2018 Q2 Form 10-Q Financial Statement
#000119312518158327 Filed on May 10, 2018
Income Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| Revenue | $60.00K | $23.00K | $20.00K |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $770.0K | $900.0K | $800.0K |
| YoY Change | -30.0% | -19.64% | -22.33% |
| % of Gross Profit | |||
| Research & Development | $1.180M | $1.361M | $1.200M |
| YoY Change | -11.21% | 1.04% | -8.4% |
| % of Gross Profit | |||
| Depreciation & Amortization | $20.00K | $20.00K | $20.00K |
| YoY Change | 0.0% | 81.82% | 100.0% |
| % of Gross Profit | |||
| Operating Expenses | $1.960M | $2.262M | $2.010M |
| YoY Change | -22.04% | -68.06% | -14.1% |
| Operating Profit | -$2.239M | ||
| YoY Change | -68.38% | ||
| Interest Expense | $0.00 | ||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | $0.00 | $0.00 | -$10.00K |
| YoY Change | |||
| Pretax Income | -$1.900M | -$2.239M | -$2.000M |
| YoY Change | -24.3% | -68.38% | -14.53% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$1.900M | -$2.239M | -$2.000M |
| YoY Change | -24.42% | -58.99% | -14.53% |
| Net Earnings / Revenue | -3166.67% | -9734.78% | -10000.0% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$27.14M | -$44.80M | -$50.00M |
| COMMON SHARES | |||
| Basic Shares Outstanding | 4.256M shares | 2.595M shares | 23.70M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $5.320M | $2.610M | $3.580M |
| YoY Change | -30.91% | -74.44% | -72.27% |
| Cash & Equivalents | $5.320M | $2.606M | $3.581M |
| Short-Term Investments | |||
| Other Short-Term Assets | $510.0K | $260.0K | $250.0K |
| YoY Change | 30.77% | 44.44% | 25.0% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $5.820M | $2.862M | $3.832M |
| YoY Change | -28.05% | -72.43% | -70.76% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $210.0K | $228.0K | $248.0K |
| YoY Change | -23.64% | 117.14% | 117.54% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $0.00 | $18.00K | |
| YoY Change | -100.0% | -33.33% | |
| Total Long-Term Assets | $210.0K | $228.0K | $266.0K |
| YoY Change | -30.46% | 72.73% | -8.59% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $5.820M | $2.862M | $3.832M |
| Total Long-Term Assets | $210.0K | $228.0K | $266.0K |
| Total Assets | $6.030M | $3.090M | $4.098M |
| YoY Change | -28.14% | -70.61% | -69.41% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $540.0K | $521.0K | $511.0K |
| YoY Change | -27.13% | -22.47% | -44.27% |
| Accrued Expenses | $2.220M | $2.002M | $1.754M |
| YoY Change | 29.6% | 25.67% | 7.94% |
| 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 | $2.760M | $2.523M | $2.265M |
| YoY Change | 12.47% | 11.39% | -10.9% |
| 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 | $2.760M | $2.523M | $2.265M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $2.760M | $2.520M | $2.270M |
| YoY Change | 12.65% | 11.01% | -10.63% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$80.79M | -$78.55M | |
| YoY Change | 12.9% | 18.84% | |
| Common Stock | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $3.270M | $567.0K | $1.833M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $6.030M | $3.090M | $4.098M |
| YoY Change | -28.14% | -70.61% | -69.41% |
Cashflow Statement
| Concept | 2018 Q2 | 2018 Q1 | 2017 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.900M | -$2.239M | -$2.000M |
| YoY Change | -24.42% | -58.99% | -14.53% |
| Depreciation, Depletion And Amortization | $20.00K | $20.00K | $20.00K |
| YoY Change | 0.0% | 81.82% | 100.0% |
| Cash From Operating Activities | -$1.860M | -$1.910M | -$2.200M |
| YoY Change | -19.83% | -31.79% | 60.58% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | |
| Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | -100.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $932.0K | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 4.570M | 930.0K | 360.0K |
| YoY Change | -96.42% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -1.860M | -1.910M | -2.200M |
| Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
| Cash From Financing Activities | 4.570M | 930.0K | 360.0K |
| Net Change In Cash | 2.710M | -975.0K | -1.840M |
| YoY Change | -207.97% | -63.9% | -117.47% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.860M | -$1.910M | -$2.200M |
| Capital Expenditures | $0.00 | $0.00 | $0.00 |
| Free Cash Flow | -$1.860M | -$1.910M | -$2.200M |
| YoY Change | -12.68% | -31.83% | 60.58% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Entity Common Stock Shares Outstanding
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Nonoperating Income Expense
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Notes Reduction
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Research And Development Asset Acquired Other Than Through Business Combination Written Off
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Research And Development Expense
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Share Based Compensation
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Weighted Average Number Of Share Outstanding Basic And Diluted
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Amendment Flag
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false | |
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Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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1460180 | shares |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-975000 | |
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Current Fiscal Year End Date
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Depreciation Depletion And Amortization
