2018 Q4 Form 10-Q Financial Statement

#000169853018000089 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $6.000K $57.00K $2.095M
YoY Change -99.71% -97.72% 203.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.870M $1.920M $2.240M
YoY Change -16.52% 51.18% 180.0%
% of Gross Profit
Research & Development $3.010M $4.001M $2.830M
YoY Change 6.36% 28.2% -46.9%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $70.00K
YoY Change 28.57% 28.57% 40.0%
% of Gross Profit
Operating Expenses $4.870M $5.920M $5.070M
YoY Change -3.94% 34.82% -17.29%
Operating Profit -$5.863M
YoY Change 209.56%
Interest Expense -$180.0K $170.0K -$180.0K
YoY Change 0.0% -15.42% -14.29%
% of Operating Profit
Other Income/Expense, Net $290.0K $539.0K $50.00K
YoY Change 480.0% -1518.42% 400.0%
Pretax Income -$4.760M -$5.320M -$3.100M
YoY Change 53.55% 175.65% -45.04%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.755M -$5.324M -$3.443M
YoY Change 38.11% 175.57% -38.95%
Net Earnings / Revenue -79250.0% -9340.35% -164.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$107.2K -$128.1K -$78.88K
COMMON SHARES
Basic Shares Outstanding 44.36M shares 39.45M shares 39.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.30M $32.40M $25.80M
YoY Change 1.94% 41.48%
Cash & Equivalents $26.27M $32.45M $25.76M
Short-Term Investments
Other Short-Term Assets $1.400M $1.900M $1.800M
YoY Change -22.22% 72.73%
Inventory
Prepaid Expenses $293.0K
Receivables $0.00 $52.00K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.66M $34.36M $27.64M
YoY Change 0.09% 41.53% 37.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.061M $1.130M $1.317M
YoY Change -19.44% 6.7% 161.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.00K $32.00K $32.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.093M $1.162M $1.349M
YoY Change -18.98% 6.51% 152.15%
TOTAL ASSETS
Total Short-Term Assets $27.66M $34.36M $27.64M
Total Long-Term Assets $1.093M $1.162M $1.349M
Total Assets $28.76M $35.53M $28.99M
YoY Change -0.8% 40.03% 40.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $1.341M $1.049M
YoY Change -52.34% -43.63% 106.09%
Accrued Expenses $1.543M $3.035M $1.273M
YoY Change 21.21% 21.59% -41.06%
Deferred Revenue $0.00 $0.00 $1.034M
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.926M $0.00
YoY Change 93.1% -100.0%
Total Short-Term Liabilities $2.043M $9.302M $3.356M
YoY Change -39.12% -11.65% -72.4%
LONG-TERM LIABILITIES
Long-Term Debt $4.925M $0.00 $4.855M
YoY Change 1.44% -100.0% 9.0%
Other Long-Term Liabilities $39.00K $42.00K $278.0K
YoY Change -85.97% -84.95% -1.07%
Total Long-Term Liabilities $4.964M $42.00K $5.133M
YoY Change -3.29% -98.58% 8.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.043M $9.302M $3.356M
Total Long-Term Liabilities $4.964M $42.00K $5.133M
Total Liabilities $7.804M $10.33M $9.012M
YoY Change -13.4% -24.55% -50.29%
SHAREHOLDERS EQUITY
Retained Earnings -$54.99M -$50.24M -$33.62M
YoY Change 63.6% 59.28% 48.71%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.95M $25.20M $19.98M
YoY Change
Total Liabilities & Shareholders Equity $28.76M $35.53M $28.99M
YoY Change -0.8% 40.03% 40.88%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$4.755M -$5.324M -$3.443M
YoY Change 38.11% 175.57% -38.95%
Depreciation, Depletion And Amortization $90.00K $90.00K $70.00K
YoY Change 28.57% 28.57% 40.0%
Cash From Operating Activities -$5.970M -$4.190M -$5.340M
YoY Change 11.8% 4.75% -194.85%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$10.00K -$200.0K
YoY Change -90.0% -97.06% 185.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$10.00K -$200.0K
YoY Change -90.0% -97.06% 185.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K 20.26M 8.370M
YoY Change -102.15% 9.81% 83600.0%
NET CHANGE
Cash From Operating Activities -5.970M -4.190M -5.340M
Cash From Investing Activities -20.00K -10.00K -200.0K
Cash From Financing Activities -180.0K 20.26M 8.370M
Net Change In Cash -6.170M 16.06M 2.830M
YoY Change -318.02% 13.82% -49.19%
FREE CASH FLOW
Cash From Operating Activities -$5.970M -$4.190M -$5.340M
Capital Expenditures -$20.00K -$10.00K -$200.0K
Free Cash Flow -$5.950M -$4.180M -$5.140M
YoY Change 15.76% 14.21% -190.18%

