| Delaware | | | 2834 | | | 11-3430072 | |
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| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
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| Ivan K. Blumenthal, Esq. Joel I. Papernik, Esq. Avisheh Avini, Esq. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Chrysler Center 666 Third Avenue New York, New York 10017 (212) 935-3000 | | | Anthony J. Marsico, Esq. Greenberg Traurig, LLP The MetLife Building 200 Park Avenue New York, New York 10166 (212) 801-9200 | |
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| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | | Smaller reporting company ☒ | |
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| Title of Each Class of Securities to be Registered | | | Proposed Maximum Aggregate Offering Price(1)(2) | | | Amount of Registration Fee(3) | | ||||||||
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| Common Stock $0.01 par value(4) | | | | $ | 34,500,000 | | | | | $ | 4,443.60 | | | ||
| Underwriter’s Warrant to Purchase Common Stock(5) | | | | | — | | | | | | — | | | ||
| Common Stock Underlying Underwriter’s Warrants(4)(6) | | | | $ | 1,470,000 | | | | | $ | 189.34 | | | ||
| Total Registration Fee | | | | $ | 35,970,000 | | | | | $ | 4,632.94 | | | ||
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| PRELIMINARY PROSPECTUS | | | SUBJECT TO COMPLETION | | | DATED | |
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| | | | Per Share | | | Total | | ||||||||
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| Public offering price | | | | $ | | | | | $ | | | ||||
| Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | | |||
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| | | | Year ended December, 31 | | | | | Year Ended December 31, | | Quarter Ended March 31, | | ||||||||||||||||||||||||||||||||||
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| | | | 2013 | | 2012 | | | | | 2013* | | 2012* | | 2014 | | 2013 | | ||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | Unaudited | | |||||||||||||||||||||||||||
| Condensed Statement of Operations Data: | | | | | | | | | | | | | Selected Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Revenues: | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | | $ | 1,081,049 | | | | $ | 1,692,413 | | | ||||||||||
| Cost of revenues | | | | | (3,173,478 | ) | | | | | (3,673,684 | ) | | | Cost of grant revenues – direct research costs | | | | | 3,173,478 | | | | | 3,673,684 | | | | | 534,326 | | | | | 787,757 | | | ||||||||
| Gross profit | | | | | 3,407,594 | | | | | 3,642,017 | | | Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | | | 546,723 | | | | | 904,656 | | | ||||||||||
| Operating expenses: | | Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| Research and development | | | | | 196,008 | | | | | — | | | General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | | | 1,080,236 | | | | | 885,881 | | | ||||||||||
| General and administrative – Angion | | | | | 2,233,622 | | | | | 2,287,973 | | | Income (loss) from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | | | (533,513 | ) | | | | | 18,775 | | | |||||||
| General and administrative – NovaPark | | | | | 1,375,764 | | | | | 1,755,261 | | | Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | | | (47,956 | ) | | | | | (74,657 | ) | | | ||||||
| Loss from operations.. | | | | | (397,800 | ) | | | | | (419,217 | ) | | | Investment income | | | | | 31,375 | | | | | 11,745 | | | | | 4,974 | | | | | 15,552 | | | ||||||||
| Other income (expense): | | | | | | | | | | | | | Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | | | 531,713 | | | | | 440,615 | | | ||||||||||
| Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | | | 488,731 | | | | | 381,510 | | | ||||||||
| Investment and other Income | | | | | 31,375 | | | | | 11,745 | | | Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | | | (44,782 | ) | | | | | 400,285 | | | |||||||||
| Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | Income tax expense (benefit) | | | | | 452,778 | | | | | 201,858 | | | | | (107,306 | ) | | | | | 54,786 | | | |||||||||
| Other income | | | | | 757,926 | | | | | 31,450 | | | Net income | | | | | 1,279,656 | | | | | 992,115 | | | | | 62,524 | | | | | 345,499 | | | ||||||||||
| Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | | | (361,796 | ) | | | | | (293,679 | ) | | | ||||||
| Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | Net income (loss) attributable to Angion Biomedica Corporation | | | | $ | 632,241 | | | | $ | 307,303 | | | | $ | (299,272 | ) | | | | $ | 51,820 | | | |||||||||
| Income tax expense | | | | | 452,778 | | | | | 201,858 | | | Basic and diluted net income (loss) per share** | | | | $ | 0.16 | | | | $ | 0.08 | | | | $ | (0.08 | ) | | | | $ | 0.01 | | | |||||||||
| Net income | | | | | 1,279,656 | | | | | 992,115 | | | Basic and diluted weighted average common shares outstanding** | | | | | 3,917,933 | | | | | 3,917,933 | | | | | 3,917,933 | | | | | 3,917,933 | | | ||||||||||
| Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | | | | | | | | | | | |||||||||||||||||||||
| Net income attributable to Angion Biomedica Corp. | | | | $ | 632,241 | | | | $ | 307,303 | | | |||||||||||||||||||||||||||||||||
| Earnings per share: | | ||||||||||||||||||||||||||||||||||||||||||||
| Basic and diluted net income per share | | | | $ | 10.33 | | | | $ | 5.02 | | | |||||||||||||||||||||||||||||||||
| Basic and diluted weighted average common shares outstanding | | | | | 61,200 | | | | | 61,200 | | | |||||||||||||||||||||||||||||||||
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| | | | As of December 31, 2013 | | | | | As of March 31, 2014 | | As of December 31, 2013* | | |||||||||||||
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| Condensed Balance Sheet Data | | | | | | | | Condensed Balance Sheet Data | | | | | | | | | ||||||||
| Assets: | | Assets: | | | ||||||||||||||||||||
| Cash and cash equivalents | | | | $ | 2,057,250 | | | | | | ||||||||||||||
| Building and related fixed assets, net | | | | | 6,171,369 | | | Cash and cash equivalents | | | | $ | 2,500,564 | | | | $ | 2,057,250 | | | ||||
| Total assets | | | | | 11,062,848 | | | Building and related fixed assets, net | | | | | 6,059,033 | | | | | 6,171,369 | | | ||||
| Current liabilities | | | | | 1,146,917 | | | Total assets | | | | | 11,044,372 | | | | | 11,062,848 | | | ||||
| Long term debt | | | | | 5,202,353 | | | Current liabilities | | | | | 1,167,402 | | | | | 1,146,917 | | | ||||
| Total liabilities | | | | | 6,603,270 | | | Long term debt | | | | | 5,179,868 | | | | | 5,202,353 | | | ||||
| Total stockholder’s equity | | | | | 4,459,578 | | | Total liabilities | | | | | 6,600,270 | | | | | 6,603,270 | | | ||||
| Total stockholder’s equity and liabilities | | | | $ | 11,062,848 | | | Total stockholder’s equity | | | | | 4,444,102 | | | | | 4,459,578 | | | ||||
| | | | | Total stockholder’s equity and liabilities | | | | $ | 11,044,372 | | | | $ | 11,062,848 | | | ||||||||
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| | | | As of December 31, 2013 | | | | | As of March 31, 2014 | | ||||||||||||||||||||||
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| | | | Actual | | Pro Forma(1) | | | | | Actual | | Pro Forma(1) | | ||||||||||||||||||
| Cash and cash equivalents | | | | $ | 2,057,250 | | | | | — | | | Cash and cash equivalents | | | | $ | 2,500,564 | | | | | 29,400,564 | | | ||||||
| Capitalization: | | | | | | | | | | | | | Capitalization: | | | | | | | | | | | | | ||||||
| Long-term debt, including current portion | | | | | 5,324,535 | | | | | — | | | Long-term debt, including current portion | | | | | 5,179,868 | | | | | 5,179,868 | | | ||||||
| Stockholders’ equity: | | | | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | | | | ||||||
| Common stock, $0.01 par value; 100,000 shares authorized, 61,200 issued and outstanding actual; 61,200 shares issued and outstanding pro forma; issued and outstanding pro forma as adjusted | | | | | 612 | | | | | — | | | Common stock, $0.01 par value; 100,000 shares authorized, 61,200 issued and outstanding actual as of March 31, 2014; 6,645,206 shares issued and outstanding pro forma; issued and outstanding pro forma as adjusted | | | | | 612 | | | | | 66,452 | | | ||||||
| Additional paid-in capital | | | | | 5,156 | | | | | — | | | Additional paid-in capital | | | | | 5,156 | | | | | 26,839,316 | | | ||||||
| Retained earnings | | | | | 2,337,126 | | | | | 2,337,126 | | | Retained earnings | | | | | 2,037,854 | | | | | 2,037,854 | | | ||||||
| Non-controlling interest | | | | | 2,116,684 | | | | | | | | Non-controlling interest | | | | | 2,400,480 | | | | | 2,400,480 | | | ||||||
| Total stockholders’ equity | | | | | 4,459,578 | | | | | — | | | Total stockholders’ equity | | | | | 4,444,102 | | | | | 31,344,102 | | | ||||||
