$PHIO
Phio Pharmaceuticals Corp.

2016 Q4 Form 10-Q Financial Statement

#000119312516765096 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.030M $750.0K $770.0K
YoY Change 14.44% -2.6% 0.0%
% of Gross Profit
Research & Development $1.310M $1.464M $1.734M
YoY Change -23.84% -15.57% 18.85%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $20.00K
YoY Change -50.0% -50.0% -33.33%
% of Gross Profit
Operating Expenses $2.340M $2.216M $2.504M
YoY Change -10.69% -11.5% 12.54%
Operating Profit -$2.216M -$2.504M
YoY Change -11.5% 13.35%
Interest Expense $0.00 $4.000K $8.000K
YoY Change -100.0% -50.0% 100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $4.000K $8.000K
YoY Change -50.0% 166.67%
Pretax Income -$2.340M -$2.210M -$2.500M
YoY Change -10.69% -11.6% 13.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.340M -$2.212M -$2.496M
YoY Change -10.69% -11.38% 13.15%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$234.0M -$221.0M -$250.0M
COMMON SHARES
Basic Shares Outstanding 6.600M shares 6.560M shares 64.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.91M $4.380M $12.04M
YoY Change 21.56% -63.62% 18.85%
Cash & Equivalents $12.91M $2.379M $4.035M
Short-Term Investments $2.000M $8.000M
Other Short-Term Assets $200.0K $370.0K $480.0K
YoY Change -44.44% -22.92% -14.29%
Inventory
Prepaid Expenses $150.0K $321.0K
Receivables
Other Receivables
Total Short-Term Assets $13.11M $4.750M $12.52M
YoY Change 19.38% -62.05% 17.09%
LONG-TERM ASSETS
Property, Plant & Equipment $114.0K $124.0K $162.0K
YoY Change -30.06% -23.46% -16.06%
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 $291.0K $151.0K $180.0K
YoY Change 60.77% -16.11% -14.69%
TOTAL ASSETS
Total Short-Term Assets $13.11M $4.750M $12.52M
Total Long-Term Assets $291.0K $151.0K $180.0K
Total Assets $13.40M $4.901M $12.70M
YoY Change 20.06% -61.4% 16.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $917.0K $457.0K $222.0K
YoY Change -21.15% 105.86% 62.04%
Accrued Expenses $1.625M $1.408M $1.443M
YoY Change 46.93% -2.43% 50.63%
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 $2.542M $1.865M $1.665M
YoY Change 12.03% 12.01% 44.03%
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 $2.542M $1.865M $1.665M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.540M $1.870M $1.670M
YoY Change 11.89% 11.98% 43.97%
SHAREHOLDERS EQUITY
Retained Earnings -$66.10M -$63.76M -$54.49M
YoY Change 15.75% 17.01% 22.23%
Common Stock $0.00 $1.000K $6.000K
YoY Change -100.0% -83.33% 200.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.86M $3.036M $11.03M
YoY Change
Total Liabilities & Shareholders Equity $13.40M $4.901M $12.70M
YoY Change 20.06% -61.4% 16.48%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$2.340M -$2.212M -$2.496M
YoY Change -10.69% -11.38% 13.15%
Depreciation, Depletion And Amortization $10.00K $10.00K $20.00K
YoY Change -50.0% -50.0% -33.33%
Cash From Operating Activities -$1.370M -$1.600M -$1.970M
YoY Change -13.29% -18.78% 11.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $1.850M $0.00 $0.00
YoY Change -26.0% -100.0%
Cash From Investing Activities $1.850M $0.00 $0.00
YoY Change -25.4% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.05M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.05M 150.0K 10.00K
YoY Change 5189.47% 1400.0%
NET CHANGE
Cash From Operating Activities -1.370M -1.600M -1.970M
Cash From Investing Activities 1.850M 0.000 0.000
Cash From Financing Activities 10.05M 150.0K 10.00K
Net Change In Cash 10.53M -1.450M -1.960M
YoY Change 866.06% -26.02% -71.05%
FREE CASH FLOW
Cash From Operating Activities -$1.370M -$1.600M -$1.970M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.370M -$1.600M -$1.970M
YoY Change -12.18% -18.78% 13.22%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>1. Nature of Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 42px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <i>Description of Business</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -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 and business development opportunities across a broad spectrum of therapeutic areas.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> On April 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 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 Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <i>Uses of Estimates in Preparation of Financial Statements</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> The preparation of financial statements in accordance with GAAP 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 revenues and expenses during the reporting period. Actual results could differ from these estimates.</p> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.1688 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
dei Trading Symbol
TradingSymbol
RXII
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4108000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
58569 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0118 pure
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
649000
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
6548696 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
3200
rxii Value Of Nonmarketable Equity Securities Recognized As Revenue
ValueOfNonmarketableEquitySecuritiesRecognizedAsRevenue
9000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
752000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
4000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
2216000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-2212000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2212000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2216000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.1688 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1464000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1688 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.27
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0146 pure
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
128000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6576096 shares
CY2016Q3 rxii Nonemployee Share Based Compensation Expense Income
NonemployeeShareBasedCompensationExpenseIncome
1000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
770000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
8000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
2504000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-2496000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2496000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2504000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.0749 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0243 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.1681 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1734000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0182 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.40
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
385000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.8529 pure
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6494912 shares
CY2015Q3 rxii Nonemployee Share Based Compensation Expense Income
NonemployeeShareBasedCompensationExpenseIncome
3100

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