BIOMIMETIC THERAPEUTICS, INC.

CIK:0001138400|SEC Filings

Comprehensive Loss

9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Comprehensive Income (Loss) Note [Text Block]

4. Comprehensive Loss

ASC 220, Comprehensive Income (formerly SFAS No. 130) (“ASC 220”), establishes standards for the reporting and display of comprehensive income (loss) and its components in the condensed consolidated financial statements. The Company’s comprehensive income (loss) as defined by ASC 220 is the total of net income (loss) and all other changes in equity resulting from non-owner sources including unrealized gains/losses on investments. In accordance with ASU 2011-05 and ASU 2011-12, the Company’s comprehensive loss is presented on the face of the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2012 and 2011.

The components of the Company’s comprehensive loss are as follows:

	Three months ended September 30,
	2012			2011
Net loss	$	(4,598,649	)	$	(7,122,399	)
Other comprehensive loss:
Net unrealized gain (loss) on foreign currency translation		633			(4,822	)
Net unrealized gain (loss) on investments classified as available for sale		5,940			(12,870	)
Comprehensive loss	$	(4,592,076	)	$	(7,140,091	)

	Nine months ended September 30,
	2012			2011
Net loss	$	(17,131,566	)	$	(23,316,750	)
Other comprehensive loss:
Net unrealized gain (loss) on foreign currency translation		1,679			(6,660	)
Net unrealized gain on investments classified as available for sale		3,676			7,032
Comprehensive loss	$	(17,126,211	)	$	(23,316,378	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net loss	$ (17,131,566)	$ (23,316,750)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and capital lease amortization expense	952,244	893,982
Patent license fee amortization	32,233	27,235
Net unrealized gain (loss) on foreign currency translation	1,679	(6,660)
Non-cash stock-based compensation expense	2,130,664	2,788,957
Non-cash issuance of common stock	171,638	22,933
Bad debt expense	9,607	1,069
Changes in operating assets and liabilities:
Receivables	491,332	(32,548)
Inventory	(528,368)	(1,180,274)
Prepaid expenses	(79,676)	43,387
Accounts payable, accrued payroll and other accrued expenses	(2,293,302)	(1,929,584)
Deferred revenue	(727,057)	(726,396)
Net cash used in operating activities	(16,970,572)	(23,414,649)
Cash flows from investing activities
Capitalized patent license fees	(251,155)	(497,652)
Purchases of property and equipment	(17,481)	(1,885,448)
Purchases of investments	(30,372,658)	(63,977,943)
Sales of investments	44,555,408	99,456,000
Net cash provided by investing activities	13,914,114	33,094,957
Cash flows from financing activities
Payments on capital lease obligations	(59,271)	(57,954)
Issuance of common stock under compensation plans	107,156	241,798
Net cash provided by financing activities	47,885	183,844
Net (decrease) increase in cash and cash equivalents	(3,008,573)	9,864,152
Cash and cash equivalents, beginning of period	18,503,061	11,628,329
Cash and cash equivalents, end of period	15,494,488	21,492,481
Supplemental disclosures of cash flow information
Interest paid	$ 2,831	$ 4,147

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 15,494,488	$ 18,503,061
Investments - short term	28,771,322	42,950,397
Receivables - trade, net	347,688	85,759
Receivables - other	263,530	1,121,596
Inventory, net	4,057,139	3,528,771
Prepaid expenses	568,351	485,385
Total current assets	49,502,518	66,674,969
Receivables - long term	168,999	73,801
Prepaid expenses - long term	1,287	4,577
Property and equipment, net	4,369,802	5,304,565
Capitalized patent license fees, net	2,662,512	2,443,590
Deposits	385,000	385,000
Total assets	57,090,118	74,886,502
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	830,379	2,392,910
Accrued payroll, employee benefits and payroll taxes	2,027,754	2,430,701
Other accrued expenses	344,170	634,216
Current portion of capital lease obligations	88,735	83,921
Deferred revenue	971,188	973,849
Total current liabilities	4,262,226	6,515,597
Accrued rent - related party	585,170	622,950
Capital lease obligations	67,639	131,724
Deferred revenue	12,880,245	13,604,641
Total liabilities	17,795,280	20,874,912
Stockholders' equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized; no shares issued and outstanding as of September 30, 2012 and December 31, 2011	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 28,225,241 shares issued and outstanding as of September 30, 2012; 28,128,280 shares issued and outstanding as of December 31, 2011	28,225	28,128
Additional paid-in capital	217,035,682	214,626,320
Accumulated other comprehensive loss	9,845	4,490
Accumulated deficit	(177,778,914)	(160,647,348)
Total stockholders' equity	39,294,838	54,011,590
Total liabilities and stockholders' equity	$ 57,090,118	$ 74,886,502