SAN DIEGO, June 9, 2015 /PRNewswire/ -- Organovo Holdings,
Inc. (NYSE MKT: ONVO) ("Organovo" or the "Company"), a
three-dimensional biology company focused on delivering scientific
and medical breakthroughs using 3D bioprinting technology, today
reported its financial results for the fiscal year ended March
31, 2015. The Company also reported its total contract
bookings for the exVive3D™ Human Liver Tissue.
The exVive3D Human Liver Tissue is a combination product and
service offered by the Company to pharmaceutical industry customers
for use mainly in preclinical safety testing. From
April 1, 2014 through the date of
this release, the Company has recorded total contract bookings for
its commercial liver tissue product of approximately $1.94 million, which includes $0.29 million in revenue recognized as of
March 31, 2015. The customers
who have contracted to utilize the exVive3D Human Liver Tissue
include multiple top 25 global pharma companies, additional public
pharmaceutical companies from small to large cap and private
venture-backed companies. The Company has had multiple
customers sign a second contract, representing repeat business for
its liver tissue product. The Company has signed liver
service contracts with customers in the
United States, Europe and
Asia. These reported total contract bookings do not include
the Company's contract bookings associated with its research and
development activities not involving the exVive3D Human Liver
Tissue.
While contracting for high-end research services is a long
process, and revenues are recognized over time as services are
provided, the Company is pleased to announce these early results
based on its pre-launch activities and the roughly six months of
sales activity since its commercial launch of the exVive3D Human
Liver Tissue in November 2014.
"Response to the exVive3D Human Liver Tissue has been strong,
and in line with our expectations," commented Keith Murphy, Organovo's chief executive
officer. "We continue to expect this tissue to grow into the
tens of millions in annual revenue, and that it has $100M+ revenue
potential. The fact that recent data shows that the exVive3D
Human Liver Tissue clearly demonstrated the toxicity of another
drug missed during preclinical studies, troglitazone (Rezulin),
which exhibited a clear response by causing a statistically
significant drop in liver function in our liver tissue at 7 days,
provides the potential for our commercial penetration to accelerate
even faster." This data was presented at the Experimental
Biology meeting in Boston on
April 1, 2015.
"Fiscal 2015 represented a successful step forward for Organovo
with the launch of our commercial liver product and service,"
stated Organovo Chief Financial Officer Barry Michaels. "We expect continued
adoption from the global pharmaceutical industry in the coming
year. We are moving forward with confidence and momentum,
both in the expansion of our toxicology tissues and in our efforts
to advance other programs."
Total contract bookings represents the total value of contracts
the Company has entered into for research services related to its
exVive3D Human Liver Tissue during the applicable period.
Where contracts involve research relating to additional tissue
types, only that portion of the total contract applicable to the
exVive Human Liver Tissue is included. The Company's
contracts typically require the Company to provide services over a
four to six month period, though they may in some cases require
services over a longer timeframe. In addition, the Company's
customers may opt out of having the Company perform all of the
services contemplated by the contract or otherwise terminate the
contract early. As a result, the revenues represented by any
contract included in the total contract bookings may be recognized
by the Company over several quarters as the Company completes the
research services required by the contract, or not at all, if the
customer elects to opt out or otherwise terminate the contract
early. Total contract bookings is an operational measure that
should be considered in addition to the Company's results prepared
in accordance with U.S. generally accepted accounting principles
("GAAP"). This operational measure should not be considered
as a substitute for, or superior to, GAAP results. The
Company believes total contract bookings is a relevant and useful
operational measure for the Company and its investors because it
provides information regarding the Company's commercialization
efforts and customer uptake of the Company's liver tissue
product. The Company does not intend to update total contract
bookings on a quarterly basis, but may update total contract
bookings on an annual basis.
Fiscal Year 2015 Corporate Highlights:
- Partnered with L'Oreal USA in
skin engineering to develop 3D printed skin tissues for product
evaluation and other areas of advanced research. The
partnership marks the first-ever application of Organovo's novel
bioprinting technology within the beauty industry.
