þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 001-31564 | 87-0458888 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company) |
ITEM 1. | Financial statements. |
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 14,840,392 | $ | 867,738 | ||||
Accounts receivable, net |
234,418 | 229,891 | ||||||
Inventory, net |
315,931 | 258,939 | ||||||
Prepaid expenses and other current assets |
1,372,043 | 559,082 | ||||||
Total current assets |
16,762,784 | 1,915,650 | ||||||
Property and equipment, net of accumulated depreciation of
$83,787 and $8,085, respectively |
732,328 | 21,589 | ||||||
Intangible assets and other |
6,340,906 | 6,340,906 | ||||||
Total assets |
$ | 23,836,018 | $ | 8,278,145 | ||||
Liabilities, Redeemable Preferred Stock, Shareholders
Equity/(Deficit) and Noncontrolling Interest |
||||||||
Current liabilities: |
||||||||
Current debt |
$ | 6,394,532 | $ | 56,911 | ||||
Accounts payable |
1,050,215 | 1,096,125 | ||||||
Accrued expenses |
1,447,975 | 789,482 | ||||||
Deferred revenue |
12,500 | | ||||||
Total current liabilities |
8,905,222 | 1,942,518 | ||||||
Long-term debt |
| 7,290,881 | ||||||
Deferred tax liability |
2,500,000 | 2,500,000 | ||||||
Warrant liability |
7,509,630 | 8,171,518 | ||||||
Derivative liability |
1,056,920 | 2,120,360 | ||||||
Other long-term liabilities |
170,403 | 255,606 | ||||||
Total liabilities |
20,142,175 | 22,280,883 | ||||||
Commitments and contingencies |
||||||||
Preferred stock series A, $0.001 par value; 9,000 shares
authorized; 3,250 shares issued; 0 and 2,886 shares outstanding,
respectively |
| 1,280,150 | ||||||
Preferred stock series B, $0.001 par value; 9,000 shares
authorized; 4,640 shares issued; 0 and 4,640 shares outstanding,
respectively |
| | ||||||
Preferred stock series B, $0.001 par value; subscription receivable |
| (210,000 | ) | |||||
Preferred stock series D, $0.001 par value; 8,000 shares
authorized; 7,779 and 1,645 shares issued, respectively, and 3,841
and 1,645 shares outstanding, respectively |
| | ||||||
Fibrocell Science, Inc. shareholders equity/(deficit): |
||||||||
Common stock, $0.001 par value; 250,000,000 shares authorized;
95,278,255 and 20,375,500 shares issued and outstanding,
respectively |
95,278 | 20,376 | ||||||
Common stock; $0.001 par value; subscription receivable |
(2,038,733 | ) | | |||||
Additional paid-in capital |
43,421,317 | 2,437,893 | ||||||
Accumulated deficit during development stage |
(38,275,135 | ) | (17,981,530 | ) | ||||
Total Fibrocell Science, Inc. shareholders equity/(deficit) |
3,202,727 | (15,523,261 | ) | |||||
Noncontrolling interest |
491,116 | 450,373 | ||||||
Total equity/(deficit) and noncontrolling interest |
3,693,843 | (15,072,888 | ) | |||||
Total liabilities, preferred stock, shareholders equity/(deficit)
and noncontrolling interest |
$ | 23,836,018 | $ | 8,278,145 | ||||
1
Successor | Successor | |||||||
For the three | For the three | |||||||
months ended | months ended | |||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Revenue |
||||||||
Product sales |
$ | 159,400 | $ | 243,677 | ||||
Total revenue |
159,400 | 243,677 | ||||||
Cost of sales |
96,631 | 118,916 | ||||||
Gross profit |
62,769 | 124,761 | ||||||
Selling, general and administrative expenses |
3,920,986 | 1,583,418 | ||||||
Research and development expenses |
1,892,859 | 1,387,466 | ||||||
Operating loss |
(5,751,076 | ) | (2,846,123 | ) | ||||
Other income/(expense) |
||||||||
Warrant income |
10,621,558 | 1,265,571 | ||||||
Derivative revaluation income |
2,316,428 | | ||||||
Interest expense |
(264,998 | ) | (211,919 | ) | ||||
Income/(loss) from continuing operations |
6,921,912 | (1,792,471 | ) | |||||
Loss from discontinued operations |
(10,864 | ) | (8,575 | ) | ||||
Net income/(loss) |
6,911,048 | (1,801,046 | ) | |||||
Net income/(loss) attributable to
noncontrolling interest |
5,809 | (20,859 | ) | |||||
Net income/(loss) attributable to Fibrocell
Science, Inc. common shareholders |
$ | 6,916,857 | $ | (1,821,905 | ) | |||
Per share information: |
||||||||
Net income/(loss) from continuing operations |
||||||||
Basic |
$ | 0.10 | $ | (0.09 | ) | |||
Diluted |
$ | 0.08 | $ | (0.09 | ) | |||
Net income/(loss) attributable to common
shareholders per common share |
||||||||
Basic |
$ | 0.10 | $ | (0.09 | ) | |||
Diluted |
$ | 0.08 | $ | (0.09 | ) | |||
Weighted average number of basic common
shares outstanding |
69,863,597 | 19,557,842 | ||||||
Weighted average number of diluted common
shares outstanding |
83,671,791 | 19,557,842 | ||||||
2
Successor | Successor | Successor | Predecessor | ||||||||||||||
Cumulative period | |||||||||||||||||
from September 1, | Cumulative period | ||||||||||||||||
2009 (date of | from December 28, | ||||||||||||||||
For the nine months | For the nine months | inception) to | 1995 (date of | ||||||||||||||
ended September | ended September | September 30, | inception) to | ||||||||||||||
30, 2011 | 30, 2010 | 2011 | August 31, 2009 | ||||||||||||||
Revenue |
|||||||||||||||||
Product sales |
$ | 621,310 | $ | 716,809 | $ | 1,887,620 | $ | 4,818,994 | |||||||||
License fees |
| | | 260,000 | |||||||||||||
Total revenue |
621,310 | 716,809 | 1,887,620 | 5,078,994 | |||||||||||||
Cost of sales |
320,242 | 395,351 | 1,004,938 | 2,279,335 | |||||||||||||
Gross profit |
301,068 | 321,458 | 882,682 | 2,799,659 | |||||||||||||
Selling, general and administrative expenses |
9,540,713 | 5,424,661 | 18,764,650 | 84,805,520 | |||||||||||||
Research and development expenses |
5,111,053 | 4,053,817 | 12,420,568 | 56,269,869 | |||||||||||||
Operating loss |
(14,350,698 | ) | (9,157,020 | ) | (30,302,536 | ) | (138,275,730 | ) | |||||||||
Other income (expense) |
|||||||||||||||||
Interest income |
| | 1 | 6,989,539 | |||||||||||||
Reorganization items, net |
| 3,303 | (69,174 | ) | 73,538,984 | ||||||||||||
Other income |
| | 244,479 | 316,338 | |||||||||||||
Warrant income |
814,676 | 1,560,757 | 30,360 | | |||||||||||||
Derivative revaluation expense |
(5,865,710 | ) | | (5,865,710 | ) | | |||||||||||
Interest expense |
(822,067 | ) | (612,917 | ) | (2,114,440 | ) | (18,790,218 | ) | |||||||||
Loss from continuing operations before income
taxes |
(20,223,799 | ) | (8,205,877 | ) | (38,077,020 | ) | (76,221,087 | ) | |||||||||
Income tax benefit |
| | | 190,754 | |||||||||||||
Loss from continuing operations |
(20,223,799 | ) | (8,205,877 | ) | (38,077,020 | ) | (76,030,333 | ) | |||||||||
Loss from discontinued operations |
(29,063 | ) | (38,121 | ) | (89,981 | ) | (41,091,311 | ) | |||||||||
Net loss |
(20,252,862 | ) | (8,243,998 | ) | (38,167,001 | ) | (117,121,644 | ) | |||||||||
Deemed dividend associated with beneficial
conversion |
| | | (11,423,824 | ) | ||||||||||||
Preferred stock dividends |
| | | (1,589,861 | ) | ||||||||||||
Net (income)/loss attributable to
noncontrolling interest |
(40,743 | ) | (37,247 | ) | (108,134 | ) | 1,799,523 | ||||||||||
Net loss attributable to Fibrocell Science,
Inc. common shareholders |
$ | (20,293,605 | ) | $ | (8,281,245 | ) | $ | (38,275,135 | ) | $ | (128,335,806 | ) | |||||
Per share information: |
|||||||||||||||||
Loss from continuing operations-basic and
diluted |
$ | (0.40 | ) | $ | (0.45 | ) | $ | (1.37 | ) | $ | (4.30 | ) | |||||
Loss from discontinued operations-basic and
diluted |
| | | (2.32 | ) | ||||||||||||
Income (loss) attributable to noncontrolling
interest |
| | | 0.10 | |||||||||||||
Deemed dividend associated with beneficial
conversion of preferred stock |
| | | (0.65 | ) | ||||||||||||
Preferred stock dividends |
| | | (0.09 | ) | ||||||||||||
Net loss attributable to common shareholders
per common sharebasic and diluted |
$ | (0.40 | ) | $ | (0.45 | ) | $ | (1.37 | ) | $ | (7.26 | ) | |||||
Weighted average number of basic and diluted
