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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
| | | | | |
☑
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
for the quarterly period ended June 30, 2020 | |
OR | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER: 001-37590
CERECOR INC.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware (State of incorporation) | 45-0705648 (I.R.S. Employer Identification No.) |
540 Gaither Road, Suite 400 Rockville, Maryland 20850 (Address of principal executive offices) | (410) 522-8707 (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, $0.001 par value
| CERC | Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b‑2 of the Exchange Act.
| | | | | | | | |
Large accelerated filer ☐ | | Accelerated filer ☑ |
Non-accelerated filer ☐ | | Smaller reporting company ☑ |
Emerging growth company ☑ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☑
As of August 4, 2020, the registrant had 74,900,047 shares of common stock outstanding.
CERECOR INC.
FORM 10-Q
For the Quarter Ended June 30, 2020
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CERECOR INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheets
| | | | | | | | | | | | | | |
| | June 30, 2020 | | December 31, 2019 |
| | (unaudited) | | |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 45,390,553 | | | $ | 3,609,438 | |
Accounts receivable, net | | 2,031,682 | | | 1,001,645 | |
Other receivables | | 1,953,036 | | | 4,240,572 | |
Inventory, net | | 12,196 | | | 21,334 | |
Prepaid expenses and other current assets | | 823,900 | | | 706,968 | |
Restricted cash, current portion | | 33,449 | | | 17,535 | |
Investment in Aytu | | — | | | 7,628,947 | |
Current assets of discontinued operations | | — | | | 497,577 | |
Total current assets | | 50,244,816 | | | 17,724,016 | |
Property and equipment, net | | 1,740,610 | | | 1,447,663 | |
Intangible assets, net | | 2,292,175 | | | 2,426,258 | |
Goodwill | | 14,409,088 | | | 14,409,088 | |
Restricted cash, net of current portion | | 180,336 | | | 101,945 | |
Deferred tax asset, net | | 337,797 | | | — | |
Total assets | | $ | 69,204,822 | | | $ | 36,108,970 | |
Liabilities and stockholders’ equity | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 2,557,702 | | | $ | 2,077,524 | |
Accrued expenses and other current liabilities | | 6,487,658 | | | 5,640,252 | |
Income taxes payable | | — | | | 551,671 | |
Current liabilities of discontinued operations | | 5,549,751 | | | 3,891,012 | |
Total current liabilities | | 14,595,111 | | | 12,160,459 | |
Royalty obligation | | 2,000,000 | | | — | |
Deferred tax liability, net | | — | | | 85,981 | |
Other long-term liabilities | | 2,031,560 | | | 1,111,965 | |
Long-term liabilities of discontinued operations | | — | | | 1,755,000 | |
Total liabilities | | 18,626,671 | | | 15,113,405 | |
Stockholders’ equity: | | | | |
Common stock—$0.001 par value; 200,000,000 shares authorized at June 30, 2020 and December 31, 2019; 74,900,047 and 44,384,222 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | | 74,899 | | | 44,384 | |
Preferred stock—$0.001 par value; 5,000,000 shares authorized at June 30, 2020 and December 31, 2019; 1,257,143 and 2,857,143 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | | 1,257 | | | 2,857 | |
Additional paid-in capital | | 199,191,022 | | | 135,238,941 | |
Accumulated deficit | | (148,689,027) | | | (114,290,617) | |