- Presented data on the Company's in vitro 3D kidney tissue
demonstrating proof of concept. The Company generated the
first fully human kidney proximal tubular tissues that are 3D, and
consist of multiple tissue-relevant cell types arranged to
recapitulate the renal tubular / interstitial interface.
- Released the exVive3D Human Liver Tissue for preclinical
drug discovery testing, intended to provide human-specific data to
aid in the prediction of liver tissue toxicity or ADME outcomes in
later stage preclinical drug discovery programs. The tissues
produce important liver proteins, including albumin, fibrinogen and
transferrin, synthesize cholesterol, and possess inducible
cytochrome P450 enzymatic activities, including CYP 1A2 and CYP
3A4. The tissues have successfully differentiated between
structurally related compounds with known toxic and non-toxic
profiles in human beings, when such compounds were not successfully
differentiated by other available in vitro and in
vivo methods.
- Won the Diagnostics & Research Tools category for the 2014
Most Innovative New Product Awards, sponsored by CONNECT, a
regional program that catalyzes the creation of innovative
technology and life sciences products.
- exVive3D Human Liver Tissue named one of the Top 10 Innovations
for 2014 by The Scientist magazine.
- Formed a collaboration with the Yale School of Medicine to
develop 3D organ tissues for surgical transplantation research,
made possible by a generous gift from the Methuselah
Foundation. The collaboration combines Yale's expertise and technology with the Company's,
representing one important step in progressing towards developing
implantable, therapeutic tissues.
- Added Kirk Malloy, Ph.D. to the
Company's Board of Directors. Dr. Malloy has held management
and executive leadership positions in rapidly growing life science
and diagnostics companies for over 18 years. He is currently
Senior Vice President and General Manager of Life Sciences
at Illumina, a leading developer and supplier of genetic
analysis instrumentation, assays and software for the life sciences
and diagnostics markets, and is experienced in advancing
industry-changing technology platforms and building commercial
growth in the life sciences markets.
- Recognized as a 2015 Technology Pioneer by
the World Economic Forum (WEF). Organovo was
one of 24 companies honored for the ability to harness creativity
to design and create transformative solutions.
- Named in Fast Company magazine as one of The World's Top 10
Most Innovative Companies of 2015 in Health Care.
Financial Summary
A summary of the Company's financial results for the fiscal year
ended March 31, 2015 follows, but is
not intended to replace the full financial disclosure enclosed in
the Company's Annual Report on Form 10-K filed with
the Securities and Exchange Commission on June 9,
2015. Please refer to that document for additional
information.
Financial Condition, Liquidity and Capital
Resources
The Company had cash and cash equivalents of $50.1 million and an accumulated deficit of
$122.3 million, with negative
cash flows from operations of $19.6
million for the fiscal year ended March 31, 2015. Total current assets of
$51.3 million and current liabilities
of $4.8 million, resulted in working
capital of $46.5 million, versus
prior year total current assets of $49.2
million and current liabilities of $1.9 million, which resulted in working capital
of $47.3 million.
Net cash used in investing activities was approximately
$1.5 million and $0.3 million for the years ended March 31,
2015 and 2014, respectively. The majority of net cash used in
investing activities to date has been for the purchases of
laboratory equipment, particularly noting that the Company launched
its first commercial product and expanded its research capabilities
in Fiscal 2015.
Net cash provided by financing activities was approximately
$23.1 million and $48.4 million for the years ended March 31,
2015 and 2014, respectively.
During the year ended March 31, 2015, the Company raised
net proceeds of approximately $22.3
million through the sale of 3.2 million shares of its common
stock through at-the-market offerings. In addition, the
Company raised approximately $0.4
million from the exercise of warrants, and $0.4 million from stock option exercises during
the year ended March 31, 2015.