common shares outstanding |
51,219,473 | 18,291,301 | 27,767,571 | 17,678,219 | |||||||||||||
3
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 12/28/95 |
| $ | | | $ | | 2,285,291 | $ | 2,285 | $ | (1,465 | ) | | $ | | $ | | $ | | $ | 820 | |||||||||||||||||||||||||||
Issuance of common stock for cash on 11/7/96 |
| | | | 11,149 | 11 | 49,989 | | | | | 50,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 11/29/96 |
| | | | 2,230 | 2 | 9,998 | | | | | 10,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 12/19/96 |
| | | | 6,690 | 7 | 29,993 | | | | | 30,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 12/26/96 |
| | | | 11,148 | 11 | 49,989 | | | | | 50,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (270,468 | ) | (270,468 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/96 (Predecessor) |
| $ | | | $ | | 2,316,508 | $ | 2,316 | $ | 138,504 | | $ | | $ | | $ | (270,468 | ) | $ | (129,648 | ) | ||||||||||||||||||||||||||
Issuance of common stock for cash on 12/27/97 |
| | | | 21,182 | 21 | 94,979 | | | | | 95,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 9/1/97 |
| | | | 11,148 | 11 | 36,249 | | | | | 36,260 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 12/28/97 |
| | | | 287,193 | 287 | 9,968 | | | | | 10,255 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (52,550 | ) | (52,550 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/97 (Predecessor) |
| $ | | | $ | | 2,636,031 | $ | 2,635 | $ | 279,700 | | $ | | $ | | $ | (323,018 | ) | $ | (40,683 | ) |
4
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 8/23/98 |
| $ | | | $ | | 4,459 | $ | 4 | $ | 20,063 | | $ | | $ | | $ | | $ | 20,067 | ||||||||||||||||||||||||||||
Repurchase of common stock on 9/29/98 |
| | | | | | | 2,400 | (50,280 | ) | | | (50,280 | ) | ||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (195,675 | ) | (195,675 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/98 (Predecessor) |
| $ | | | $ | | 2,640,490 | $ | 2,639 | $ | 299,763 | 2,400 | $ | (50,280 | ) | $ | | $ | (518,693 | ) | $ | (266,571 | ) | |||||||||||||||||||||||||
Issuance of common stock for cash on 9/10/99 |
| | | | 52,506 | 53 | 149,947 | | | | | 150,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (1,306,778 | ) | (1,306,778 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/99 (Predecessor) |
| $ | | | $ | | 2,692,996 | $ | 2,692 | $ | 449,710 | 2,400 | $ | (50,280 | ) | $ | | $ | (1,825,471 | ) | $ | (1,423,349 | ) | |||||||||||||||||||||||||
Issuance of common stock for cash on 1/18/00 |
| | | | 53,583 | 54 | 1,869 | | | | | 1,923 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 3/1/00 |
| | | | 68,698 | 69 | (44 | ) | | | | | 25 | |||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 4/4/00 |
| | | | 27,768 | 28 | (18 | ) | | | | | 10 | |||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (807,076 | ) | (807,076 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/00 (Predecessor) |
| $ | | | $ | | 2,843,045 | $ | 2,843 | $ | 451,517 | 2,400 | $ | (50,280 | ) | $ | | $ | (2,632,547 | ) | $ | (2,228,467 | ) |
5
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 7/1/01 |
| $ | | | $ | | 156,960 | $ | 157 | $ | (101 | ) | | $ | | $ | | $ | | $ | 56 | |||||||||||||||||||||||||||
Issuance of common stock for services on 7/1/01 |
| | | | 125,000 | 125 | (80 | ) | | | | | 45 | |||||||||||||||||||||||||||||||||||
Issuance of common stock for capitalization of accrued
salaries on 8/10/01 |
| | | | 70,000 | 70 | 328,055 | | | | | 328,125 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for conversion of convertible debt
on 8/10/01 |
| | | | 1,750,000 | 1,750 | 1,609,596 | | | | | 1,611,346 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for conversion of convertible
shareholder notes payable on 8/10/01 |
| | | | 208,972 | 209 | 135,458 | | | | | 135,667 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for bridge financing on 8/10/01 |
| | | | 300,000 | 300 | (192 | ) | | | | | 108 | |||||||||||||||||||||||||||||||||||
Retirement of treasury stock on 8/10/01 |
| | | | | | (50,280 | ) | (2,400 | ) | 50,280 | | | | ||||||||||||||||||||||||||||||||||
Issuance of common stock for net assets of Gemini on 8/10/01 |
| | | | 3,942,400 | 3,942 | (3,942 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for net assets of AFH on 8/10/01 |
| | | | 3,899,547 | 3,900 | (3,900 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 8/10/01 |
| | | | 1,346,669 | 1,347 | 2,018,653 | | | | | 2,020,000 | ||||||||||||||||||||||||||||||||||||
Transaction and fund raising expenses on 8/10/01 |
| | | | | | (48,547 | ) | | | | | (48,547 | ) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 8/10/01 |
| | | | 60,000 | 60 | | | | | | 60 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 8/28/01 |
| | | | 26,667 | 27 | 39,973 | | | | | 40,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for services on 9/30/01 |
| | | | 314,370 | 314 | 471,241 | | | | | 471,555 |
6
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Uncompensated contribution of services3rd quarter |
| $ | | | $ | | | $ | | $ | 55,556 | | $ | | $ | | $ | | $ | 55,556 | ||||||||||||||||||||||||||||
Issuance of common stock for services on 11/1/01 |
| | | | 145,933 | 146 | 218,754 | | | | | 218,900 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of services4th quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (1,652,004 | ) | (1,652,004 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/01 (Predecessor) |
| $ | | | $ | | 15,189,563 | $ | 15,190 | $ | 5,321,761 | | $ | | $ | | $ | (4,284,551 | ) | $ | 1,052,400 | |||||||||||||||||||||||||||
Uncompensated contribution of services1st quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 4/26/02 |
905,000 | 905 | | | | | 2,817,331 | | | | | 2,818,236 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 5/16/02 |
890,250 | 890 | | | | | 2,772,239 | | | | | 2,773,129 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 5/31/02 |
795,000 | 795 | | | | | 2,473,380 | | | | | 2,474,175 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 6/28/02 |
229,642 | 230 | | | | | 712,991 | | | | | 713,221 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of services2nd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 7/15/02 |
75,108 | 75 | | | | | 233,886 | | | | | 233,961 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 8/1/02 |
| | | | 38,400 | 38 | 57,562 | | | | | 57,600 | ||||||||||||||||||||||||||||||||||||
Issuance of warrants for services on 9/06/02 |
| | | | | | 103,388 | | | | | 103,388 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of services3rd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of services4th quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for dividends |
143,507 | 144 | | | | | 502,517 | | | | (502,661 | ) | | |||||||||||||||||||||||||||||||||||
Deemed dividend associated with beneficial
conversion of preferred stock |
| | | | | | 10,178,944 | | | | (10,178,944 | ) | | |||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (5,433,055 | ) | (5,433,055 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, foreign currency
translation adjustment |
| | | | | | | | | 13,875 | | 13,875 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (5,419,180 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/02 (Predecessor) |
3,038,507 | $ | 3,039 | | $ | | 15,227,963 | $ | 15,228 | $ | 25,573,999 | | $ | | $ | 13,875 | $ | (20,399,211 | ) | $ | 5,206,930 |
7
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 1/7/03 |
| $ | | | $ | | 61,600 | $ | 62 | $ | 92,338 | | $ | | $ | | $ | | $ | 92,400 | ||||||||||||||||||||||||||||
Issuance of common stock for patent pending acquisition on 3/31/03 |
