$TARA
Protara Therapeutics, Inc.

2019 Q4 Form 10-Q Financial Statement

#000117184319007045 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.580M $1.390M $3.270M
YoY Change -41.91% -38.77% 45.98%
% of Gross Profit
Research & Development $60.00K $206.0K $2.120M
YoY Change -97.74% -91.25% -23.19%
% of Gross Profit
Depreciation & Amortization $0.00 $100.0K $21.00K
YoY Change -100.0% 354.55% -27.59%
% of Gross Profit
Operating Expenses $1.640M $1.591M $5.386M
YoY Change -69.55% -65.58% 7.72%
Operating Profit -$1.591M -$5.386M
YoY Change -65.58% 7.72%
Interest Expense $30.00K $50.00K $70.00K
YoY Change -76.92% -54.55% -36.36%
% of Operating Profit
Other Income/Expense, Net $0.00 $55.00K $71.00K
YoY Change -50.89% -41.32%
Pretax Income -$1.610M -$1.540M -$5.320M
YoY Change -69.39% -65.85% 9.02%
Income Tax
% Of Pretax Income
Net Earnings -$1.610M -$1.536M -$5.315M
YoY Change -69.39% -65.94% 8.94%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.038M -$3.143M -$10.86M
COMMON SHARES
Basic Shares Outstanding 19.59M 19.59M 19.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.200M $9.300M $10.80M
YoY Change -71.69% -64.5% -59.25%
Cash & Equivalents $6.181M $9.349M $10.81M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $800.0K $300.0K $700.0K
YoY Change -42.86% -66.67% -36.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.975M $9.648M $11.50M
YoY Change -69.98% -64.38% -58.22%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $83.00K
YoY Change -100.0% -62.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $105.0K
YoY Change -100.0% -100.0% -69.21%
TOTAL ASSETS
Total Short-Term Assets $6.975M $9.648M $11.50M
Total Long-Term Assets $0.00 $0.00 $105.0K
Total Assets $6.975M $9.648M $11.60M
YoY Change -70.35% -64.79% -58.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $263.0K $394.0K $60.00K
YoY Change -40.36% 2.34% -86.08%
Accrued Expenses $320.0K $1.219M $1.995M
YoY Change -87.86% -43.28% 10.83%
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 $583.0K $1.613M $2.123M
YoY Change -81.06% -36.35% -4.84%
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 $583.0K $1.613M $2.123M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $583.0K $1.613M $2.123M
YoY Change -81.06% -36.35% -4.84%
SHAREHOLDERS EQUITY
Retained Earnings -$225.5M -$223.9M -$222.3M
YoY Change 7.12% 9.08% 10.77%
Common Stock $0.00 $19.00K $19.00K
YoY Change 0.0% 5.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.392M $8.035M $9.477M
YoY Change
Total Liabilities & Shareholders Equity $6.975M $9.648M $11.60M
YoY Change -70.35% -64.79% -58.35%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.610M -$1.536M -$5.315M
YoY Change -69.39% -65.94% 8.94%
Depreciation, Depletion And Amortization $0.00 $100.0K $21.00K
YoY Change -100.0% 354.55% -27.59%
Cash From Operating Activities -$3.140M -$1.470M -$5.950M
YoY Change -27.15% -52.88% -42.46%
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% -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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -3.140M -1.470M -5.950M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -3.140M -1.470M -5.950M
YoY Change -370.69% -125.61% -53.37%
FREE CASH FLOW
Cash From Operating Activities -$3.140M -$1.470M -$5.950M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$3.140M -$1.470M -$5.950M
YoY Change -25.42% -52.88% -42.4%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><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; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</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"><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: 0.25in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 29.7pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.65pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2019, </div>the Company entered into a merger agreement with ArTara Therapeutics, Inc. (&#x201c;ArTara&#x201d;). 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;"> September 30, 2019, </div>the Company has terminated all but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its employees. The Company has recorded severance costs of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.9</div> million, all of which was recorded in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019. </div>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; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16.65pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</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;">Liquidity and Going Concern </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.25in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 16.65pt">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2019, </div>the Company had cash and cash equivalents of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.3</div> million. The Company believes that its existing cash and cash equivalents will be sufficient to fund its projected cash needs into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020</div> and enable it to complete the proposed merger with ArTara, pursuant to which REM <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Acquisition <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> Inc. (the &#x201c;Merger Sub&#x201d;), a wholly owned subsidiary of the Company, will be merged with and into ArTara, with ArTara surviving as a wholly owned subsidiary of the Company (the &#x201c;Merger&#x201d;). However, if there is a delay in completing the Merger, the Company will require additional capital to sustain its operations through such completion or the Company will need to pursue an immediate dissolution. If the Company needs additional capital, it would need to raise such capital through debt or equity financings, asset sales or other strategic transactions. However, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> assurances that the Company will be able to complete any such transaction on acceptable terms or otherwise. The failure to obtain sufficient funds on commercially acceptable terms when needed could have a material adverse effect on the Company&#x2019;s business, results of operations and financial condition and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>prevent it from completing the Merger. Accordingly, these factors, among others, raise substantial doubt about the Company&#x2019;s ability to continue as a going concern.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.25in">The Company had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$223.9</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 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 discontinued substantially all its research and development activities to reduce operating expenses while it evaluates its strategic alternatives, including the Merger.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 as referenced above is pursuing a merger. 