Revenues
The Company previously commented that revenues in the quarter
ended December 31, 2014 and the
year ended March 31, 2015 were expected to come primarily
from research services associated with the pre-release availability
of its exVive3D Human Liver Tissue. The Company expects
commercial revenue from its post-launch activities to be primarily
recognized beginning with the quarter ending June 30,
2015. Additional future revenues are expected to come from
collaborative partnerships. It should also be noted that the
Company continues in its development of a 3D bioprinted kidney
tissue that has the potential to significantly improve researchers'
ability to study kidney function in an in
vitro model. The kidney tissue remains on track for
a mid-2016 (calendar year) release. Additionally, the Company
continues to advance simple bioprinted tissues for the potential
direct treatment of patients, which are currently at the
preclinical research phase.
Revenues of $0.6 million for the
year ended March 31, 2015 increased approximately $0.2 million, or 50%, over revenues of
$0.4 million for the year ended
March 31, 2014. This increase reflects the recognition
of $0.3 million in commercial revenue
since the Company's product launch in November 2014, partially offset by a $0.1 million decrease in collaboration revenue
due to the completion of one of the Company's larger collaborative
research agreements during the year ended March 31, 2014.
Operating and Other Expenses
Operating expenses increased approximately $9.9 million, or 47%, from $21.0 million for the year ended March 31,
2014 to $30.9 million for the year
ended March 31, 2015. Of this increase, approximately
$5.0 million was related to increased
selling, general and administrative expense, while the other
$4.9 million related to increased
investment in research and development expense. Those
increases were attributed to the Company's continued implementation
of its business plan, including hiring additional staff to support
its research and development initiatives, incremental investment
associated with commercialization project initiatives, expenses
related to operating as a publicly traded corporation, expansion to
a larger facility, and increased stock compensation expense
relative to employees and certain consulting services.
More specifically, research and development expense increased
61%, from approximately $8.0 million
for the year ended March 31, 2014 to approximately
$12.9 million for the year ended
March 31, 2015, as the Company significantly increased its
research staff to support its obligations under certain
collaborative research agreements and grants, and to expand product
development efforts in preparation for commercial revenues.
Full-time research and development staffing increased from
thirty-two full-time employees as of March 31, 2014 to
fifty-four full-time employees as of March 31, 2015. In
addition to the incremental payroll, benefits and stock-based
compensation resulting from increased staffing levels, the Company
increased its facility space to accommodate its growing research
staff, and increased its spending on lab equipment and supplies in
proportion to its increased research activities.
Selling, general and administrative expenses increased
approximately 38%, from $13.0 million
for the year ended March 31, 2014 to approximately
$18.0 million for the year ended
March 31, 2015. Increased staffing expenses of
approximately $1.0 million was due to
the headcount increase from thirteen full-time employees as of
March 31, 2014 to twenty-one full-time employees as of
March 31, 2015, to provide strategic infrastructure in
developing collaborative relationships and preparing for
commercialization of products and services, and to address the
additional compliance requirements of operating as a publicly
traded corporation. Stock-based compensation costs also
increased approximately $1.7 million due to additional grants to
employees and consultants. In addition, due to the Company's
overall growth and transition into the commercial phase during the
year ended March 31, 2015, fees for
legal services, investor outreach, marketing, insurance and
consulting increased over the previous year. Finally,
facility costs increased due to the expansion of the Company's
facility during the latter part of the year ended March 31, 2014.
Other income was approximately $0.2
million for the year ended March 31,
2015, and consisted primarily of interest income and a gain
related to the revaluation of warrant derivative liabilities.
This gain was caused by a declining stock price during the period
that decreased the value of the derivative liability. For the
year ended March 31, 2014, other
expense consisted primarily of a $5.1
million loss related to the revaluation of warrant
derivative liabilities due to rising stock prices during the period
that caused an increase in the value of the derivative
liability. In addition, the majority of the underlying
warrants to which the derivative relates were exercised or
converted to equity instruments during fiscal 2014, significantly
lessening the impact of subsequent changes in the Company's stock
price.
Conference Call
Organovo will host a conference call at 5:00 p.m. Eastern time to discuss the financial
results. If you would like to participate in the call, please
dial-in approximately 10 minutes prior to the start time, and ask
to join the Organovo Holdings, Inc. conference call. The dial-in
info is as follows:
US Toll Free: 1-888-243-4451
International Toll: 1-4120542-4135
A replay will be made available one hour following the live call
and remain available for 30 days. To access the replay, the dial-in
info is as follows:
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 10066930
About Organovo Holdings, Inc.