| | | | 100,000 | 100 | 539,900 | | | | | 540,000 | ||||||||||||||||||||||||||||||||||||
Cancellation of common stock on 3/31/03 |
| | | | (79,382 | ) | (79 | ) | (119,380 | ) | | | | | (119,459 | ) | ||||||||||||||||||||||||||||||||
Uncompensated contribution of services1st quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 5/9/03 |
| | 110,250 | 110 | | | 2,773,218 | | | | | 2,773,328 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for cash on 5/16/03 |
| | 45,500 | 46 | | | 1,145,704 | | | | | 1,145,750 | ||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into common stock2nd qtr |
(70,954 | ) | (72 | ) | | | 147,062 | 147 | 40,626 | | | | | 40,701 | ||||||||||||||||||||||||||||||||||
Conversion of warrants into common stock2nd qtr |
| | | | 114,598 | 114 | (114 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Uncompensated contribution of services2nd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock dividends |
| | | | | | | | | | (1,087,200 | ) | (1,087,200 | ) | ||||||||||||||||||||||||||||||||||
Deemed dividend associated with beneficial conversion of preferred
stock |
| | | | | | 1,244,880 | | | | (1,244,880 | ) | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for cash3rd qtr |
| | | | 202,500 | 202 | 309,798 | | | | | 310,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash on 8/27/03 |
| | | | 3,359,331 | 3,359 | 18,452,202 | | | | | 18,455,561 | ||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into common stock3rd qtr |
(2,967,553 | ) | (2,967 | ) | (155,750 | ) | (156 | ) | 7,188,793 | 7,189 | (82,875 | ) | | | | | (78,809 | ) | ||||||||||||||||||||||||||||||
Conversion of warrants into common stock3rd qtr |
| | | | 212,834 | 213 | (213 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on warrants issued to non-employees |
| | | | | | 412,812 | | | | | 412,812 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash4th qtr |
| | | | 136,500 | 137 | 279,363 | | | | | 279,500 | ||||||||||||||||||||||||||||||||||||
Conversion of warrants into common stock4th qtr |
| | | | 393 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (11,268,294 | ) | (11,268,294 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, foreign currency translation adjustment |
| | | | | | | | | 360,505 | | 360,505 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (10,907,789 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/03 (Predecessor) |
| $ | | | $ | | 26,672,192 | $ | 26,672 | $ | 50,862,258 | | $ | | $ | 374,380 | $ | (33,999,585 | ) | $ | 17,263,725 |
8
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Conversion of warrants into common stock1st qtr |
| $ | | | $ | | 78,526 | $ | 79 | $ | (79 | ) | | $ | | $ | | $ | | $ | | |||||||||||||||||||||||||||
Issuance of common stock for cash in connection with
exercise of stock options1st qtr |
| | | | 15,000 | 15 | 94,985 | | | | | 95,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with
exercise of warrants1st qtr |
| | | | 4,000 | 4 | 7,716 | | | | | 7,720 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees and directors1st qtr |
| | | | | | 1,410,498 | | | | | 1,410,498 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with exercise of
warrants2nd qtr |
| | | | 51,828 | 52 | (52 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for cash2nd qtr |
| | | | 7,200,000 | 7,200 | 56,810,234 | | | | | 56,817,434 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees and directors2nd qtr |
| | | | | | 143,462 | | | | | 143,462 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with exercise of
warrants3rd qtr |
| | | | 7,431 | 7 | (7 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with
exercise of stock options3rd qtr |
| | | | 110,000 | 110 | 189,890 | | | | | 190,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with
exercise of warrants3rd qtr |
| | | | 28,270 | 28 | 59,667 | | | | | 59,695 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees and directors3rd qtr |
| | | | | | 229,133 | | | | | 229,133 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with exercise of
warrants4th qtr |
| | | | 27,652 | 28 | (28 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees, employees, and directors4th qtr |
| | | | | | 127,497 | | | | | 127,497 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock4th qtr |
| | | | | | | 4,000,000 | (25,974,000 | ) | | | (25,974,000 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (21,474,469 | ) | (21,474,469 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, foreign currency translation
adjustment |
| | | | | | | | | 79,725 | | 79,725 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net unrealized gain on
available-for-sale investments |
| | | | | | | | | 10,005 | | 10,005 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (21,384,739 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/04 (Predecessor) |
| $ | | | $ | | 34,194,899 | $ | 34,195 | $ | 109,935,174 | 4,000,000 | $ | (25,974,000 | ) | $ | 464,110 | $ | (55,474,054 | ) | $ | 28,985,425 |
9
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with exercise of
stock options1st qtr |
| $ | | | $ | | 25,000 | $ | 25 | $ | 74,975 | | $ | | $ | | $ | | $ | 75,000 | ||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees1st qtr |
| | | | | | 33,565 | | | | | 33,565 | ||||||||||||||||||||||||||||||||||||
Conversion of warrants into common stock2nd qtr |
| | | | 27,785 | 28 | (28 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees2nd qtr |
| | | | | | (61,762 | ) | | | | | (61,762 | ) | ||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees3rd qtr |
| | | | | | (137,187 | ) | | | | | (137,187 | ) | ||||||||||||||||||||||||||||||||||
Conversion of warrants into common stock3rd qtr |
| | | | 12,605 | 12 | (12 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees4th qtr |
| | | | | | 18,844 | | | | | 18,844 | ||||||||||||||||||||||||||||||||||||
Compensation expense on acceleration of options4th qtr |
| | | | | | 14,950 | | | | | 14,950 | ||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock award issued to
employee4th qtr |
| | | | | | 606 | | | | | 606 | ||||||||||||||||||||||||||||||||||||
Conversion of predecessor company shares |
| | | | 94 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,777,584 | ) | (35,777,584 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, foreign currency translation adjustment |
| | | | | | | | | (1,372,600 | ) | | (1,372,600 | ) | ||||||||||||||||||||||||||||||||||
Foreign exchange gain on substantial liquidation of foreign entity |
| | | | | | | | | 133,851 | | 133,851 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net unrealized gain on
available-for-sale investments |
| | | | | | | | | (10,005 | ) | | (10,005 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (37,026,338 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/05 (Predecessor) |
| $ | | | $ | | 34,260,383 | $ | 34,260 | $ | 109,879,125 | 4,000,000 | $ | (25,974,000 | ) | $ | (784,644 | ) | $ | (91,251,638 | ) | $ | (8,096,897 | ) |
10
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees1st qtr |
| $ | | | $ | | | $ | | $ | 42,810 | | $ | | $ | | $ | | $ | | $ | 42,810 | ||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors1st qtr |
| | | | | | 46,336 | | | | | | 46,336 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock issued to employees1st qtr |
| | | | 128,750 | 129 | 23,368 | | | | | | 23,497 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees2nd qtr |
| | | | | | 96,177 | | | | | | 96,177 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors2nd qtr |
| | | | | | 407,012 | | | | | | 407,012 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock to employees2nd qtr |
| | | | | | 4,210 | | | | | | 4,210 | |||||||||||||||||||||||||||||||||||||||
Cancellation of unvested restricted stock 2nd qtr |
