$TARA
Protara Therapeutics, Inc.

2017 Q3 Form 10-Q Financial Statement

#000117184317006678 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.970M $2.320M
YoY Change -15.09% 16.0%
% of Gross Profit
Research & Development $10.34M $4.842M
YoY Change 113.47% 57.31%
% of Gross Profit
Depreciation & Amortization $40.00K $40.00K
YoY Change 0.0% 300.0%
% of Gross Profit
Operating Expenses $12.31M $7.166M
YoY Change 71.73% 41.01%
Operating Profit -$12.31M -$7.166M
YoY Change 71.73% 41.01%
Interest Expense $80.00K $50.00K
YoY Change 60.0%
% of Operating Profit
Other Income/Expense, Net -$1.000K $59.00K
YoY Change -101.69% -119.6%
Pretax Income -$12.31M -$7.110M
YoY Change 73.14% 32.16%
Income Tax
% Of Pretax Income
Net Earnings -$12.31M -$7.107M
YoY Change 73.17% 32.03%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$27.98M -$17.34M
COMMON SHARES
Basic Shares Outstanding 16.58M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.40M $47.00M
YoY Change 0.85% -33.33%
Cash & Equivalents $19.99M $26.68M
Short-Term Investments $27.40M $20.30M
Other Short-Term Assets $600.0K $1.700M
YoY Change -64.71% 112.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.98M $48.72M
YoY Change -1.52% -31.74%
LONG-TERM ASSETS
Property, Plant & Equipment $280.0K $396.0K
YoY Change -29.29% 79.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $276.0K
YoY Change 8.7% -59.77%
Total Long-Term Assets $580.0K $672.0K
YoY Change -13.69% -25.91%
TOTAL ASSETS
Total Short-Term Assets $47.98M $48.72M
Total Long-Term Assets $580.0K $672.0K
Total Assets $48.56M $49.40M
YoY Change -1.68% -31.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.0K $591.0K
YoY Change -61.76% 0.0%
Accrued Expenses $8.868M $4.186M
YoY Change 111.85% 87.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.094M $4.942M
YoY Change 84.01% 56.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.094M $4.942M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $9.094M $4.942M
YoY Change 84.01% 51.97%
SHAREHOLDERS EQUITY
Retained Earnings -$184.2M -$152.8M
YoY Change 20.53% 22.34%
Common Stock $18.00K $17.00K
YoY Change 5.88% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.47M $44.45M
YoY Change
Total Liabilities & Shareholders Equity $48.56M $49.40M
YoY Change -1.68% -31.67%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$12.31M -$7.107M
YoY Change 73.17% 32.03%
Depreciation, Depletion And Amortization $40.00K $40.00K
YoY Change 0.0% 300.0%
Cash From Operating Activities -$5.920M -$6.650M
YoY Change -10.98% 70.08%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$60.00K
YoY Change -83.33% -53.85%
Acquisitions
YoY Change
Other Investing Activities -$14.08M -$850.0K
YoY Change 1556.47% -103.67%
Cash From Investing Activities -$14.10M -$900.0K
YoY Change 1466.67% -103.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.54M 20.00K
YoY Change 107600.0% -50.0%
NET CHANGE
Cash From Operating Activities -5.920M -6.650M
Cash From Investing Activities -14.10M -900.0K
Cash From Financing Activities 21.54M 20.00K
Net Change In Cash 1.520M -7.530M
YoY Change -120.19% -139.24%
FREE CASH FLOW
Cash From Operating Activities -$5.920M -$6.650M
Capital Expenditures -$10.00K -$60.00K
Free Cash Flow -$5.910M -$6.590M
YoY Change -10.32% 74.34%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 5%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div></td> <td style="width: 95%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Organization and Operations&nbsp;</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Proteon Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a late-stage biopharmaceutical company focused on the development of novel, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular disease. The Company was formed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2001 </div>and incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 24, 2006.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from therapeutic alternatives and larger companies, compliance with government regulations, protection of proprietary technology, dependence on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties and product liability.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company had cash, cash equivalents and available-for-sale investments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$47.4</div> million. The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$184.2</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 12, 2015, </div>the Company filed a shelf registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> (the &#x201c;Registration Statement&#x201d;), and entered into a Sales Agreement (the &quot;Sales Agreement&quot;) with Cowen and Company, LLC (&#x201c;Cowen&#x201d;) to establish an at-the-market (&#x201c;ATM&#x201d;) equity offering program pursuant to which they are able, with the Company&#x2019;s authorization, to offer and sell up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40</div> million of the Company&#x2019;s Common Stock at prevailing market prices from time to time. The Registration Statement became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 12, 2016. </div>The Company will pay Cowen a commission equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> of the gross proceeds of the sales price of all shares sold through it as sales agent under the Sales Agreement. The offering costs are offset against proceeds from the sale of common stock under this agreement. The Company filed a prospectus supplement on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 16, 2017 </div>because the Company is currently subject to General Instruction <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">I.B.6</div> of Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,</div> which limits the amounts that the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>sell under the Registration Statement. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company sold <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div> shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">896,811</div> shares, respectively, of common stock under the Sales Agreement for aggregate gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million, respectively. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>total offering costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million, respectively, were offset against the proceeds from the sale of common stock.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 22, 2017, </div>the Company entered into a Securities Purchase Agreement (the &#x201c;Purchase Agreement&#x201d;) with a syndicate of current and new institutional investors, led by an affiliate of Deerfield Management Company, L.P., pursuant to which the Company agreed to issue and sell to the investors an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,000</div> shares of the Company&#x2019;s Series A Convertible Preferred Stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001</div> per share (the &#x201c;Transaction&#x201d;), for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> per share, or an aggregate gross purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.0</div> million, all upon the terms and conditions set forth in the Purchase Agreement. The Company closed this Transaction on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2, 2017 (</div>see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div></div>
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