Organovo designs and creates functional, three-dimensional
human tissues for use in medical research and therapeutic
applications. The Company develops 3D human disease models
through internal development and in collaboration with
pharmaceutical and academic partners. Organovo's 3D human
tissues have the potential to accelerate the drug discovery
process, enabling treatments to be developed faster and at lower
cost. The Company recently launched its initial product of
the planned exVive3DTM portfolio offering, the
exVive3DTM Human Liver Tissue for use in toxicology and
other preclinical drug testing. Additional products are in
development, with the anticipated release of the
exVive3DTM Human Kidney Tissue scheduled for the
latter half of calendar year 2016. The Company also actively
conducts early research on specific tissues for therapeutic use in
direct surgical applications. In addition to numerous
scientific publications, the Company's technology has been featured
in The Wall Street Journal, Time Magazine, The Economist,
and numerous other media outlets. Organovo is changing
the shape of medical research and practice. Learn more
at www.organovo.com.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein
are based on current expectations, but are subject to a number of
risks and uncertainties. The factors that could cause the
Company's actual future results to differ materially from current
expectations include, but are not limited to, risks and
uncertainties relating to the Company's ability to develop, market
and sell products based on its technology; the expected benefits
and efficacy of the Company's products and technology; the market
acceptance of the Company's products; the Company's business,
research, product development, regulatory approval, marketing and
distribution plans and strategies; and the Company's ability to
successfully complete the contracts and recognize the revenue
represented by the contracts included in its reported total
contract bookings. These and other factors are identified and
described in more detail in the Company's filings with
the SEC, including its Annual Report on Form 10-K filed with
the SEC on June 9, 2015. You should not place
undue reliance on these forward-looking statements, which speak
only as of the date that they were made. These cautionary
statements should be considered with any written or oral
forward-looking statements that the Company may issue in the
future. Except as required by applicable law, including the
securities laws of the United States, the Company does
not intend to update any of the forward-looking statements to
conform these statements to reflect actual results, later events or
circumstances or to reflect the occurrence of unanticipated
events.
Sign up for email updates and connect with us
on Twitter (@Organovo).
ORGANOVO HOLDINGS,
INC.
CONSOLIDATED
BALANCE SHEETS
(in thousands except
per share data)
|
|
|
|
March 31,
2015
|
|
March 31,
2014
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
50,142
|
|
$
|
48,167
|
Inventory,
net
|
|
|
66
|
|
|
63
|
Prepaid expenses and
other current assets
|
|
|
1,054
|
|
|
931
|
Total current
assets
|
|
|
51,262
|
|
|
49,161
|
Fixed assets,
net
|
|
|
2,042
|
|
|
857
|
Restricted
cash
|
|
|
79
|
|
|
79
|
Other assets,
net
|
|
|
106
|
|
|
89
|
Total
assets
|
|
$
|
53,489
|
|
$
|
50,186
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,387
|
|
$
|
326
|
Accrued
expenses
|
|
|
2,257
|
|
|
822
|
Deferred
rent
|
|
|
759
|
|
|
345
|
Deferred
revenue
|
|
|
