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pSivida Corp.

CIK:0001314102|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 507	$ 5,333	$ 1,203	$ 29,786
Operating expenses:
Cost of sales	0	165	533	970
Research and development	83,614	55,498	155,757	114,072
Sales and marketing	31	35	34	70
General and administrative	14,242	11,862	29,485	25,738
Total operating expenses	97,887	67,560	185,809	140,850
Loss from operations	(97,380)	(62,227)	(184,606)	(111,064)
Other (expense) income:
Interest and other income, net	2,910	2,894	5,254	6,536
Total other income, net	2,910	2,894	5,254	6,536
Net loss before income taxes	(94,470)	(59,333)	(179,352)	(104,528)
Provision for income taxes	0	(93)	50	(93)
Net loss	$ (94,470)	$ (59,426)	$ (179,302)	$ (104,621)
Net loss per share - basic	$ (1.09)	$ (0.85)	$ (2.08)	$ (1.5)
Net loss per share - diluted	$ (1.09)	$ (0.85)	$ (2.08)	$ (1.5)
Weighted average common shares outstanding - basic	86,543	69,926	86,272	69,847
Weighted average common shares outstanding - diluted	86,543	69,926	86,272	69,847
Net Income (Loss)	$ (94,470)	$ (59,426)	$ (179,302)	$ (104,621)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(9)	(91)	(168)	(196)
Comprehensive income (loss)	(94,479)	(59,517)	(179,470)	(104,817)
Product sales, net [Member]
Revenues:
Total revenues	0	0	467	715
License and Collaboration Agreements [Member]
Revenues:
Total revenues	507	5,333	646	16,382
Royalty Income [Member]
Revenues:
Total revenues	$ 0	$ 0	$ 90	$ 12,689

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities:
Net loss	$ (179,302)	$ (104,621)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation of property and equipment	1,326	1,035
Gain on sale of equity investment	(1,302)	0
Amortization of debt discount and premium and discount on available-for-sale marketable securities	(968)	(2,934)
Stock-based compensation	22,036	14,696
Deferred income tax	0	(90)
Changes in operating assets and liabilities:
Accounts receivable and other current assets	14,292	3,248
Other assets	(3,423)	(62)
Inventory	(69)	(373)
Accounts payable and accrued expenses	4,559	1,504
Right-of-use assets and operating lease liabilities	(35)	543
Deferred revenue	0	(28,637)
Other noncurrent liabilities	(11)	(18)
Net cash (used in) provided by operating activities	(142,897)	(115,709)
Cash flows from investing activities:
Purchases of marketable securities	(9,949)	(93,368)
Sales and maturities of marketable securities	145,000	182,725
Proceeds from sale of equity investment	1,302	0
Purchases of property and equipment	(2,197)	(1,496)
Net cash (used in) provided by investing activities	134,156	87,861
Cash flows from financing activities:
Proceeds from issuance of stock	19,622	0
Payment of equity issue costs	(389)	(291)
Net settlement of stock units to satisfy statutory tax withholding	(3,482)	(1,237)
Proceeds from exercise of stock options and employee stock purchase plan	1,684	866
Principal payments on finance lease obligations	(57)	(51)
Net cash (used in) provided by financing activities	17,378	(713)
Net (decrease) increase in cash, cash equivalents and restricted cash	8,637	(28,561)
Cash, cash equivalents and restricted cash at beginning of period	101,971	99,854
Cash, cash equivalents and restricted cash at end of period	110,608	71,293
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	110,458	71,143
Restricted cash	150	150
Total cash, cash equivalents and restricted cash at end of period	110,608	71,293
Supplemental disclosure of non-cash investing and financing activities:
Lease liability arising from obtaining right-of-use assets	600	903
Property and equipment additions in accounts payable and accrued expenses	120	43
Stock issuance costs in accounts payable and accrued expenses	$ 20	$ 20

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 110,458	$ 101,821
Marketable securities	70,014	204,265
Accounts and other receivables, net	86	651
Prepaid expenses and other current assets	6,377	20,105
Inventory	1,882	1,813
Total current assets	188,817	328,655
Property and equipment, net	10,013	9,023
Operating lease right-of-use assets	19,843	20,223
Restricted cash	150	150
Other assets	9,368	5,945
Total assets	228,191	363,996
Current liabilities:
Accounts payable	17,267	10,490
Accrued expenses	21,997	24,394
Other current liabilities	2,679	2,140
Total current liabilities	41,943	37,024
Operating lease liabilities - noncurrent	19,814	20,772
Other noncurrent liabilities	23	87
Total liabilities	61,780	57,883
Contingencies (Note 12)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025; 84,981,843 and 82,826,416 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	85	83
Additional paid-in capital	1,449,813	1,410,047
Accumulated deficit	(1,284,280)	(1,104,978)
Accumulated other comprehensive income (loss)	793	961
Total stockholders' equity	166,411	306,113
Total liabilities and stockholders' equity	$ 228,191	$ 363,996