| | | | (97,400 | ) | (97 | ) | 97 | | | | | | | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with exercise of stock
options2nd qtr |
| | | | 10,000 | 10 | 16,490 | | | | | | 16,500 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees3rd qtr |
| | | | | | 25,627 | | | | | | 25,627 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors3rd qtr |
| | | | | | 389,458 | | | | | | 389,458 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock to employees3rd qtr |
| | | | | | 3,605 | | | | | | 3,605 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with exercise of stock
options3rd qtr |
| | | | 76,000 | 76 | 156,824 | | | | | | 156,900 | |||||||||||||||||||||||||||||||||||||||
Acquisition of Agera |
| | | | | | | | | | | 2,182,505 | 2,182,505 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees4th qtr |
| | | | | | 34,772 | | | | | | 34,772 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors4th qtr |
| | | | | | 390,547 | | | | | | 390,547 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock to employees4th qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Cancellation of unvested restricted stock award4th qtr |
| | | | (15,002 | ) | (15 | ) | 15 | | | | | | | |||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,821,406 | ) | (78,132 | ) | (35,899,538 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive gain, foreign currency translation adjustment |
| | | | | | | | | 657,182 | | | 657,182 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (35,242,356 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/06 (Predecessor) |
| $ | | | $ | | 34,362,731 | $ | 34,363 | $ | 111,516,561 | 4,000,000 | $ | (25,974,000 | ) | $ | (127,462 | ) | $ | (127,073,044 | ) | $ | 2,104,373 | $ | (39,519,209 | ) |
11
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees1st qtr |
| $ | | | $ | | | $ | | $ | 39,742 | | $ | | $ | | $ | | $ | | $ | 39,742 | ||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors1st qtr |
| | | | | | 448,067 | | | | | | 448,067 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock issued to employees1st qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with exercise of stock
options1st qtr |
| | | | 15,000 | 15 | 23,085 | | | | | | 23,100 | |||||||||||||||||||||||||||||||||||||||
Expense in connection with modification of employee stock options
1st qtr |
| | | | | | 1,178,483 | | | | | | 1,178,483 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants issued to
non-employees2nd qtr |
| | | | | | 39,981 | | | | | | 39,981 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors2nd qtr |
| | | | | | 462,363 | | | | | | 462,363 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock issued to employees2nd qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors3rd qtr |
| | | | | | 478,795 | | | | | | 478,795 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock issued to employees3rd qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants3rd qtr |
| | | | 492,613 | 493 | 893,811 | | | | | | 894,304 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash, net of offering costs3rd qtr |
| | | | 6,767,647 | 6,767 | 13,745,400 | | | | | | 13,752,167 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in connection with exercise of stock
options3rd qtr |
| | | | 1,666 | 2 | 3,164 | | | | | | 3,166 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors4thqtr |
| | | | | | 378,827 | | | | | | 378,827 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on restricted stock issued to employees4thqtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,573,114 | ) | (246,347 | ) | (35,819,461 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive gain, foreign currency translation adjustment |
| | | | | | | | | 846,388 | | | 846,388 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (34,973,073 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/07 (Predecessor) |
| $ | | | $ | | 41,639,657 | $ | 41,640 | $ | 129,208,631 | 4,000,000 | $ | (25,974,000 | ) | $ | 718,926 | $ | (162,646,158 | ) | $ | 1,858,026 | $ | (56,792,935 | ) |
12
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options related to non-employees1st qtr |
| $ | | | $ | | | $ | | $ | 44,849 | | $ | | $ | | $ | | $ | | $ | 44,849 | ||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors1st qtr |
| | | | | | 151,305 | | | | | | 151,305 | |||||||||||||||||||||||||||||||||||||||
Expense in connection with modification of employee stock options 1st
qtr |
| | | | | | 1,262,815 | | | | | | 1,262,815 | |||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock |
| | | | (165 | ) | (1 | ) | | | | | | | (1 | ) | ||||||||||||||||||||||||||||||||||||
Compensation expense on vested options related to non-employees2nd qtr |
| | | | | | 62,697 | | | | | | 62,697 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors2nd qtr |
| | | | | | 193,754 | | | | | | 193,754 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options
related to non-employees3rd qtr |
| | | | | | 166,687 | | | | | | 166,687 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors3rd qtr |
| | | | | | 171,012 | | | | | | 171,012 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options
related to non-employees4th qtr |
| | | | | | (86,719 | ) | | | | | | (86,719 | ) | |||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors4th qtr |
| | | | | | 166,196 | | | | | | 166,196 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (31,411,179 | ) | (1,680,676 | ) | (33,091,855 | ) | ||||||||||||||||||||||||||||||||||||
Reclassification of foreign exchange gain on substantial liquidation of foreign
entities |
| | | | | | | | | (2,152,569 | ) | | | (2,152,569 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive gain, foreign currency translation adjustment |
| | | | | | | | | 1,433,643 | | | 1,433,643 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (33,810,781 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/08 (Predecessor) |
| $ | | | $ | | 41,639,492 | $ | 41,639 | $ | 131,341,227 | 4,000,000 | $ | (25,974,000 | ) | $ | | $ | (194,057,337 | ) | $ | 177,350 | $ | (88,471,121 | ) |
13
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options related to non-employees1st qtr |
| $ | | | $ | | | $ | | $ | 1,746 | | $ | | $ | | $ | | $ | | $ | 1,746 | ||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and
directors1st qtr |
| | | | | | 138,798 | | | | | | 138,798 | |||||||||||||||||||||||||||||||||||||||
Conversion of debt into common stock 1st qtr 2009 |
| | | | 37,564 | 38 | 343,962 | | | | | | 344,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and directors2nd qtr |
| | | | | | 112,616 | | | | | | 112,616 | |||||||||||||||||||||||||||||||||||||||
Conversion of debt into common stock 2nd qtr 2009 |
| | | | 1,143,324 | 1,143 | 10,468,857 | | | | | | 10,470,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to employees and directors2
months ended 8/31/09 |
| | | | | | 35,382 | | | | | | 35,382 | |||||||||||||||||||||||||||||||||||||||
Balance of expense due to cancellation of options issued to employees and
directors in bankruptcy2 months ended 8/31/09 |
| | | | | | 294,912 | | | | | | 294,912 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
| | | | | | | | | | 65,721,531 | 205,632 | 65,927,163 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income |
| | | | | | | | | | | | 65,927,163 | |||||||||||||||||||||||||||||||||||||||
Balance 8/31/09 (Predecessor) |
| | | | 42,820,380 | $ | 42,820 | $ | 142,737,500 | 4,000,000 | $ | (25,974,000 | ) | $ | | $ | (128,335,806 | ) | $ | 382,982 | $ | (11,146,504 | ) | |||||||||||||||||||||||||||||
Cancellation of Predecessor common stock and fresh start adjustments |
| | | | (42,820,380 | ) | (42,820 | ) | (150,426,331 | ) | (4,000,000 | ) | 25,974,000 | | | | (124,495,151 | ) | ||||||||||||||||||||||||||||||||||
