Roka BioScience, Inc.

CIK:0001472343|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenue	$ 1,908,000	$ 1,885,000	$ 6,087,000	$ 5,336,000
Operating expenses:
Cost of revenue	2,354,000	1,984,000	6,700,000	6,108,000
Research and development	738,000	1,623,000	3,432,000	5,107,000
Selling, general and administrative	4,054,000	4,533,000	12,393,000	13,413,000
Amortization of intangible assets	937,000	939,000	2,811,000	2,818,000
Impairment of long-lived assets	0	0	11,641,000	0
Gain on settlement of deferred payments	(6,457,000)	0	(6,457,000)	0
Total operating expenses	1,626,000	9,079,000	30,520,000	27,446,000
Income (loss) from operations	282,000	(7,194,000)	(24,433,000)	(22,110,000)
Other income (expense):
Interest income (expense), net	(221,000)	(379,000)	(849,000)	(1,200,000)
Profit (loss) before income taxes	61,000	(7,573,000)	(25,282,000)	(23,310,000)
Income tax provision (benefit)	(2,000)	16,000	13,000	14,000
Net income (loss) and comprehensive income (loss)	63,000	(7,589,000)	(25,295,000)	(23,324,000)
Deemed dividend applicable to beneficial conversion feature of Series A preferred stock	0	(1,878,000)	0	(1,878,000)
Net loss applicable to common shareholders	$ 63,000	$ (9,467,000)	$ (25,295,000)	$ (25,202,000)
Net Earnings (Loss) per Common Share:
Basic earnings (loss) per share (in USD per share)	$ 0.01	$ (5.39)	$ (5.07)	$ (14.37)
Diluted earnings (loss) per share (in USD per share)	$ 0.01	$ (5.39)	$ (5.07)	$ (14.37)
Weighted average common shares outstanding used in computing net earnings (loss) per common share:
Basic (in shares)	4,989,801	1,754,608	4,987,412	1,753,663
Diluted (in shares)	4,989,801	1,754,608	4,987,412	1,753,663

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net loss	$ (25,295)	$ (23,324)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,213	4,500
Impairment of long-lived assets	11,641	0
Loss on disposal of property and equipment	25	0
Gain on settlement of deferred payments	(6,457)	0
Provisions for inventory	666	674
Share-based compensation expense	870	1,134
Non-cash interest expense	639	799
Changes in operating assets and liabilities:
Accounts receivable	(93)	(293)
Inventories	(1,517)	(400)
Prepaid expenses and other assets	880	(472)
Accounts payable and accrued expenses	257	(1,374)
Other liabilities	(46)	(35)
Net cash used in operating activities	(14,217)	(18,791)
Cash flows from investing activities
Purchases of property and equipment	(69)	(249)
Proceeds from sale of property and equipment	0	60
Purchase of marketable securities	(2,987)	(19,027)
Proceeds from maturities of marketable securities	14,979	25,768
Proceeds from sale of marketable securities	3,991	0
Net cash provided by investing activities	15,914	6,552
Cash flows from financing activities
Net proceeds from issuance of convertible preferred stock and warrants	0	22,500
Payments for issuance costs of preferred stock and investor warrants	0	(1,026)
Proceeds from revolving line of credit	600	0
Principal repayments	(6,000)	(3,000)
Deferred license payment	(2,500)	0
Payments for issuance costs related to debt	(70)	0
Deferred payments	(801)	(711)
Restricted shares withheld for taxes	0	(5)
Net cash provided by (used in) financing activities	(8,771)	17,758
Net change in cash and cash equivalents	(7,074)	5,519
Cash and cash equivalents, beginning of period	8,832	3,441
Cash and cash equivalents, end of period	$ 1,758	$ 8,960

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 1,758,000	$ 8,832,000
Short-term marketable securities	0	16,001,000
Trade accounts receivable, net of $0 allowance for doubtful accounts	1,024,000	930,000
Inventories	4,590,000	3,739,000
Prepaid expenses and other current assets	1,537,000	2,339,000
Total current assets	8,909,000	31,841,000
Property and equipment, net	3,262,000	7,805,000
Intangible assets, net	7,383,000	18,651,000
Other assets	264,000	264,000
Total assets	19,818,000	58,561,000
Current Liabilities:
Accounts payable	1,314,000	1,325,000
Short-term deferred payments	1,947,000	1,922,000
Notes payable, current	0	5,973,000
Line of Credit, Current	610,000	0
Accrued expenses and other current liabilities	3,266,000	2,572,000
Total current liabilities	7,137,000	11,792,000
Deferred payments	0	9,620,000
Other long-term liabilities	220,000	267,000
Total liabilities	7,357,000	21,679,000
Commitments and Contingencies
500,000,000 shares of Common Stock authorized; 5,011,785 shares issued and 5,005,889 shares outstanding, respectively at September 30, 2017; 5,008,290 shares issued and 5,002,718 shares outstanding at December 31, 2016	5,000	5,000
Additional paid-in capital	245,974,000	245,100,000
Treasury stock, at cost: 5,896 shares at September 30, 2017 and 5,572 at December 31, 2016	(84,000)	(84,000)
Accumulated deficit	(233,434,000)	(208,139,000)
Total stockholders’ equity	12,461,000	36,882,000
Total liabilities and stockholders’ equity	$ 19,818,000	$ 58,561,000