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CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1844000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1855000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20302000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22001000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
43000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2166000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2227000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1317000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1130000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
595000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2017Q3 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
428000 USD
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
1417000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3121000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9910000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
36282 shares
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4001000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11111000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1277744 shares
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33615000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2497000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7624000 USD
CY2017Q3 us-gaap Revenues
Revenues
2497000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.92
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50239000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
112000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3021753 shares
us-gaap Revenues
Revenues
7624000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.40
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.62
CY2018Q3 us-gaap Revenues
Revenues
57000 USD
us-gaap Revenues
Revenues
112000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1104000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1300000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
4.21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3672620 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
202000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
51000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4891588 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.79
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.22
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
9421000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5221000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
9523000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4778505 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.20
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.81
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.29
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.45
CY2017Q3 us-gaap Share Price
SharePrice
4.21
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7541000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y6M
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
436000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
145466 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22494 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
436000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
20070000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
41000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19975000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
25198000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
21009000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
13000 USD
CY2018Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
7000 USD
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1725906 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
183395 shares
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41527922 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40121295 shares
CY2017Q4 xcur Accrued Clinical Contract Research And Manufacturing Costs Current
AccruedClinicalContractResearchAndManufacturingCostsCurrent
205000 USD
CY2018Q3 xcur Accrued Clinical Contract Research And Manufacturing Costs Current
AccruedClinicalContractResearchAndManufacturingCostsCurrent
651000 USD
CY2018Q3 xcur Common Stock Voting Rightsfor Each Share
CommonStockVotingRightsforEachShare
1 vote_per_share
CY2017Q4 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
523000 USD
CY2018Q3 xcur Common Stock Warrant Liability
CommonStockWarrantLiability
984000 USD
xcur Fair Value Assumptions Impact Of10 Percent Change In Expected Volatility Rate
FairValueAssumptionsImpactOf10PercentChangeInExpectedVolatilityRate
55000 USD
xcur Fair Value Assumptions Impact Of10 Percent Change In Fair Value Of Common Stock
FairValueAssumptionsImpactOf10PercentChangeInFairValueOfCommonStock
141000 USD
xcur Issuance Of Common Stock Warrants
IssuanceOfCommonStockWarrants
211000 USD
xcur Issuance Of Common Stock Warrants
IssuanceOfCommonStockWarrants
0 USD
CY2018Q3 xcur Retained Earnings Accumulated Deficit Inceptionto Date
RetainedEarningsAccumulatedDeficitInceptiontoDate
-69076000 USD
xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
xcur Payments Of Common Stock Financing Costs
PaymentsOfCommonStockFinancingCosts
1264000 USD
xcur Payments Of Common Stock Financing Costs
PaymentsOfCommonStockFinancingCosts
1771000 USD
xcur Paymentsfor License Agreements
PaymentsforLicenseAgreements
3844000 USD
xcur Sharebased Compensation Arrangementby Sharebased Payment Award Fair Value Assumptions Forfeiture Rate
SharebasedCompensationArrangementbySharebasedPaymentAwardFairValueAssumptionsForfeitureRate
0.05
xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
1773000 USD
xcur Stock Issuance Costs Incurred During Noncashor Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashorPartialNoncashTransaction
160000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on certain assumptions which it believes are reasonable in the circumstance and while actual results could differ from those estimates, management does not believe that any change in those assumptions in the near term would have a significant effect on the Company&#8217;s financial position, results of operations or cash flows. Actual results in future periods could differ from those estimates.</font></div></div>

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