227
|
|
|
13
|
Capital lease
obligation
|
|
|
5
|
|
|
10
|
Warrant
liabilities
|
|
|
126
|
|
|
377
|
Total current
liabilities
|
|
|
4,761
|
|
|
1,893
|
Deferred revenue, net
of current portion
|
|
|
32
|
|
|
4
|
Capital lease
obligation, net of current portion
|
|
|
—
|
|
|
5
|
Total
liabilities
|
|
$
|
4,793
|
|
$
|
1,902
|
Commitments and
Contingencies (Note 8)
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Common stock, $0.001
par value; 150,000,000 shares authorized, 81,536,724 and 78,113,639 shares issued and
outstanding at March 31, 2015 and
March 31, 2014, respectively
|
|
|
82
|
|
|
78
|
Additional paid-in
capital
|
|
|
170,909
|
|
|
140,419
|
Accumulated
deficit
|
|
|
(122,295)
|
|
|
(92,213)
|
Total stockholders'
equity
|
|
|
48,696
|
|
|
48,284
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
53,489
|
|
$
|
50,186
|
ORGANOVO HOLDINGS,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands except
per share data)
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
March
31,
2015
|
|
March
31,
2014
|
|
March
31,
2013
|
|
March
31,
2012
|
|
December
31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product and
service
|
|
$
|
314
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
Collaborations
|
|
|
134
|
|
|
248
|
|
|
98
|
|
|
120
|
|
|
1,035
|
Grants
|
|
|
123
|
|
|
131
|
|
|
117
|
|
|
—
|
|
|
162
|
Total
Revenues
|
|
|
571
|
|
|
379
|
|
|
215
|
|
|
120
|
|
|
1,197
|
Selling, general, and
administrative expenses
|
|
|
17,947
|
|
|
13,054
|
|
|
2,792
|
|
|
902
|
|
|
7,080
|
Research and
development expenses
|
|
|
12,921
|
|
|
7,974
|
|
|
1,448
|
|
|
547
|
|
|
3,436
|
Loss from
Operations
|
|
|
(30,297)
|
|
|
(20,649)
|
|
|
(4,025)
|
|
|
(1,329)
|
|
|
(9,319)
|
Other Income
(Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of warrant
liabilities in excess of proceeds
received
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,019)
|
|
|
(19,019)
|
Change in fair value
of warrant liabilities
|
|
|
196
|
|
|
(5,120)
|
|
|
(12,034)
|
|
|
(13,506)
|
|
|
(9,931)
|
Financing transaction
costs in excess of proceeds received
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,130)
|
|
|
(2,130)
|
Loss on inducement to
exercise warrants
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,904)
|
Loss on disposal of
fixed assets
|
|
|
(12)
|
|
|
(84)
|
|
|
—
|
|
|
—
|
|
|
(158)
|
Interest
expense
|
|
|
(1)
|
|
|
(13)
|
|
|
(65)
|
|
|
(1,088)
|
|
|
(1,088)
|
Interest
income
|
|
|
32
|
|
|
18
|
|
|
4
|
|
|
—
|
|
|
5
|
Other income
(expense)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9)
|
|
|
(9)
|
Total Other Income
(Expense)
|
|
|
215
|
|
|
(5,199)
|
|
|
(12,095)
|
|
|
(35,752)
|
|
|
(34,234)
|
Net
Loss
|
|
$
|
(30,082)
|
|
$
|
(25,848)
|
|
$
|
(16,120)
|
|
$
|
(37,081)
|
|
$
|
(43,553)
|
Net loss per common
share--basic and diluted
|
|
$
|
(0.38)
|
|
$
|
(0.35)
|
|
$
|
(0.26)
|
|
$
|
(1.17)
|
|
$
|
(1.01)
|
Weighted average
shares used in computing net
loss per common
share--basic and diluted
|
|
|
79,650,087
|
|
|
73,139,618
|
|
|
61,750,157
|
|
|
31,591,663
|
|
|
43,149,657
|
ORGANOVO HOLDINGS,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS (in thousands)
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
March 31,
2013
|
|
March 31,
2012
|
|
December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(30,082)
|
|
$
|
(25,848)
|
|
$
|
(16,120)
|
|
$
|
(37,081)
|
|
$
|
(43,553)
|
Adjustments to
reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
deferred financing costs
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