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|
20000 | |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.90 | |
| CY2018Q1 | dei |
Document Fiscal Period Focus
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Q1 | |
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Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2018 | |
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Document Type
DocumentType
|
10-Q | |
| CY2018Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2018-03-31 | |
| CY2018Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
RXi Pharmaceuticals Corp | |
| CY2018Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
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0001533040 | |
| CY2018Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
901000 | |
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-2239000 | |
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Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
248000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
10000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-13000 | |
| CY2018Q1 | us-gaap |
Maturities Of Time Deposits Description
MaturitiesOfTimeDepositsDescription
|
Three months or less | |
| CY2018Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Nature of Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> RXi Pharmaceuticals Corporation (“<b>RXi</b>,” “<b>we</b>,” “<b>our</b>” or the “<b>Company</b>”) is a biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi (“<b><font style="WHITE-SPACE: nowrap">sd-rxRNA</font></b><b><sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">®</sup></b>”) therapeutic platform. The Company’s <font style="WHITE-SPACE: nowrap">sd-rxRNA</font> compounds do not require a delivery vehicle to penetrate the cell and are designed to “silence,” or down-regulate, the expression of a specific gene that may be over-expressed in a disease condition. We believe that this provides RXi with a distinct advantage in adoptive cell transfer therapy, the Company’s initial focus and approach to immuno-oncology.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> Prior to RXi’s acquisition of MirImmune Inc. in January 2017, the Company’s principal activities consisted of the preclinical and clinical development of the Company’s <font style="WHITE-SPACE: nowrap">sd-rxRNA</font> compounds and topical immunotherapy agent in the areas of dermatology and ophthalmology. In January 2018, after a thorough review of its business operations, development programs and financial resources, the Company made a strategic decision to focus solely on immuno-oncology to accelerate growth and support a potential return on investment for its stockholders. The Company’s business strategy will focus on the development of immuno-oncology therapeutics utilizing our proprietary <font style="WHITE-SPACE: nowrap">sd-rxRNA</font> technology. The Company plans to finalize its current ongoing clinical trials in dermatology and ophthalmology with <font style="WHITE-SPACE: nowrap">RXI-109</font> and Samcyprone<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">™</sup> and intends to seek a partner and/or <font style="WHITE-SPACE: nowrap">out-license</font> both its dermatology and ophthalmology franchises to continue their clinical development and commercialization. The goal of any such transaction would be to allow the Company to monetize these clinical assets to further fund ongoing and future development work in our immuno-oncology programs and extend our financial runway.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> On January 3, 2018, the Board of Directors of the Company approved a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">1-for-10</font></font> reverse stock split of the Company’s outstanding common stock, which was effected on January 8, 2018. 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 <font style="WHITE-SPACE: nowrap">paid-in</font> capital.</p> </div> | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1907000 | |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
2262000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
932000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2239000 | |
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
932000 | |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1361000 | |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2239000 | |
| CY2018Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
0 | |
| CY2018Q1 | us-gaap |
Revenues
Revenues
|
23000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
41000 | |
| CY2018Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P10Y | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.9148 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.9128 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0270 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.35 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
3.84 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
|
0.9138 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0284 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
2000 | shares |
| CY2018Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2018Q1 | dei |
Trading Symbol
TradingSymbol
|
RXII | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
2494464 | shares |
| CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i>Uses of Estimates in Preparation of Financial Statements</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 materially from these estimates.</p> </div> |