Elimination of Predecessor accumulated deficit and accumulated other
comprehensive loss |
| | | | | | | | | | 128,335,806 | | 128,335,806 | |||||||||||||||||||||||||||||||||||||||
Balance 9/1/09 (Predecessor) |
| | | | | | (7,688,831 | ) | | | | | 382,982 | (7,305,849 | ) | |||||||||||||||||||||||||||||||||||||
Issuance of 11.4 million shares of common stock in connection with emergence from
Chapter 11 |
| | | | 11,400,000 | 11,400 | 5,460,600 | | | | | | 5,472,000 | |||||||||||||||||||||||||||||||||||||||
Balance 9/1/09 (Successor) |
| | | | 11,400,000 | 11,400 | (2,228,231 | ) | | | | | 382,982 | (1,833,849 | ) | |||||||||||||||||||||||||||||||||||||
Issuance of 2.7 million shares of common stock in connection with the exit
financing |
| | | | 2,666,666 | 2,667 | 1,797,333 | | | | | | 1,800,000 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock on Oct. 28, 2009 |
| | | | 25,501 | 25 | 58,627 | | | | | | 58,652 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to management |
| | | | 600,000 | 600 | 167,400 | | | | | | 168,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to directors |
| | | | | | 326,838 | | | | | | 326,838 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to non-employees |
| | | | | | 386,380 | | | | | | 386,380 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (5,049,999 | ) | 15,493 | (5,034,506 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (5,034,506 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/09 (Successor) |
| $ | | | $ | | 14,692,167 | $ | 14,692 | $ | 508,347 | | $ | | $ | | $ | (5,049,999 | ) | $ | 398,475 | $ | (4,128,485 | ) |
14
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Issuance of 5.1 million shares of common stock in March 2010, net of
issuance costs of $338,100 |
| $ | | | $ | | 5,076,664 | $ | 5,077 | $ | 3,464,323 | | $ | | $ | | $ | | $ | | $ | 3,469,400 | ||||||||||||||||||||||||||||||
Warrant fair value associated with common shares issued in March 2010 |
| | | | | | (2,890,711 | ) | | | | | | (2,890,711 | ) | |||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to management 1Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to
directors/employees-1Q10 |
| | | | | | 324,377 | | | | | | 324,377 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to non-employees-1Q10 |
| | | | | | 18,391 | | | | | | 18,391 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to management 2Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to
directors/employees-2Q10 |
| | | | | | 222,011 | | | | | | 222,011 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to non-employees-2Q10 |
| | | | | | 33,206 | | | | | | 33,206 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to management 3Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to
directors/employees-3Q10 |
| | | | | | 183,231 | | | | | | 183,231 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to non-employees-3Q10 |
| | | | | | 7,724 | | | | | | 7,724 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to management 4Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to
directors/employees-4Q10 |
| | | | | | 104,094 | | | | | | 104,094 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards issued to non-employees-4Q10 |
| | | | | | 27,507 | | | | | | 27,507 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A conversion |
| | | | 606,667 | 607 | 363,393 | | | | | | 364,000 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (12,931,531 | ) | 51,898 | (12,879,633 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (12,879,633 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/10 (Successor) |
| $ | | | $ | | 20,375,498 | $ | 20,376 | $ | 2,437,893 | | $ | | $ | | $ | (17,981,530 | ) | $ | 450,373 | $ | (15,072,888 | ) |
15
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Subscription | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Receivable | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | |||||||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to
management 1Q11 |
| $ | | | $ | | | $ | | $ | | $ | 18,000 | | $ | | $ | | $ | | $ | | $ | 18,000 | ||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to directors/employees-1Q11 |
| | | | | | | 995,551 | | | | | | 995,551 | ||||||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to non-employees-1Q11 |
| | | | | | | 38,203 | | | | | | 38,203 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock warrants exercised - 1Q11 |
| | | | 289,599 | 289 | | 241,542 | | | | | | 241,831 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A and B converted
- 1Q11 |
| | | | 3,894,000 | 3,894 | | 323,919 | | | | | | 327,813 | ||||||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to
management 2Q11 |
| | | | | | | 18,000 | | | | | | 18,000 | ||||||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to directors/employees-2Q11 |
| | | | | | | 1,082,503 | | | | | | 1,082,503 | ||||||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to non-employees-2Q11 |
| | | | | | | 250,473 | | | | | | 250,473 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock warrants exercised
2Q11 |
| | | | 7,230,103 | 7,230 | | 6,065,727 | | | | | | 6,072,957 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A, B and D
converted - 2Q11 |
| | | | 11,554,000 | 11,554 | | 4,546,768 | | | | | | 4,558,322 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of 1.9 million shares of common
stock and 0.2 warrants in June 2011, net
of issuance costs of $0.1 million |
| | | | 1,908,889 | 1,909 | | 1,578,651 | | | | | | 1,580,560 | ||||||||||||||||||||||||||||||||||||||||||
Stock option exercise |
| | | | 246,141 | 246 | | (246 | ) | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to
management 3Q11 |
| | | | | | | 12,000 | | | | | | 12,000 | ||||||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to
directors/employees/consultants-3Q11 |
| | | | | | | 225,235 | | | | | | 225,235 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock warrants exercised
3Q11 |
| | | | 890,564 | 891 | | 944,485 | | | | | | 945,376 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A, B and D
converted - 3Q11 |
| | | | 7,480,000 | 7,480 | | 3,546,584 | | | | | | 3,554,064 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of 41.4 million shares of common
stock and 15.7 warrants in August 2011,
net of issuance costs of $1.6 million |
| | | | 41,409,461 | 41,409 | (2,038,733 | ) | 21,096,029 | | | | | | 19,098,705 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | | (20,293,605 | ) | 40,743 | (20,252,862 | ) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | | (20,252,862 | ) | |||||||||||||||||||||||||||||||||||||||||
Balance 9/30/11 (Successor) |
| $ | | | $ | | 95,278,255 | $ | 95,278 | $ | (2,038,733 | ) | $ | 43,421,317 | | $ | | $ | | $ | (38,275,135 | ) | $ | 491,116 | $ | 3,693,843 | ||||||||||||||||||||||||||||||
16
Successor | Successor | Successor | Predecessor | ||||||||||||||
Cumulative | |||||||||||||||||
period from | Cumulative | ||||||||||||||||
September 1, | period from | ||||||||||||||||
For the nine | For the nine | 2009 (date of | December 31, | ||||||||||||||
months ended | months ended | inception) to | 1995 (date of | ||||||||||||||
September 30, | September 30, | September 30, | inception) to | ||||||||||||||
2011 | 2010 | 2011 | August 31, 2009 | ||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||
Net loss attributable to Fibrocell Science, Inc. common
shareholders |
$ | (20,293,605 | ) | $ | (8,281,245 | ) | $ | (38,275,135 | ) | $ | (115,322,121 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating
activities: |
|||||||||||||||||
Reorganization items, net |
| | 72,477 | (74,648,976 | ) | ||||||||||||
Expense related to equity awards and issuance of stock |