Total stockholders’ equity | | 50,578,151 | | | 20,995,565 | |
Total liabilities and stockholders’ equity | | $ | 69,204,822 | | | $ | 36,108,970 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
CERECOR INC. and SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | Six Months Ended | | |
| | June 30, | | | | June 30, | | |
| | 2020 | | 2019 | | 2020 | | 2019 |
Revenues: | | | | | | | | |
Product revenue, net | | $ | 1,337,764 | | | $ | 1,391,942 | | | $ | 4,091,628 | | | $ | 3,968,310 | |
Total revenues, net | | 1,337,764 | | | 1,391,942 | | | 4,091,628 | | | 3,968,310 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Cost of product sales | | 77,580 | | | (1,496,677) | | | 144,139 | | | (744,128) | |
Research and development | | 5,916,869 | | | 3,712,596 | | | 10,684,619 | | | 7,113,785 | |
Acquired in-process research and development | | — | | | — | | | 25,549,344 | | | — | |
General and administrative | | 6,101,475 | | | 2,340,634 | | | 8,777,088 | | | 5,016,243 | |
Sales and marketing | | 653,265 | | | 325,861 | | | 1,329,790 | | | 722,137 | |
Amortization expense | | 403,500 | | | 334,747 | | | 834,083 | | | 669,495 | |
Change in fair value of contingent consideration | | — | | | (1,277,150) | | | — | | | (1,256,210) | |
Total operating expenses | | 13,152,689 | | | 3,940,011 | | | 47,319,063 | | | 11,521,322 | |
Loss from continuing operations | | (11,814,925) | | | (2,548,069) | | | (43,227,435) | | | (7,553,012) | |
Other income (expense): | | | | | | | | |
Change in fair value of Investment in Aytu | | (1,872,031) | | | — | | | 5,207,789 | | | — | |
Change in fair value of warrant liability and unit purchase option liability | | 2,647 | | | 18,910 | | | 13,928 | | | (28,668) | |
Other income (expense), net | | 395,800 | | | — | | | 395,800 | | | (9,400) | |
Interest income, net | | 8,711 | | | 38,412 | | | 18,501 | | | 68,632 | |
Total other (expense) income, net from continuing operations | | (1,464,873) | | | 57,322 | | | 5,636,018 | | | 30,564 | |
Loss from continuing operations before taxes | | (13,279,798) | | | (2,490,747) | | | (37,591,417) | | | (7,522,448) | |
Income tax (benefit) expense | | (453,957) | | | 53,446 | | | (2,610,812) | | | 184,119 | |
Loss from continuing operations | | $ | (12,825,841) | | | $ | (2,544,193) | | | $ | (34,980,605) | | | $ | (7,706,567) | |
(Loss) income from discontinued operations, net of tax | | (455,463) | | | (3,678,906) | | | 582,195 | | | (5,970,580) | |
Net loss | | $ | (13,281,304) | | | $ | (6,223,099) | | | $ | (34,398,410) | | | $ | (13,677,147) | |
| | | | | | | | |
Net (loss) income per share of common stock, basic and diluted: | | | | | | | | |
Continuing operations | | $ | (0.18) | | | $ | (0.05) | | | $ | (0.53) | | | $ | (0.14) | |
Discontinued operations | | (0.01) | | | (0.06) | | | 0.01 | | | (0.10) | |
Net loss per share of common stock, basic and diluted | | $ | (0.19) | | | $ | (0.11) | | | $ | (0.52) | | | $ | (0.24) | |
| | | | | | | | |
Net (loss) income per share of preferred stock, basic and diluted: | | | | | | | | |
Continuing operations | | $ | (0.93) | | | $ | (0.23) | | | $ | (2.66) | | | $ | (0.68) | |
Discontinued operations | | (0.03) | | | (0.32) | | | 0.04 | | | (0.53) | |
Net loss per share of preferred stock, basic and diluted | | $ | (0.96) | | | $ | (0.55) | | | $ | (2.62) | | | $ | (1.21) | |
See accompanying notes to the unaudited condensed consolidated financial statements.
