2013 Q3 Form 10-Q Financial Statement

#000110465913068496 Filed on September 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $1.116M $591.0K $220.0K
YoY Change -97.39% 168.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.930M $3.120M $1.630M
YoY Change -33.52% 91.41%
% of Gross Profit
Research & Development $15.29M $10.05M $6.776M
YoY Change -43.28% 48.27%
% of Gross Profit
Depreciation & Amortization $120.0K $110.0K $80.00K
YoY Change 71.43% 37.5%
% of Gross Profit
Operating Expenses $21.22M $13.16M $8.403M
YoY Change -40.87% 56.66%
Operating Profit -$20.10M -$12.57M -$8.183M
YoY Change -390.56% 53.65%
Interest Expense $1.000K $2.000K $230.0K
YoY Change -99.99% -99.13%
% of Operating Profit
Other Income/Expense, Net $47.00K $13.00K -$2.000K
YoY Change 67.86% -750.0%
Pretax Income -$20.09M -$12.56M -$7.416M
YoY Change 1299.93% 69.39%
Income Tax $432.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.52M -$12.56M -$7.416M
YoY Change 1330.03% 69.39%
Net Earnings / Revenue -1838.8% -2125.55% -3370.91%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.052B -$11.72B -$8.636B
COMMON SHARES
Basic Shares Outstanding 21.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.6M $51.20M
YoY Change
Cash & Equivalents $76.61M $51.18M $2.522M
Short-Term Investments $40.00M
Other Short-Term Assets $395.0K $1.183M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $121.9M $57.05M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $652.0K $729.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.00K $12.00K
YoY Change
Total Long-Term Assets $789.0K $866.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $121.9M $57.05M
Total Long-Term Assets $789.0K $866.0K
Total Assets $122.7M $57.91M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.405M $4.410M
YoY Change
Accrued Expenses $7.400M $5.300M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.83M $13.31M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.00K $47.00K
YoY Change
Total Long-Term Liabilities $30.00K $47.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.83M $13.31M
Total Long-Term Liabilities $30.00K $47.00K
Total Liabilities $28.89M $27.49M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$216.3M -$195.8M
YoY Change
Common Stock $310.1M $22.81M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.83M -$172.9M -$158.7M
YoY Change
Total Liabilities & Shareholders Equity $122.7M $57.91M
YoY Change

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$20.52M -$12.56M -$7.416M
YoY Change 1330.03% 69.39%
Depreciation, Depletion And Amortization $120.0K $110.0K $80.00K
YoY Change 71.43% 37.5%
Cash From Operating Activities -$14.37M -$15.93M -$6.160M
YoY Change -134.54% 158.6%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$190.0K -$10.00K
YoY Change -58.33% 1800.0%
Acquisitions
YoY Change
Other Investing Activities -$39.99M
YoY Change
Cash From Investing Activities -$40.04M -$190.0K -$10.00K
YoY Change 33266.67% 1800.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 79.85M 0.000 8.420M
YoY Change 24.47% -100.0%
NET CHANGE
Cash From Operating Activities -14.37M -15.93M -6.160M
Cash From Investing Activities -40.04M -190.0K -10.00K
Cash From Financing Activities 79.85M 0.000 8.420M
Net Change In Cash 25.44M -16.12M 2.250M
YoY Change -75.92% -816.44%
FREE CASH FLOW
Cash From Operating Activities -$14.37M -$15.93M -$6.160M
Capital Expenditures -$50.00K -$190.0K -$10.00K
Free Cash Flow -$14.32M -$15.74M -$6.150M
YoY Change -134.32% 155.93%