2,639,965 | 842,940 | 4,513,724 | 10,608,999 | |||||||||||||
Warrant income |
(814,676 | ) | (1,560,757 | ) | (30,360 | ) | | ||||||||||
Derivative revaluation expense |
5,865,710 | | 5,865,710 | | |||||||||||||
Uncompensated contribution of services |
| | | 755,556 | |||||||||||||
Depreciation and amortization |
75,702 | 5,612 | 83,787 | 9,091,990 | |||||||||||||
Provision for doubtful accounts |
(14,766 | ) | (12,839 | ) | (69,203 | ) | 337,810 | ||||||||||
Provision for excessive and/or obsolete inventory |
(23,654 | ) | (51,165 | ) | (72,356 | ) | 259,427 | ||||||||||
Amortization of debt issue costs |
| | | 4,107,067 | |||||||||||||
Amortization of debt discounts on investments |
| | | (508,983 | ) | ||||||||||||
Loss on disposal or impairment of property and equipment |
| | | 17,668,477 | |||||||||||||
Foreign exchange gain on substantial liquidation of foreign
entity |
(3,110 | ) | (3,031 | ) | (10,796 | ) | (2,256,408 | ) | |||||||||
Net (loss) income attributable to noncontrolling interest |
40,743 | 37,247 | 108,134 | (1,799,523 | ) | ||||||||||||
Change in operating assets and liabilities, excluding
effects of acquisition: |
|||||||||||||||||
Decrease (increase) in accounts receivable |
10,239 | 3,783 | 81,469 | (91,496 | ) | ||||||||||||
Decrease (increase) in other receivables |
3,981 | (105 | ) | 4,688 | 218,978 | ||||||||||||
Decrease (increase) in inventory |
(33,339 | ) | 69,086 | 25,043 | (455,282 | ) | |||||||||||
Decrease (increase) in prepaid expenses |
(816,928 | ) | (37,812 | ) | (1,019,034 | ) | 34,341 | ||||||||||
Decrease in other assets |
| | 4,120 | 71,000 | |||||||||||||
Increase (decrease) in accounts payable |
(45,910 | ) | 828,353 | 912,814 | 57,648 | ||||||||||||
Increase in accrued expenses, liabilities subject to
compromise and other liabilities |
1,118,057 | 1,228,707 | 1,948,403 | 3,311,552 | |||||||||||||
Increase (decrease) in deferred revenue |
12,500 | | 12,500 | (50,096 | ) | ||||||||||||
Net cash used in operating activities |
(12,279,091 | ) | (6,931,226 | ) | (25,844,015 | ) | (148,610,040 | ) | |||||||||
Cash flows from investing activities: |
|||||||||||||||||
Acquisition of Agera, net of cash acquired |
| | | (2,016,520 | ) | ||||||||||||
Purchase of property and equipment |
(786,441 | ) | (29,675 | ) | (816,115 | ) | (25,515,170 | ) | |||||||||
Proceeds from the sale of property and equipment, net of
selling costs |
| | | 6,542,434 | |||||||||||||
Purchase of investments |
| | | (152,998,313 | ) | ||||||||||||
Proceeds from sales and maturities of investments |
| | | 153,507,000 | |||||||||||||
Net cash used in investing activities |
(786,441 | ) | (29,675 | ) | (816,115 | ) | (20,480,569 | ) | |||||||||
Cash flows from financing activities: |
|||||||||||||||||
Proceeds from convertible debt |
| | | 91,450,000 | |||||||||||||
Offering costs associated with the issuance of convertible debt |
| | | (3,746,193 | ) | ||||||||||||
Proceeds from notes payable to shareholders, net |
| | | 135,667 | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
A, net |
| | 2,870,000 | 12,931,800 | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
B, net |
193,200 | 2,388,168 | 4,212,770 | | |||||||||||||
Deposit received for issuance of shares in October 2010 |
| 130,000 | | | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
D, net |
5,642,780 | | 7,152,180 | | |||||||||||||
Proceeds from the exercise of warrants |
2,418,646 | | 2,418,646 | | |||||||||||||
Proceeds from the issuance of common stock, net |
20,679,265 | 3,469,400 | 25,948,665 | 93,753,857 | |||||||||||||
Costs associated with secured loan and debtor-in-possession loan |
| | | (360,872 | ) | ||||||||||||
Proceeds from secured loan |
| | | 500,471 | |||||||||||||
Proceeds from debtor-in-possession loan |
| | | 2,750,000 | |||||||||||||
Payments on insurance loan |
(56,911 | ) | (47,795 | ) | (142,485 | ) | (79,319 | ) | |||||||||
Principal payments on 12.5% note payable |
(1,283,321 | ) | | (1,283,321 | ) | | |||||||||||
Cash dividends paid on preferred stock |
(559,229 | ) | (139,750 | ) | (698,979 | ) | (1,087,200 | ) | |||||||||
Cash paid for fractional shares of preferred stock |
| | | (38,108 | ) | ||||||||||||
Merger and acquisition expenses |
| | | (48,547 | ) | ||||||||||||
Repurchase of common stock |
| | | (26,024,280 | ) | ||||||||||||
Net cash provided by financing activities |
27,034,430 | 5,800,023 | 40,477,476 | 170,137,276 | |||||||||||||
Effect of exchange rate changes on cash balances |
3,756 | 3,473 | 12,770 | (36,391 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents |
13,972,654 | (1,157,405 | ) | 13,830,116 | 1,010,276 |
17
Successor | Successor | Successor | Predecessor | ||||||||||||||
Cumulative | |||||||||||||||||
period from | Cumulative | ||||||||||||||||
September 1, | period from | ||||||||||||||||
For the nine | For the nine | 2009 (date of | December 31, | ||||||||||||||
months ended | months ended | inception) to | 1995 (date of | ||||||||||||||
September 30, | September 30, | September 30, | inception) to | ||||||||||||||
2011 | 2010 | 2011 | August 31, 2009 | ||||||||||||||
Cash and cash equivalents, beginning of period |
867,738 | 1,362,488 | 1,010,276 | | |||||||||||||
Cash and cash equivalents, end of period |
$ | 14,840,392 | $ | 205,083 | $ | 14,840,392 | $ | 1,010,276 | |||||||||
Supplemental disclosures of cash flow information: |
|||||||||||||||||
Successor/Predecessor cash paid for interest |
$ | 435,096 | $ | | $ | 435,096 | $ | 12,715,283 | |||||||||
Successor cash paid for dividends |
559,229 | 139,750 | 698,979 | | |||||||||||||
Non-cash investing and financing activities: |
|||||||||||||||||
Predecessor deemed dividend associated with beneficial
conversion of preferred stock |
$ | | $ | | $ | | $ | 11,423,824 | |||||||||
Predecessor preferred stock dividend |
| | | 1,589,861 | |||||||||||||
Successor accrued preferred stock dividend |
431,679 | 85,183 | 431,679 | | |||||||||||||
Predecessor uncompensated contribution of services |
| | | 755,556 | |||||||||||||
Predecessor common stock issued for intangible assets |
| | | 540,000 | |||||||||||||
Predecessor common stock issued in connection with conversion
of debt |
| | | 10,814,000 | |||||||||||||
Predecessor equipment acquired through capital lease |
| | | 167,154 | |||||||||||||
Successor/Predecessor financing of insurance premiums |
| | 178,582 | 87,623 | |||||||||||||
Successor issuance of notes payable |
| | | 6,000,060 | |||||||||||||
Successor common stock issued in connection with reorganization |
| | | 5,472,000 | |||||||||||||
Successor intangible assets |
| | | 6,340,656 | |||||||||||||
Successor deferred tax liability in connection with fresh-start |
| | | 2,500,000 | |||||||||||||
Elimination of Predecessor common stock and fresh-start
adjustment |
| | | 14,780,320 | |||||||||||||
Successor subscription receivable |
2,038,733 | 792,000 | 2,038,733 | | |||||||||||||
Successor accrued warrant liability |
4,994,307 | 5,579,319 | 12,381,509 | | |||||||||||||
Successor conversion of preferred stock Series A balance into
common stock |
1,202,989 | | 1,202,989 | | |||||||||||||
Successor conversion of preferred stock derivative balance into
common stock |
7,237,210 | | 7,601,210 | | |||||||||||||
Successor exercise of warrants |
4,841,519 | | 4,841,519 | | |||||||||||||
Successor accrued derivative liability |
308,060 | | 2,428,420 | | |||||||||||||
18
19
For the three months | For the nine months ended | |||||||||||||||
ended September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Numerator for basic and diluted net
income (loss) per share-net income
(loss) attributable to common
shareholders |
$ | 6,916,857 | $ | (1,821,905 | ) | $ | (20,293,605 | ) | $ | (8,281,245 | ) | |||||