319
|
|
|
319
|
Amortization of
warrants issued for services
|
|
|
557
|
|
|
323
|
|
|
261
|
|
|
-
|
|
|
556
|
Depreciation and
amortization
|
|
|
472
|
|
|
387
|
|
|
80
|
|
|
17
|
|
|
195
|
Loss on disposal of
fixed assets
|
|
|
12
|
|
|
84
|
|
|
-
|
|
|
-
|
|
|
158
|
Amortization of debt
discount
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
896
|
|
|
896
|
Interest accrued on
convertible notes payable
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
12
|
|
|
12
|
Fair value of warrant
liabilities in excess of proceeds
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
19,019
|
|
|
19,019
|
Change in fair value
of warrant liabilities
|
|
|
(196)
|
|
|
5,120
|
|
|
12,034
|
|
|
13,506
|
|
|
9,931
|
Loss on inducement to
exercise warrants
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,904
|
Expense associated
with warrant modification
|
|
|
-
|
|
|
12
|
|
|
65
|
|
|
-
|
|
|
-
|
Stock-based
compensation
|
|
|
7,020
|
|
|
4,600
|
|
|
848
|
|
|
4
|
|
|
1,435
|
Increase (decrease) in
cash resulting from changes
in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants
receivable
|
|
|
-
|
|
|
101
|
|
|
61
|
|
|
-
|
|
|
(162)
|
Inventory
|
|
|
(3)
|
|
|
25
|
|
|
-
|
|
|
(45)
|
|
|
(459)
|
Prepaid expenses and
other assets
|
|
|
(389)
|
|
|
(392)
|
|
|
(61)
|
|
|
(65)
|
|
|
(101)
|
Accounts
payable
|
|
|
1,061
|
|
|
(315)
|
|
|
216
|
|
|
(217)
|
|
|
(233)
|
Accrued
expenses
|
|
|
1,435
|
|
|
312
|
|
|
(283)
|
|
|
(28)
|
|
|
384
|
Deferred
rent
|
|
|
270
|
|
|
75
|
|
|
82
|
|
|
(9)
|
|
|
159
|
Deferred
revenue
|
|
|
242
|
|
|
(45)
|
|
|
62
|
|
|
116
|
|
|
(153)
|
Net cash used in
operating activities
|
|
|
(19,601)
|
|
|
(15,561)
|
|
|
(2,755)
|
|
|
(3,556)
|
|
|
(9,693)
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits released from
restriction (restricted cash deposits)
|
|
|
-
|
|
|
9
|
|
|
-
|
|
|
(38)
|
|
|
(88)
|
Purchases of fixed
assets
|
|
|
(1,517)
|
|
|
(277)
|
|
|
(137)
|
|
|
(6)
|
|
|
(357)
|
Purchases of
intangible assets
|
|
|
-
|
|
|
-
|
|
|
(19)
|
|
|
-
|
|
|
-
|
Net cash used in
investing activities
|
|
|
(1,517)
|
|
|
(268)
|
|
|
(156)
|
|
|
(44)
|
|
|
(445)
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of common stock and exercise of
warrants, net
|
|
|
22,752
|
|
|
48,016
|
|
|
3,724
|
|
|
13,723
|
|
|
24,714
|
Proceeds from exercise
of stock options
|
|
|
351
|
|
|
402
|
|
|
-
|
|
|
-
|
|
|
18
|
Principal payments on
capital lease obligations
|
|
|
(10)
|
|
|
(10)
|
|
|
(2)
|
|
|
-
|
|
|
(7)
|
Repayment of
convertible notes and interest payable
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(110)
|
|
|
(110)
|
Deferred financing
costs
|
|
|
-
|
|
|
(40)
|
|
|
-
|
|
|
-
|
|
|
-
|
Net cash provided
by financing activities
|
|
|
23,093
|
|
|
48,368
|
|
|
3,722
|
|
|
13,613
|
|
|
24,615
|
Net Increase in
Cash and Cash Equivalents
|
|
|
1,975
|
|
|
32,539
|
|
|
811
|
|
|
10,013
|
|
|
14,477
|
Cash and Cash
Equivalents at Beginning of Period
|
|
|
48,167
|
|
|
15,628
|
|
|
14,817
|
|
|
340
|
|
|
340
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
50,142
|
|
$
|
48,167
|
|
$
|
15,628
|
|
$
|
10,353
|
|
$
|
14,817
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10
|
|
$
|
10
|
Income
Taxes
|
|
$
|
4
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
$
|
1
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/organovo-reports-fiscal-2015-financial-results-corporate-highlights-and-total-contract-bookings-for-exvive3d-human-liver-tissue-300096583.html
SOURCE Organovo Holdings, Inc.