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, including the Merger, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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. The financial statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</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;">Merger Agreement</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2019, </div>the Company entered into a merger agreement (the &#x201c;Merger Agreement&#x201d;) with ArTara. Pursuant to the Merger Agreement, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, the Merger Sub, a wholly owned subsidiary of the Company, will merge with and into ArTara, with ArTara surviving as a wholly owned subsidiary of the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the &#x201c;Effective Time&#x201d;), each share of ArTara common stock outstanding immediately prior to the Effective Time (excluding certain shares to be canceled pursuant to the Merger Agreement and shares held by stockholders who have exercised and perfected appraisal rights will be converted into the right to receive a number of shares of the Company&#x2019;s common stock equal to the exchange ratio, as more fully described below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Merger is intended to qualify for U.S. federal income tax purposes as a reorganization under the provisions of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">368</div>(a) of the Internal Revenue Code of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986,</div> as amended.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As promptly as practicable after the date of the Merger Agreement (but in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> event later than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> days following the date of the Merger Agreement), the parties will prepare and the Company will file with the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;) a Registration Statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> (the &#x201c;Registration Statement&#x201d;) to register the shares of the Company&#x2019;s common stock to be issued at the Effective Time under the Securities Act, and the Company will seek the approval of its stockholders with respect to certain actions, including the following (collectively, the &#x201c;Company Stockholder Matters&#x201d;):</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">the issuance of shares of the Company&#x2019;s common stock to ArTara's stockholders in connection with the transactions contemplated by the Merger Agreement and shares of the Company&#x2019;s capital stock to the institutional investors in the Private Placement, pursuant to The Nasdaq Stock Market LLC (&#x201c;Nasdaq&#x201d;) rules; </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">the amendment of the Company&#x2019;s certificate of incorporation (i) to effect immediately prior to the closing of the Merger a reverse split of all outstanding shares of the Company&#x2019;s common stock at a reverse stock split ratio of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> new share for every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> (or any number in between) shares outstanding (the &#x201c;Reverse Split&#x201d;) and (ii) to effect immediately after the consummation of the Private Placement the automatic conversion of all outstanding shares of Series A Convertible Preferred Stock (the &#x201c;Series A Preferred Stock&#x201d;) of the Company into shares of the Company&#x2019;s common stock, without given effect to any existing provision that limits the conversion rights of the Series A Preferred Stock (including, without limitation, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.985%</div> beneficial ownership cap) (the &#x201c;Series A Preferred Automatic Conversion&#x201d;); and </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-family: Symbol">&middot;</div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">an amendment to the Company&#x2019;s Amended and Restated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Equity Incentive Plan (the &#x201c;Plan&#x201d;) to increase the shares available for issuance thereunder by such additional number of shares of the Company&#x2019;s common stock such that the total number of shares of the Company&#x2019;s common stock reserved for issuance under the Plan, after giving effect to such additional shares, would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.2%</div> of the shares of the Company&#x2019;s common stock outstanding immediately after the Effective Time, after giving effect to the Reverse Split, the Private Placement and the Series A Preferred Automatic Conversion, as determined by or on behalf of ArTara prior to the effectiveness of the Registration Statement (the &#x201c;EIP Amendment&#x201d;).</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <!-- Field: Page; Sequence: 9 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consummation of the Merger is also subject to the satisfaction or waiver of certain conditions, including, among other things, (i) approval by the Company&#x2019;s stockholders and ArTara&#x2019;s stockholders (other than with respect to the EIP Amendment), (ii) Nasdaq approval of the listing of the shares to be issued to ArTara equity holders in connection with the consummation of the Merger, (iii) satisfaction of all conditions precedent to the closing of the Private Placement (other than the consummation of the Merger and appointment of certain board members), (iv) absence of a material adverse effect since the date of the Merger Agreement, (v) the accuracy of the representations and warranties, subject to material adverse effect qualifications, (vi) compliance by the parties with their respective covenants in all material respects, (vii) the Subscription Agreement (as defined below) being in full force and effect and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40.0</div> million to be committed thereunder and (viii) the Company having at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> in net cash as of the closing date of the Merger (the &#x201c;Company Net Cash condition&#x201d;).