Denominator for basic net income
(loss) per share-net income (loss)
attributable to common shareholders |
69,863,597 | 19,557,842 | 51,219,473 | 18,291,301 | ||||||||||||
Effect of dilutive securities: |
||||||||||||||||
Convertible preferred stock |
7,682,000 | | | | ||||||||||||
Warrants |
6,126,194 | | | | ||||||||||||
Diluted potential common shares |
13,808,194 | | | | ||||||||||||
Denominator for diluted net income
(loss) per share-net income (loss)
attributable to common shareholders |
83,671,791 | 19,557,842 | 51,219,473 | 18,291,301 | ||||||||||||
Basic net income (loss) attributable
to common shareholders per common
share |
$ | 0.10 | $ | (0.09) | ) | $ | (0.40 | ) | $ | (0.45 | ) | |||||
Diluted net income (loss) attributable
to common shareholders per common
share |
$ | 0.08 | $ | (0.09) | ) | $ | (0.40 | ) | $ | (0.45 | ) | |||||
For the three months | For the nine months ended | |||||||||||||||
ended September 30, | September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Shares of convertible preferred stock |
| 9,058,333 | 7,682,000 | 9,058,333 | ||||||||||||
Shares underlying options outstanding |
13,655,000 | 5,677,000 | 13,655,000 | 5,677,000 | ||||||||||||
Shares underlying warrants outstanding |
14,646,021 | 18,218,146 | 49,135,602 | 18,218,146 | ||||||||||||
Unvested restricted stock |
| 150,000 | | 150,000 |
20
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Raw materials |
$ | 165,159 | $ | 129,863 | ||||
Finished goods |
150,772 | 129,076 | ||||||
Total |
$ | 315,931 | $ | 258,939 | ||||
Fair value measurement using | ||||||||||||||||
Significant | Significant | |||||||||||||||
Quoted prices in | other | unobservable | ||||||||||||||
active markets | observable | inputs | ||||||||||||||
(Level 1) | inputs (Level 2) | (Level 3) | Total | |||||||||||||
Balance at September 30, 2011 |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | 14,840,392 | $ | | $ | | $ | 14,840,392 | ||||||||
Liabilities |
||||||||||||||||
Warrant liability |
$ | | $ | | $ | 7,509,630 | $ | 7,509,630 | ||||||||
Derivative liability |
| | 1,056,920 | 1,056,920 | ||||||||||||
Total |
$ | | $ | | $ | 8,566,550 | $ | 8,566,550 | ||||||||
21
Fair value measurement using | ||||||||||||||||
Significant | Significant | |||||||||||||||
Quoted prices in | other | unobservable | ||||||||||||||
active markets | observable | inputs | ||||||||||||||
(Level 1) | inputs (Level 2) | (Level 3) | Total | |||||||||||||
Balance at December 31, 2010 |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | 867,738 | $ | | $ | | $ | 867,738 | ||||||||
Liabilities |
||||||||||||||||
Warrant liability |
$ | | $ | | $ | 8,171,518 | $ | 8,171,518 | ||||||||
Derivative liability |
| | 2,120,360 | 2,120,360 | ||||||||||||
Total |
$ | | $ | | $ | 10,291,878 | $ | 10,291,878 | ||||||||
Warrant | ||||
Liability | ||||
Balance at December 31, 2010 |
$ | 8,171,518 | ||
Issuance of additional warrants |
4,994,307 | |||
Exercise of warrants |
(4,841,519 | ) | ||
Change in fair value of warrant liability |
(814,676 | ) | ||
Balance at September 30, 2011 |
$ | 7,509,630 | ||
Derivative | ||||
Liability | ||||
Balance at December 31, 2010 |
$ | 2,120,360 | ||
Issuance of additional preferred stock and other |
308,060 | |||
Conversion of preferred stock |
(7,237,210 | ) | ||
Change in fair value of derivative liability |
5,865,710 | |||
Balance at September 30, 2011 |
$ | 1,056,920 | ||
22
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Accrued professional fees |
$ | 622,517 | $ | 413,384 | ||||
Accrued compensation |
73,996 | 7,076 | ||||||
Dividend on preferred stock payable |
63,867 | 191,417 | ||||||
License fee |
584,000 | | ||||||
Accrued other |
103,595 | 177,605 | ||||||
Total |
$ | 1,447,975 | $ | 789,482 | ||||
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Current debt |
$ | 6,394,532 | $ | 56,911 | ||||
Total current debt |
6,394,532 | 56,911 | ||||||
Long-term debt |
| 7,290,881 | ||||||
Total debt |
$ | 6,394,532 | $ | 7,347,792 | ||||
23
September 30, 2011 | December 31, 2010 | |||
Expected life (years) |
1.4 years | 1.6 years | ||
Interest rate |
0.3% | 1.3% | ||
Dividend yield |
| | ||
Volatility |
61% | 63% |
24
Warrant liability | ||||||||||||||
Number of | Exercise | Balance as of | ||||||||||||
Warrants | Price | Expiration Dates | September 30, 2011 | |||||||||||
Liability-classified warrants |
||||||||||||||
Issued in Series A Preferred Stock offering |
3,256,492 | $ | 0.50 | Oct. 2014 | $ | 645,762 | ||||||||
Issued in March 2010 offering |
4,917,602 | 0.50 | Mar. 2015 | 1,031,574 | ||||||||||
Issued in Series B Preferred Stock offering |
9,616,086 | 0.50 | Jul.-Nov. 2015 | 2,146,514 | ||||||||||
Issued in Series D Preferred Stock offering |
15,446,640 | 0.50 | Dec. 2015-Mar. 2016 | 3,685,780 | ||||||||||
33,236,820 | $ | 7,509,630 | ||||||||||||
Equity-classified warrants |
||||||||||||||
Issued in June 2011 equity financing |
152,711 | $ | 0.90 | June 2016 | ||||||||||
Issued to placement agents in August 2011
equity financing |
1,252,761 | 0.5454 | August 2016 | |||||||||||
Issued in August 2011 equity financing |
14,493,310 | 0.75 | August 2016 | |||||||||||
15,898,782 | ||||||||||||||
Total |
49,135,602 | |||||||||||||
September 30, | December 31, | |||
2011 | 2010 | |||
Expected life (years) |
4.3 years | 4.7 years | ||
Interest rate |
0.7% | 1.8% | ||
Dividend yield |
| | ||
Volatility |
61% | 63% |
25
Three months ended | ||||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Stock option compensation expense for employees
and directors |
$ | 225,235 | $ | 183,231 | ||||
Restricted stock expense |
12,000 | 18,000 | ||||||
Equity awards for nonemployees issued for services |
| 7,724 | ||||||
Total stock-based compensation expense |
$ | 237,235 | $ | 208,955 | ||||
Nine months ended | ||||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Stock option compensation expense for employees
and directors |
$ | 2,303,289 | $ | 729,619 | ||||
Restricted stock expense |
48,000 | 54,000 | ||||||
Equity awards for nonemployees issued for services |
288,676 | 59,321 | ||||||
Total stock-based compensation expense |
$ | 2,639,965 | $ | 842,940 | ||||
Weighted- | ||||||||||||||||
average | ||||||||||||||||
Weighted- | remaining | |||||||||||||||
average | contractual | Aggregate | ||||||||||||||
Number of | exercise | term (in | intrinsic | |||||||||||||
shares | price | years) | value | |||||||||||||
Outstanding at December 31, 2010 |
5,677,000 | $ | 0.86 | 7.46 | $ | | ||||||||||
Granted |
9,598,000 | $ | 0.72 | |||||||||||||
Exercised |
(600,000 | ) | $ | 0.75 | ||||||||||||
Forfeited |
(1,020,000 | ) | $ | 0.77 | ||||||||||||
Outstanding at September 30, 2011 |
13,655,000 | $ | 0.77 | 8.59 | $ | 600 | ||||||||||
Exercisable at September 30, 2011 |
8,390,642 | $ | 0.79 | 8.19 | $ | | ||||||||||
26
September 30, | September 30, | |||
2011 | 2010 | |||
Expected life (years) |
6.0 years | 4.9 years | ||
Interest rate |
2.4% | 1.5% | ||
Dividend yield |
| | ||
Volatility |
61% | 63% |
Segment | ||||||||||||
Fibrocell | ||||||||||||
Therapy | Agera | Consolidated | ||||||||||
Total operating revenue |
$ | | $ | 159,400 | $ | 159,400 | ||||||
Depreciation and amortization expense |
63,112 | | 63,112 | |||||||||
Segment income (loss) from
continuing operations |
$ | 6,959,721 | $ | (37,809 | ) | $ | 6,921,912 | |||||
Segment | ||||||||||||
Fibrocell | ||||||||||||
Therapy | Agera | Consolidated | ||||||||||
Total operating revenue |
$ | | $ | 621,310 | $ | 621,310 | ||||||
Depreciation and amortization expense |
75,702 | | 75,702 | |||||||||
Segment income (loss) from
continuing operations |
$ | (20,245,651 | ) | $ | 21,852 | $ | (20,223,799 | ) | ||||
27
Segment | ||||||||||||
Fibrocell | ||||||||||||
Therapy | Agera | Consolidated | ||||||||||
