$TARA
Protara Therapeutics, Inc.

2019 Q3 Form 10-Q Financial Statement

#000117184319005225 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 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 $1.390M $3.270M $2.720M
YoY Change -38.77% 45.98% 14.29%
% of Gross Profit
Research & Development $206.0K $2.120M $2.660M
YoY Change -91.25% -23.19% -17.13%
% of Gross Profit
Depreciation & Amortization $100.0K $21.00K $40.00K
YoY Change 354.55% -27.59% 33.33%
% of Gross Profit
Operating Expenses $1.591M $5.386M $5.385M
YoY Change -65.58% 7.72% -3.67%
Operating Profit -$1.591M -$5.386M
YoY Change -65.58% 7.72%
Interest Expense $50.00K $70.00K $130.0K
YoY Change -54.55% -36.36% 30.0%
% of Operating Profit
Other Income/Expense, Net $55.00K $71.00K $0.00
YoY Change -50.89% -41.32% -100.0%
Pretax Income -$1.540M -$5.320M -$5.260M
YoY Change -65.85% 9.02% -5.23%
Income Tax
% Of Pretax Income
Net Earnings -$1.536M -$5.315M -$5.260M
YoY Change -65.94% 8.94% -5.23%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.143M -$10.86M -$10.96M
COMMON SHARES
Basic Shares Outstanding 19.59M 19.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.300M $10.80M $21.90M
YoY Change -64.5% -59.25% -47.98%
Cash & Equivalents $9.349M $10.81M $19.37M
Short-Term Investments $0.00 $0.00 $2.500M
Other Short-Term Assets $300.0K $700.0K $1.400M
YoY Change -66.67% -36.36% 7.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.648M $11.50M $23.24M
YoY Change -64.38% -58.22% -46.56%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $83.00K $263.0K
YoY Change -100.0% -62.1% 1.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $105.0K $285.0K
YoY Change -100.0% -69.21% -42.89%
TOTAL ASSETS
Total Short-Term Assets $9.648M $11.50M $23.24M
Total Long-Term Assets $0.00 $105.0K $285.0K
Total Assets $9.648M $11.60M $23.52M
YoY Change -64.79% -58.35% -46.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $394.0K $60.00K $441.0K
YoY Change 2.34% -86.08% 51.55%
Accrued Expenses $1.219M $1.995M $2.637M
YoY Change -43.28% 10.83% -70.53%
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 $1.613M $2.123M $3.078M
YoY Change -36.35% -4.84% -66.69%
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 $1.613M $2.123M $3.078M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.613M $2.123M $3.078M
YoY Change -36.35% -4.84% -66.69%
SHAREHOLDERS EQUITY
Retained Earnings -$223.9M -$222.3M -$210.5M
YoY Change 9.08% 10.77% 10.92%
Common Stock $19.00K $19.00K $0.00
YoY Change 0.0% 5.56% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.035M $9.477M $20.44M
YoY Change
Total Liabilities & Shareholders Equity $9.648M $11.60M $23.52M
YoY Change -64.79% -58.35% -46.52%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$1.536M -$5.315M -$5.260M
YoY Change -65.94% 8.94% -5.23%
Depreciation, Depletion And Amortization $100.0K $21.00K $40.00K
YoY Change 354.55% -27.59% 33.33%
Cash From Operating Activities -$1.470M -$5.950M -$4.310M
YoY Change -52.88% -42.46% -24.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$100.0K
YoY Change -100.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $5.510M
YoY Change -100.0% -100.0% -14.71%
Cash From Investing Activities $0.00 $0.00 $5.420M
YoY Change -100.0% -100.0% -15.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 50.00K
YoY Change -100.0% -100.0% -16.67%
NET CHANGE
Cash From Operating Activities -1.470M -5.950M -4.310M
Cash From Investing Activities 0.000 0.000 5.420M
Cash From Financing Activities 0.000 0.000 50.00K
Net Change In Cash -1.470M -5.950M 1.160M
YoY Change -125.61% -53.37% 43.21%
FREE CASH FLOW
Cash From Operating Activities -$1.470M -$5.950M -$4.310M
Capital Expenditures $0.00 $0.00 -$100.0K
Free Cash Flow -$1.470M -$5.950M -$4.210M
YoY Change -52.88% -42.4% -25.88%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div> &nbsp; <div style="display: inline; font-weight: bold;">Organization and Operations</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Proteon Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a biopharmaceutical company that has historically 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-size: 10pt; text-align: justify; text-indent: 29.7pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 28, 2019, </div>the Company announced that its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> trial, PATENCY-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> for vonapanitase did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet its co-primary endpoints of fistula use for hemodialysis (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">p=0.328</div>) and secondary patency (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">p=0.932</div>). The PATENCY-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> clinical trial was the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> randomized, double-blind Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> trials, comparing a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> microgram dose of investigational vonapanitase to placebo in patients with chronic kidney disease, or CKD, undergoing creation of a radiocephalic fistula for hemodialysis. Following the release of top-line data from the PATENCY-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> clinical trial of vonapanitase on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 28, 2019, </div>the Company began to evaluate its strategic alternatives focusing on enhancing stockholder value. It is conducting the process with the assistance of financial and legal advisors and is evaluating the full range of potential strategic alternatives, including but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, a merger or sale of the Company, including a sale of assets or intellectual property, business combinations, joint ventures, public and private capital raises and recapitalization options. As part of these efforts, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2019, </div>the Company announced the engagement of H.C. Wainwright &amp; Co., LLC as its financial advisor to assist in the strategic review process. Since these efforts <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be successful, the Company is also considering other possible alternatives, including a wind-down of operations and a liquidation and dissolution of the Company. The Company has discontinued substantially all its research and development activities, including a reduction in workforce, to reduce operating expenses while it evaluates these opportunities. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company has terminated all but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> of its employees. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> the Company expects to incur severance costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.9</div> million related to these terminations. These severance related expenses were fully recorded in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>The Company remains subject to a number of risks similar to other companies in the biotechnology industry, including 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-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">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;Series A Preferred&#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 &#x201c;Series A Financing&#x201d;). The Company closed the Series A Financing 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 style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Pursuant to the Series A Financing, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2, 2017, </div>the Company entered into a registration rights agreement with the holders of the Series A Preferred (the &#x201c;Registration Rights Agreement&#x201d;). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 3, 2017, </div>in accordance with the Registration Rights Agreement, the Company filed a registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> to register the Common Stock (&#x201c;Common Stock&#x201d;) issuable upon conversion of the Series A Preferred. The registration statement became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 21, 2017. </div>As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">340</div> shares of the Series A Preferred were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">341,743</div> shares of the Company&#x2019;s Common Stock.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Liquidity and Going Concern </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.8</div> million. The Company believes that its existing cash and cash equivalents will be sufficient to fund operations and capital expenditures into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div> The Company had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$222.3</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to its administrative organization. Additionally, as stated above, the Company announced that its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> trial, PATENCY-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> for vonapanitase did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> meet its co-primary endpoints. As a result, the Company has begun to evaluate its strategic alternatives and has discontinued substantially all its research and development activities to reduce operating expenses while it evaluates these opportunities. These conditions raise substantial doubt about its ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued. To alleviate the conditions that raise substantial doubt about the Company&#x2019;s ability to continue as a going concern, management has implemented a reduction in expenditures plan and is currently exploring strategic alternatives. While the current reduction in spending expenditure plans will allow the Company to fund its operations in the near-term, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurance that the Company will be able to achieve its future strategic alternatives raising substantial doubt about its ability to continue as a going concern.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Pursuant to the requirements of Accounting Standards Codification (ASC) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,</div> <div style="display: inline; font-style: italic;">Disclosure of Uncertainties about an Entity&#x2019;s Ability to Continue as a Going Concern</div> management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company&#x2019;s ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued. This evaluation initially does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> take into consideration the potential mitigating effect of management&#x2019;s plans that have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates&nbsp;substantial doubt about the Company&#x2019;s ability to continue as a going concern. The mitigating effect of management&#x2019;s plans, however, is only considered if both (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)&nbsp;it is probable that the plans will be effectively implemented within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued, and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)&nbsp;it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date that the financial statements are issued.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,</div> the strategic alternatives being pursued by the Company cannot be considered probable at this time because <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the Company&#x2019;s current plans have been finalized at the time of filing this Quarterly Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and the implementation of any such plan is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> probable of being effectively implemented as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the plans are entirely within the Company&#x2019;s control. Accordingly, substantial doubt is deemed to exist about the Company&#x2019;s ability to continue as a going concern within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the date these financial statements are issued.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 8 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. 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