CERECOR INC. and SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | |
| | 2020 | | 2019 |
Operating activities | | | | |
Net loss | | $ | (34,398,410) | | | $ | (13,677,147) | |
Adjustments to reconcile net loss used in operating activities: | | | | |
Depreciation and amortization | | 878,949 | | | 2,203,423 | |
Impairment of intangible assets | | — | | | 1,449,121 | |
Stock-based compensation | | 3,901,897 | | | 1,123,402 | |
Acquired in-process research and development | | 25,549,344 | | | — | |
Deferred taxes | | (423,778) | | | 18,870 | |
Amortization of inventory fair value associated with acquisition of TRx and Avadel's pediatric products | | — | | | 40,240 | |
Change in fair value of Investment in Aytu | | (5,207,789) | | | — | |
Change in fair value of warrant liability and unit purchase option liability | | (13,928) | | | 28,668 | |
Change in value of Guarantee | | (1,755,000) | | | — | |
Change in fair value of contingent consideration | | — | | | (811,948) | |
Changes in assets and liabilities: | | | | |
Accounts receivable, net | | (532,460) | | | 297,267 | |
Other receivables | | (1,851,867) | | | 5,326,000 | |
Inventory, net | | 9,138 | | | 452,931 | |
Prepaid expenses and other assets | | (23,782) | | | 664,454 | |
Accounts payable | | 82,674 | | | (666) | |
Income taxes payable | | 288,329 | | | (639,784) | |
Accrued expenses and other liabilities | | (815,014) | | | (6,313,686) | |
Lease liability, net | | 17,510 | | | — | |
Net cash used in operating activities | | (14,294,187) | | | (9,838,855) | |
Investing activities | | | | |
Proceeds from sale of Investment in Aytu, net | | 12,836,736 | | | — | |
Net cash paid in merger with Aevi | | (1,250,650) | | | — | |
Purchase of property and equipment | | — | | | (256,926) | |
Net cash provided by (used in) investing activities | | 11,586,086 | | | (256,926) | |
Financing activities | | | | |
Proceeds from underwritten public offering, net | | 35,427,963 | | | 8,975,960 | |
Proceeds from registered direct offering, net | | 5,136,184 | | | — | |
Proceeds from sale of shares pursuant to common stock private placement, net | | 3,887,991 | | | — | |
Proceeds from exercise of stock options and warrants | | 92,342 | | | 256,816 | |
Proceeds from shares purchased through employee stock purchase plan | | 132,910 | | | 127,537 | |
Restricted Stock Units withheld for taxes | | (93,869) | | | (18,057) | |
Payment of contingent consideration | | — | | | (379,255) | |
Payment of long-term debt | | — | | | (48,684) | |
Net cash provided by financing activities | | 44,583,521 | | | 8,914,317 | |
Increase (decrease) in cash, cash equivalents and restricted cash | | 41,875,420 | | | (1,181,464) | |
Cash, cash equivalents, and restricted cash at beginning of period | | 3,728,918 | | | 10,746,756 | |
Cash, cash equivalents, and restricted cash at end of period | | $ | 45,604,338 | | | $ | 9,565,292 | |
Supplemental disclosures of cash flow information | | | | |
Cash paid for interest | | $ | — | | | $ | 525,000 | |
Cash paid for taxes | | $ | 316,000 | | | $ | 852,025 | |
Supplemental disclosures of non-cash activities | | | | |
Issuance of common stock in Aevi Merger | | $ | 15,495,578 | | | $ | — | |
Leased asset obtained in exchange for new operating lease liability | | $ | 376,448 | | | $ | 743,025 | |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
| | | | | | | | | | | | | | |
| | June 30, | | |
| | 2020 | | 2019 |
| | | | |
Cash and cash equivalents | | $ | 45,390,553 | | | $ | 9,386,865 | |
Restricted cash, current | | 33,449 | | | 26,265 | |
Restricted cash, non-current | | 180,336 | | | 152,162 | |
Total cash, cash equivalents and restricted cash | | $ | 45,604,338 | | | $ | 9,565,292 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
CERECOR INC. and SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | | Preferred Stock | | | | Additional paid-in | | Accumulated | | Total stockholders’ |
| Shares | | Amount | | Shares | | Amount | | capital | | deficit | | equity |
Three Months Ended June 30, 2020 | | | | | | | | | | | | | |
Balance, March 31, 2020 | 59,560,252 | | | $ | 59,560 | | | 1,257,143 | | | $ | 1,257 | | | $ | 160,935,648 | | | $ | (135,407,723) | | | $ | 25,588,742 | |
Issuance of shares of common stock in underwritten public offering, net of offering costs | 15,180,000 | | | 15,180 | | | | | — | | | 35,412,783 | | | — | | | 35,427,963 | |