Facts In Submission

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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1. Nature of Business</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">The Company</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 25pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Onconova Therapeutics,&#160;Inc. (the &#8220;Company&#8221;) was incorporated in the State of Delaware on December&#160;22, 1998 and commenced operations on January&#160;1, 1999. The Company&#8217;s headquarters are located in Newtown, Pennsylvania. The Company is a clinical-stage biopharmaceutical company focused on discovering and developing novel small molecule drug candidates to treat cancer. Using its proprietary chemistry platform, the Company has created an extensive library of targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells. The Company believes that the drug candidates in its pipeline have the potential to be efficacious in a wide variety of cancers without causing harm to normal cells. The Company has three clinical-stage product candidates and six preclinical programs. To accelerate and broaden the development of rigosertib, the Company&#8217;s most advanced product candidate, the Company entered into a collaboration and license agreement with Baxter Healthcare&#160;SA (&#8220;Baxter&#8221;), a subsidiary of Baxter International&#160;Inc., in 2012 to commercialize rigosertib in Europe. In 2011, the Company entered into a collaboration and license agreement with SymBio Pharmaceuticals Limited (&#8220;SymBio&#8221;) to commercialize rigosertib in Japan and Korea. The Company has retained development and commercialization rights to rigosertib in the rest of the world, including the United States. During 2012, Onconova Europe&#160;GmbH was established as a wholly owned subsidiary of the Company for the purpose of further developing business in Europe.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Liquidity</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 26pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company has incurred recurring operating losses since inception. For the six months ended June&#160;30, 2013, the Company incurred a net loss of $27,407,000 and as of June&#160;30, 2013, the Company had generated an accumulated deficit of $195,760,000. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its preclinical programs, strategic alliances and the development of its administrative organization.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 22pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company has raised significant capital through the issuance of its redeemable convertible preferred stock, par value $0.01 per share, in ten series denominated as Series&#160;A through Series&#160;J (&#8220;Series&#160;A Preferred Stock&#8221; through &#8220;Series&#160;J Preferred Stock,&#8221; respectively, and collectively the &#8220;Preferred Stock&#8221;). 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I</font><font style="FONT-SIZE: 10pt;" size="2">mmediately prior to the consummation of the IPO, all outstanding shares of Preferred Stock automatically converted into shares of Common Stock at the applicable conversion ratio then in effect.&#160; As a result of the conversion, as of July&#160;30, 2013, the Company had no shares of Preferred Stock outstanding.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 26pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company&#8217;s ability to continue as a going concern is dependent on its ability to raise additional capital to fund its research and development and commercial programs and meet its obligations. Management intends to fund future operations through additional equity offerings, licensing revenue, grants, government contracts and, if any of the Company&#8217;s product candidates receive marketing approval, future sales of its products. There can be no assurance, however, that the Company will be successful in obtaining financing at the level needed to sustain operations or on terms acceptable to the Company, or that the Company will obtain approvals necessary to market its products or achieve profitability or sustainable, positive cash flow.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 25.9pt; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company faces many risks associated with companies in the early stages. It also faces risks inherent in its business and its industry generally. These risks include, among others, the following:</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company&#8217;s success is primarily dependent on the regulatory approval and commercialization of rigosertib;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company is subject to regulatory approval processes that are lengthy, time consuming, expensive and unpredictable. The Company may not obtain approval on a timely basis or at all for any of its product candidates from the U.S. Food and Drug Administration or foreign regulatory authorities;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company has no significant source of product revenue, may never become profitable and may incur substantial and increasing net losses for the foreseeable future as it continues to develop and seek regulatory approvals for, and potentially begins to commercialize, its product candidates;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company may need to obtain additional funding to continue operations;</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">it is difficult and costly to protect the Company&#8217;s intellectual property rights;</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company may be unable to recruit or retain key employees, including its senior management team; and</font></p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt 25.9pt;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font> <font style="FONT-SIZE: 10pt;" size="2">the Company depends on the performance of third parties, including contract research organizations and third-party manufacturers.</font></p> </div>
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PrepaidResearchAndDevelopmentCurrent
1429000 USD
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OtherAssetsCurrent
296000 USD
CY2013Q2 ontx Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
2399000 USD
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OtherAssetsCurrent
1183000 USD
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
0 USD
CY2012 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
0 USD
CY2012Q4 ontx Number Of New Programs To Be Collaborated And Developed By Joint Venture
NumberOfNewProgramsToBeCollaboratedAndDevelopedByJointVenture
2 item
CY2013Q2 ontx Number Of Group Companies Of Which Average Historical Share Price Trading Data Used For Estimation Of Volatility
NumberOfGroupCompaniesOfWhichAverageHistoricalSharePriceTradingDataUsedForEstimationOfVolatility
11 item
ontx Number Of Series Denominations Of Preferred Stock
NumberOfSeriesDenominationsOfPreferredStock
10 item

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