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Merger Agreement contains certain termination rights for both the Company and ArTara, and further provides that, upon termination of the Merger Agreement under specified circumstances, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required to pay to ArTara a termination fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million or ArTara <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required to pay to the Company a termination fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million, and in other circumstances each party <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required to reimburse the other party's expenses incurred, up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with the terms of the Merger Agreement, (i) certain executive officers, directors and stockholders of ArTara (solely in their respective capacities as ArTara stockholders) have entered into support agreements with ArTara and the Company to vote all of their shares of ArTara capital stock in favor of adoption of the Merger Agreement and (ii) certain of the Company&#x2019;s executive officers, directors and stockholders (solely in their respective capacities as the Company&#x2019;s stockholders) have entered into support agreements with ArTara and the Company to vote all of their shares of the its common stock in favor of the Company&#x2019;s Stockholder Matters. Concurrently with the execution of the Merger Agreement, the Company&#x2019;s stockholder and certain officers, directors and stockholders of ArTara have entered into lock-up agreements pursuant to which they accepted certain restrictions on transfer of shares of its common stock for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180</div>-day period following the closing of the Merger.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the Effective Time, the Company will effect a name change and it is anticipated that trading for the Company&#x2019;s securities will be listed on The Nasdaq Capital Market. Additionally, at the Effective Time, the Company&#x2019;s board of directors is expected to consist of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> members, with&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> such members designated by ArTara, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> such member designated by the Company, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> such member who will be Mr. Jesse Shefferman, the Chief Executive Officer of the combined company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</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;">Private Placement</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the Merger, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 23, 2019, </div>the company has entered into a Subscription Agreement (the &#x201c;Subscription Agreement&#x201d;) with certain institutional investors (the &#x201c;Investors&#x201d;), pursuant to which the Company has agreed to issue in a private placement (the &#x201c;Private Placement&#x201d;) (i) up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,200</div> shares of the Company&#x2019;s Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Convertible Non-Voting 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock&#x201d;), at a purchase price equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div> times the Common Stock Purchase Price (as defined below) and (ii) up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,300</div> shares of the Company&#x2019;s common stock (together with the Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock, the &#x201c;Private Placement Shares&#x201d;), at a purchase price equal to (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) the Aggregate Valuation (as defined in the Merger Agreement) divided by the (y) the Post-Closing Parent Shares (as defined in the Merger Agreement) (the &#x201c;Common Stock Purchase Price&#x201d;).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Subscription Agreement, the holders of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock have preemptive rights to participate pro rata in the Company&#x2019;s future equity financings, subject to certain exceptions and limitations. In addition, following the issuance of the Private Placement Shares pursuant to the Subscription Agreement, certain of the Investors have rights to nominate directors to the Company&#x2019;s board of directors and non-voting board observers. The Company has also agreed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to take certain actions related to the business without the consent of the lead investor for so long as such lead investor continues to hold a minimum amount of the Private Placement Shares purchased under the Subscription Agreement.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the issuance of the Private Placement Shares, the Company intends to file a Certificate of Designation of Preferences, Rights and Limitations of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Convertible Non-Voting Preferred Stock (the "Certificate of Designation") with the Delaware Secretary of State. Thereunder, each share of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock will be convertible into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div> shares of the Company&#x2019;s common stock, at a conversion price initially equal to the Common Stock Purchase Price, subject to adjustment for any stock splits, stock dividends and similar events, at any time at the option of the holder, provided that any conversion of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock by a holder into shares of the Company&#x2019;s common stock would be prohibited if, as a result of such conversion, the holder, together with its affiliates and any other person or entity whose beneficial ownership of the common stock would be aggregated with such holder&#x2019;s for purposes of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div>(d) of the Exchange Act would beneficially own more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.99%</div> of the total number of shares of the Company&#x2019;s common stock issued and outstanding after giving effect to such conversion. Upon written notice to the Company, the holder <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>from time to time increase or decrease such limitation to any other percentage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19.99%</div> specified in such notice.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each share of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock will be entitled to a preference of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.00</div> per share upon the Company&#x2019;s liquidation, and thereafter will share ratably in any distributions or payments on an as-converted basis with the holders of the Company&#x2019;s common stock. In addition, upon the occurrence of certain transactions that involve the Company&#x2019;s merger or consolidation, an exchange or tender offer, a sale of all or substantially all of the Company&#x2019;s assets or a reclassification of the Company&#x2019;s common stock, each share of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock will be convertible into the kind and amount of securities, cash and/or other property that the holder of a number of shares of the Company&#x2019;s common stock issuable upon conversion of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of Series <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Preferred Stock would receive in connection with such transaction.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Private Placement is expected to close immediately following the consummation of the Merger.</div></div>
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