Exercise of stock options and warrants | 25,071 | | | 25 | | | | | — | | | 18,110 | | | — | | | 18,135 | |
Restricted Stock Units vested during period | 111,667 | | | 111 | | | | | — | | | (111) | | | — | | | — | |
Restricted Stock Units withheld for taxes | (35,279) | | | (35) | | | | | — | | | (93,834) | | | — | | | (93,869) | |
Shares purchased through employee stock purchase plan | 58,336 | | | 58 | | | | | — | | | 132,852 | | | — | | | 132,910 | |
Stock-based compensation | | | — | | | | | — | | | 2,785,574 | | | — | | | 2,785,574 | |
Net loss | | | — | | | | | — | | | — | | | (13,281,304) | | | (13,281,304) | |
Balance, June 30, 2020 | 74,900,047 | | | $ | 74,899 | | | 1,257,143 | | | $ | 1,257 | | | $ | 199,191,022 | | | $ | (148,689,027) | | | $ | 50,578,151 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | | Preferred Stock | | | | Additional paid-in | | Accumulated | | Total stockholders’ |
| Shares | | Amount | | Shares | | Amount | | capital | | deficit | | equity |
Six Months Ended June 30, 2020 | | | | | | | | | | | | | |
Balance, December 31, 2019 | 44,384,222 | | | $ | 44,384 | | | 2,857,143 | | | $ | 2,857 | | | $ | 135,238,941 | | | $ | (114,290,617) | | | $ | 20,995,565 | |
Conversion of preferred stock to common stock | 8,000,000 | | | 8,000 | | | (1,600,000) | | | (1,600) | | | (6,400) | | | — | | | — | |
Issuance of shares related to Aevi Merger | 3,893,361 | | | 3,894 | | | | | — | | | 15,491,684 | | | — | | | 15,495,578 | |
Issuance of shares pursuant to registered direct offering, net of offering costs | 1,306,282 | | | 1,306 | | | | | — | | | 5,134,878 | | | — | | | 5,136,184 | |
Issuance of shares pursuant to common stock private placement, net of offering costs | 1,951,219 | | | 1,951 | | | | | — | | | 3,886,040 | | | — | | | 3,887,991 | |
Issuance of shares of common stock in underwritten public offering, net of offering costs | 15,180,000 | | | 15,180 | | | | | — | | | 35,412,783 | | | — | | | 35,427,963 | |
Exercise of stock options and warrants | 50,239 | | | 50 | | | | | — | | | 92,292 | | | — | | | 92,342 | |
Restricted Stock Units vested during period | 111,667 | | | 111 | | | | | — | | | (111) | | | — | | | — | |
Restricted Stock Units withheld for taxes | (35,279) | | | (35) | | | | | — | | | (93,834) | | | — | | | (93,869) | |
Shares purchased through employee stock purchase plan | 58,336 | | | 58 | | | | | — | | | 132,852 | | | — | | | 132,910 | |
Stock-based compensation | | | — | | | | | — | | | 3,901,897 | | | — | | | 3,901,897 | |
Net loss | | | — | | | | | — | | | — | | | (34,398,410) | | | (34,398,410) | |
Balance, June 30, 2020 | 74,900,047 | | | $ | 74,899 | | | 1,257,143 | | | $ | 1,257 | | | $ | 199,191,022 | | | $ | (148,689,027) | | | $ | 50,578,151 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | | Preferred Stock | | | | Additional paid-in | | Accumulated | | Total stockholders’ |
| Shares | | Amount | | Shares | | Amount | | capital | | deficit | | equity |
Three Months Ended June 30, 2019 | | | | | | | | | | | | | |
Balance, March 31, 2019 | 42,753,659 | | | $ | 42,754 | | | 2,857,143 | | | $ | 2,857 | | | $ | 128,747,037 | | | $ | (105,672,118) | | | $ | 23,120,530 | |
Exercise of stock options and warrants | 43,125 | | | 43 | | | | | — | | | 162,596 | | | — | | | 162,639 | |
Restricted Stock Units vested during period | 61,250 | | | 61 | | | | | — | | | (61) | | | — | | | — | |
Restricted Stock Units withheld for taxes | (3,723) | | | (4) | | | | | — | | | (18,053) | | | — | | | (18,057) | |
Shares purchased through employee stock purchase plan | 43,940 | | | 44 | | | | | — | | | 127,493 | | | — | | | 127,537 | |
Stock-based compensation | | | — | | | | | — | | | 526,709 | | | — | | | 526,709 | |
Net loss | | | — | | | | | — | | | — | | | (6,223,099) | | | (6,223,099) | |
Balance, June 30, 2019 | 42,898,251 | | | $ | 42,898 | | | 2,857,143 | | | $ | 2,857 | | | $ | 129,545,721 | | | $ | (111,895,217) | | | $ | 17,696,259 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | | Preferred Stock | | | | Additional paid-in | | Accumulated | | Total stockholders’ |
| Shares | | Amount | | Shares | | Amount | | capital | | deficit | | equity |
Six Months Ended June 30, 2019 | | | | | | | | | | | | | |
Balance, December 31, 2018 | 40,804,189 | | | $ | 40,804 | |