and ocular scarring, and Samcyprone&#x2122;, for the treatment of such disorders as warts, alopecia areata, non-malignant skin tumors and cutaneous metastases of melanoma. In addition to these clinical programs, we have a pipeline of discovery and preclinical product candidates in our core therapeutic areas, as well as in other areas of interest. The Company&#x2019;s pipeline, coupled with our extensive patent portfolio, provides for product development and business development opportunities across a broad spectrum of therapeutic areas.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On April&#xA0;14, 2016, the Board of Directors of the Company approved a 1-for-10 reverse stock split of the Company&#x2019;s outstanding common stock, which was effected on April&#xA0;18, 2016. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in par value to additional paid-in capital.</p> </div>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.15
us-gaap Share Based Compensation
ShareBasedCompensation
521000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7942 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6534846 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
rxii Nonemployee Share Based Compensation Expense Income
NonemployeeShareBasedCompensationExpenseIncome
2300
rxii Value Of Nonmarketable Equity Securities Recognized As Revenue
ValueOfNonmarketableEquitySecuritiesRecognizedAsRevenue
9000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
804000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
1000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
2165000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-2166000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2190000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2165000
CY2015Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
24000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.8685 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0183 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.8791 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1361000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0155 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.80
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
447000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.8563 pure
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4419058 shares
CY2015Q2 rxii Nonemployee Share Based Compensation Expense Income
NonemployeeShareBasedCompensationExpenseIncome
5300
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
885000
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
4000
CY2016Q2 us-gaap Revenues
Revenues
9000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
2224000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-2212000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2212000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2215000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1339000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
227000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6534846 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2016Q2 rxii Nonemployee Share Based Compensation Expense Income
NonemployeeShareBasedCompensationExpenseIncome
1300

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