XNAS:RPRX Repros Therapeutics Inc Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2012

 

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ____________

 

Commission file number: 001-15281

 

REPROS THERAPEUTICS INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

(State or other jurisdiction of incorporation or organization)

 

2408 Timberloch Place, Suite B-7

The Woodlands, Texas 77380

(Address of principal executive offices and zip code)

 

(281) 719-3400

(Registrant's telephone number, including area code) 

76-0233274

(IRS Employer Identification No.)

 

 

  

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 x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or smaller reporting company. See definition of "accelerated filer", "large accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

 

As of August 6, 2012, there were outstanding 14,833,989 shares of Common Stock, par value $.001 per share, of the Registrant.

 

 
 

  

REPROS THERAPEUTICS INC.

(A development stage company)

 

For the Quarter Ended June 30, 2012

 

INDEX

 

  Page

FACTORS AFFECTING FORWARD-LOOKING STATEMENTS 

3
   

PART I. FINANCIAL INFORMATION 

 
   

Item 1. Financial Statements (unaudited)  

4
   
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 5
Unaudited Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2012 and 2011 and from Inception (August 20, 1987) through June 30, 2012 6
Unaudited Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 30, 2012 7
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2012 and 2011 and from Inception (August 20, 1987) through June 30, 2012 8
Notes to Unaudited Condensed Consolidated Financial Statements 9
Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3.     Quantitative and Qualitative Disclosures About Market Risk 25
Item 4.     Controls and Procedures 25
   

PART II. OTHER INFORMATION

 
Item 1.     Legal Proceedings 26
Item 1A.  Risk Factors 26
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds 26
Item 3.     Defaults Upon Senior Securities 27
Item 4.     Mine Safety Disclosures 27
Item 5.     Other Information 27
Item 6.     Exhibits 27
   

SIGNATURES

29

 

 

2
 

 

 

FACTORS AFFECTING FORWARD-LOOKING STATEMENTS

 

This quarterly report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "anticipate," "believe," "expect," "estimate," "project," "suggest," "intend" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, expected, estimated, projected, suggested or intended. These risks and uncertainties include risks associated with the Company's ability to continue as a going concern and to continue to be able to raise additional capital on acceptable terms or at all in order to have available funding for the continued development of Androxal® and Proellex®; the success of the clinical trials for Androxal® and Proellex®; uncertainty related to the Company's ability to obtain approval of the Company's products by the Food and Drug Administration, or FDA, and regulatory bodies in other jurisdictions; uncertainty relating to the Company's patent portfolio; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. For additional discussion of such risks, uncertainties and assumptions, see "Part I. Financial Information - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources" included elsewhere in this quarterly report on Form 10-Q and “Item 1A. Risk Factors” to Part I of Form 10-K for the fiscal year ended December 31, 2011.

 

3
 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The following unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary for a fair statement of the interim periods presented have been included. The year-end balance sheet data was derived from audited financial statements, but does not include all the disclosures required by accounting principles generally accepted in the United States of America. Operating results for the three and six month periods ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

 

 

4
 

 

 

 

REPROS THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
               
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands except share and per share amounts)

 

         
   June 30,   December 31, 
   2012   2011 
         
ASSETS        
         
Current Assets          
    Cash and cash equivalents  $9,939   $4,565 
    Prepaid expenses and other current assets   245    99 
Total current assets   10,184    4,664 
Fixed assets, net   37    15 
Other assets, net    1,727    1,385 
Total assets  $11,948   $6,064 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current Liabilities          
    Accounts payable  $1,199   $1,145 
    Accrued expenses   241    253 
Total current liabilities   1,440    1,398 
           
Commitments and contingencies (note 5)          
           
Stockholders' Equity          
    Undesignated Preferred Stock, $.001 par value, 5,000,000          
         shares authorized, none issued and outstanding   -    - 
    Common Stock, $.001 par value, 75,000,000 shares          
         authorized, 14,946,339 and 12,470,694 shares issued, respectively     
         and 14,833,989 and 12,358,344 shares outstanding, respectively   15    12 
    Additional paid-in capital   209,147    197,769 
    Cost of treasury stock, 112,350 shares   (1,380)   (1,380)
    Deficit accumulated during the development stage   (197,274)   (191,735)
Total stockholders' equity   10,508    4,666 
Total liabilities and stockholders' equity  $11,948   $6,064 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5
 

 

 

REPROS THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
                         
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands except per share amounts)

 

                                    From Inception 
                  (August 20, 1987) 
                  through 
  Three Months Ended June 30,   Six Months Ended June 30,   June 30, 
   2012   2011   2012   2011   2012 
                     
Revenues                         
Licensing fees  $-   $-   $-   $-   $28,755 
Product royalties   -    -    -    -    627 
Research and development grants   -    -    -    -    1,219 
Interest income   -    1    1    1    16,300 
Gain on disposal of fixed assets   -    -    -    -    102 
Other Income   -    -    -    -    1,003 
Total revenues and other income   -    1    1    1    48,006 
Expenses                         
Research and development   2,178    2,267    3,644    3,747    185,560 
General and administrative   922    1,418    1,896    2,053    49,989 
Interest expense and amortization                         
    of intangibles   -    -    -    -    388 
Total expenses   3,100    3,685    5,540    5,800    235,937 
                          
Loss from continuing operations   (3,100)   (3,684)   (5,539)   (5,799)   (187,931)
Loss from discontinued operations   -    -    -    -    (1,828)
Gain on disposal of discontinued operation   -    -    -    -    939 
Net loss before cumulative effect of                         
    change in accounting principle   (3,100)   (3,684)   (5,539)   (5,799)   (188,820)
Cumulative effect of change in accounting                         
    principle   -    -    -    -    (8,454)
Net loss  $(3,100)  $(3,684)  $(5,539)  $(5,799)  $(197,274)
                          
Loss per share - basic and diluted:  $(0.21)  $(0.30)  $(0.38)  $(0.50)     
                          
Weighted average shares used in loss per share calculation:                    
Basic   14,826    12,296    14,404    11,598      
Diluted   14,826    12,296    14,404    11,598      

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6
 

 

 

REPROS THERAPEUTICS INC. AND SUBSIDIARY
(A development stage company)
                           
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited and in thousands except share and per share amounts)

 

                       Deficit     
                       Accumulated     
           Additional           During the   Total 
   Common Stock   Paid-in   Treasury Stock   Development   Stockholders' 
   Shares   Amount   Capital   Shares   Amount   Stage   Equity 
Balance at December 31, 2011   12,470,694   $12   $197,769    112,350   $(1,380)  $(191,735)  $4,666 
Stock based option compensation   -    -    1,022    -    -    -    1,022 
Issuance of 100 shares of common stock at a share                                   
 price of $5.07   100    -    -    -    -    -    - 
Issuance of 2,463,537 shares of common stock at a share                                   
 price of $4.50, net of offering costs of $777   2,463,537    3    10,307    -    -    -    10,310 
Exercise of stock option to purchase common stock                                   
 for cash @ $4.80 per share   8,333    -    40    -    -    -    40 
Exercise of 3,675 Series B Warrants to purchase common

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