Total operating revenue |
$ | | $ | 243,677 | $ | 243,677 | ||||||
Depreciation and amortization expense |
2,472 | | 2,472 | |||||||||
Segment income (loss) from
continuing operations |
$ | (1,816,681 | ) | $ | 24,210 | $ | (1,792,471 | ) | ||||
Segment | ||||||||||||
Fibrocell | ||||||||||||
Therapy | Agera | Consolidated | ||||||||||
Total operating revenue |
$ | | $ | 716,809 | $ | 716,809 | ||||||
Depreciation and amortization expense |
5,612 | | 5,612 | |||||||||
Segment income (loss) from
continuing operations |
$ | (8,219,599 | ) | $ | 13,722 | $ | (8,205,877 | ) | ||||
Revenue | ||||||||
Three months ended | Three months ended | |||||||
September 30, 2011 | September 30, 2010 | |||||||
United States |
$ | 47,454 | $ | 54,367 | ||||
United Kingdom |
123,786 | 181,931 | ||||||
Other |
(11,840 | ) | 7,379 | |||||
Total |
$ | 159,400 | $ | 243,677 | ||||
28
Revenue | ||||||||
Nine months ended | Nine months ended | |||||||
September 30, 2011 | September 30, 2010 | |||||||
United States. |
$ | 142,926 | $ | 176,215 | ||||
United Kingdom |
389,359 | 472,721 | ||||||
Other |
89,025 | 67,873 | ||||||
Total |
$ | 621,310 | $ | 716,809 | ||||
Segment | ||||||||||||
Fibrocell | ||||||||||||
Segment assets: | Therapy | Agera | Consolidated | |||||||||
September
30, 2011 |
$ | 23,261,939 | $ | 574,079 | $ | 23,836,018 | ||||||
December 31,
2010 |
7,681,502 | 596,643 | 8,278,145 |
29
| our ability to finance our business and continue in operations; |
||
| our ability to commercialize and sell our recently approved FDA product, LAVIV
(LAVIV); |
||
| our ability to decrease our manufacturing costs for LAVIV and other product
candidates through the improvement of our manufacturing process, and our ability to validate
any such improvements with the relevant regulatory agencies; |
||
| our ability to scale up our manufacturing facility over time; |
||
| our ability to meet requisite regulations or receive regulatory approvals in the
United States, Europe, Asia and the Americas, and our ability to retain any regulatory
approvals that we may obtain; and the absence of adverse regulatory developments in the
United States, Europe, Asia and the Americas or any other country where we plan to conduct
commercial operations; |
||
| whether our clinical human trials relating to the use of autologous cellular therapy
applications, and such other indications as we may identify and pursue can be conducted
within the timeframe that we expect, whether such trials will yield positive results, or
whether additional applications for the commercialization of autologous cellular therapy can
be identified by us and advanced into human clinical trials; |
||
| our ability to develop autologous cellular therapies that have specific applications
in cosmetic dermatology, and our ability to explore (and possibly develop) applications for
acne scars, burn scars, periodontal disease, reconstructive dentistry, and other
health-related markets; |
||
| our ability to reduce our need for fetal bovine calf serum by improved use of less
expensive media combinations and different media alternatives; |
||
| continued availability of supplies at satisfactory prices; |
||
| new entrance of competitive products or further penetration of existing products in
our markets; |
||
| the effect on us from adverse publicity related to our products or the company
itself; |
||
| any adverse claims relating to our intellectual property; |
||
| the adoption of new, or changes in, accounting principles; |
||
| our issuance of certain rights to our shareholders that may have anti-takeover
effects; |
30
| our dependence on physicians to correctly follow our established protocols for the
safe administration of our Fibrocell Therapy; and |
||
| other risks referenced from time to time elsewhere in our filings with the SEC. |
Three months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue |
$ | 159 | $ | 244 | $ | (85 | ) | (35 | )% | |||||||
Cost of sales |
96 | 119 | (23 | ) | (19 | )% | ||||||||||
Gross profit |
$ | 63 | $ | 125 | $ | (62 | ) | (50 | )% | |||||||
31
Three months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 798 | $ | 605 | $ | 193 | 32 | % | ||||||||
External services consulting |
135 | 271 | (136 | ) | (50 | )% | ||||||||||
Marketing expense |
1,572 | 7 | 1,565 | 22,357 | % | |||||||||||
License fees |
598 | 6 | 592 | 9,867 | % | |||||||||||
Facilities and related expense and other |
818 | 694 | 124 | 18 | % | |||||||||||
Total selling, general and administrative expense |
$ | 3,921 | $ | 1,583 | $ | 2,338 | 148 | % | ||||||||
Three months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 494 | $ | 426 | $ | 68 | 16 | % | ||||||||
External services consulting |
497 | 527 | (30 | ) | (6 | )% | ||||||||||
Lab costs and related expense |
381 | 206 | 175 | 85 | % | |||||||||||
Facilities and related expense and other |
521 | 228 | 293 | 129 | % | |||||||||||
Total research and development expense |
$ | 1,893 | $ | 1,387 | $ | 506 | 36 | % | ||||||||
32
Nine months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue |
$ | 621 | $ | 717 | $ | (96 | ) | (13 | )% | |||||||
Cost of sales |
320 | 395 | (75 | ) | (19 | )% | ||||||||||
Gross profit |
$ | 301 | $ | 322 | $ | (21 | ) | (7 | )% | |||||||
Nine months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 3,792 | $ | 2,328 | $ | 1,464 | 63 | % | ||||||||
External services consulting |
530 | 723 | (193 | ) | (27 | )% | ||||||||||
Marketing expense |
2,319 | 146 | 2,173 | 1,488 | % | |||||||||||
License fees |
639 | 17 | 622 | 3,659 | % | |||||||||||
Facilities and related expense and other |
2,261 | 2,211 | 50 | 2 | % | |||||||||||
Total selling, general and administrative expense |
$ | 9,541 | $ | 5,425 | $ | 4,116 | 76 | % | ||||||||
33
Nine months ended | Increase | |||||||||||||||
September 30, | (Decrease) | |||||||||||||||
2011 | 2010 | $000s | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 1,489 | $ | 1,196 | $ | 293 | 25 | % | ||||||||
External services consulting |
1,540 | 1,540 | 0 | 0 | % | |||||||||||
Lab costs and related expense |
1,137 | 657 | 480 | 73 | % | |||||||||||
Facilities and related expense |
945 | 661 | 284 | 43 | % | |||||||||||
Total research and development expense |
$ | 5,111 | $ | 4,054 | $ | 1,057 | 26 | % | ||||||||
34
Nine Months Ended September 30, | ||||||||
2011 | 2010 | |||||||
(in thousands) | ||||||||
Statement of Cash Flows Data: |
||||||||
Total cash provided by (used in): |
||||||||
Operating activities |
$ | (12,279 | ) | $ | (6,931 | ) | ||
Investing activities |
(786 | ) | (30 | ) | ||||
Financing activities |
27,034 | 5,800 |
35
36
EXHIBIT NO. | IDENTIFICATION OF EXHIBIT | |
4.1 |
Form of Common Stock Purchase Warrant issued in August 2011 financing (incorporated by reference to Exhibit 4.1 to the Form 8-K filed August 4, 2011) | |
10.1 |
Securities Purchase Agreement dated August 3, 2011 (incorporated by reference to Exhibit 4.1 to the Form 8-K filed August 4, 2011) | |
10.2 |
Registration Rights Agreement dated August 3, 2011 (incorporated by reference to Exhibit 4.1 to the Form 8-K filed August 4, 2011) | |
31.1 |
Certification pursuant to Rule 13a-14(a) and 15d-14(a), required under Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 |
Certification pursuant to Rule 13a-14(a) and 15d-14(a), required under Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 |
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2 |
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS |
XBRL Instance Document. | |
101.SCH |
XBRL Taxonomy Extension Schema Document. | |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. | |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
37
Fibrocell Science, Inc.
|
||||
By:
|
/s/ Declan Daly
|
|||
Chief Financial Officer |
38