| Total capitalization | | | | $ | 9,784,113 | | | | $ | — | | | Total capitalization | | | | $ | 9,623,970 | | | | $ | 36,523,970 | | | ||||||
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| Assumed initial public offering price per share | | | | $ | 11.00 | | | |
| Historical net tangible book value (deficit) per share as of March 31, 2014 | | | | $ | 1.11 | | | |
| Increase in net tangible book value per share attributable to new investors | | | | $ | 3.59 | | | |
| Pro forma net tangible book value per share, after giving effect to this offering | | | | | 4.70 | | | |
| Dilution per share to new investors | | | | $ | 6.30 | | | |
| | | �� | |
| | | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | | | | Shares Purchased | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| | | | Number | | Percentage | | Amount | | Percentage | | | | | Number | | Percentage | | Amount | | Percentage | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Existing stockholders | | | | | | | | | | % | | | | $ | | | | | | % | | | | | | | Existing stockholders | | | | | 3,917,933 | | | | | 59 | % | | | | $ | 612 | | | | | 0.01 | % | | | | $ | 0.001 | | | |||||||||||||||||
| New investors | | | | | | | | | | | % | | | | $ | | | | | | % | | | | | | | | New investors | | | | | 2,727,273 | | | | | 41 | % | | | | $ | 30,000,000 | | | | | 99.99 | % | | | | $ | 11.00 | | | |||||||||||||||
| Total | | | | | | | | | | 100 | % | | | | $ | | | | | 100 | % | | | | $ | | | | Total | | | | | 6,645,206 | | | | | 100 | % | | | | $ | 30,000,612 | | | | | 100 | % | | | | $ | 4.03 | | | |||||||||||||||
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| | | | Year Ended December 31, | | | | | Year Ended December 31, | | Quarter Ended March 31, | | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013* | | 2012* | | 2014 | | 2013 | | ||||||||||||||||||||||||||||
| Selected Consolidated Statements of Operations | | | | | | | | | | | | | | | | | Unaudited | | |||||||||||||||||||||||||||
| Revenues: | | | | | | | | | | | | | Selected Consolidated Statements of Operations | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Cost of grant revenues – direct research costs | | | | | 3,173,478 | | | | | 3,673,684 | | | Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | | $ | 1,081,049 | | | | $ | 1,692,413 | | | ||||||||||
| Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | Cost of grant revenues – direct research costs | | | | | 3,173,478 | | | | | 3,673,684 | | | | | 534,326 | | | | | 787,757 | | | ||||||||||
| Operating expenses: | | | | | | | | | | | | | Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | | | 546,723 | | | | | 904,656 | | | ||||||||||
| Research and development – non-Federally funded | | | | | 196,008 | | | | | — | | | Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | | | 1,080,236 | | | | | 885,881 | | | ||||||||||
| Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | Income (loss) from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | | | (533,513 | ) | | | | | 18,775 | | | |||||||
| | | Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| Loss from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | | | (47,956 | ) | | | | | (74,657 | ) | | | ||||
| Other income (expense): | | | | | | | | | | | | | Investment income | | | | | 31,375 | | | | | 11,745 | | | | | 4,974 | | | | | 15,552 | | | ||||||||||
| Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | | | 531,713 | | | | | 440,615 | | | ||||||||
| Investment income | | | | | 31,375 | | | | | 11,745 | | | Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | | | 488,731 | | | | | 381,510 | | | ||||||||||
| Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | | | (44,782 | ) | | | | | 400,285 | | | |||||||||
| Other income | | | | | 757,926 | | | | | 31,450 | | | Income tax expense (benefit) | | | | | 452,778 | | | | | 201,858 | | | | | (107,306 | ) | | | | | 54,786 | | | |||||||||
| Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | Net income | | | | | 1,279,656 | | | | | 992,115 | | | | | 62,524 | | | | | 345,499 | | | ||||||||||
| Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | | | (361,796 | ) | | | | | (293,679 | ) | | | ||||||
| Income tax expense | | | | | 452,778 | | | | | 201,858 | | | Net income (loss) attributable to Angion Biomedica Corporation | | | | $ | 632,241 | | | | $ | 307,303 | | | | $ | (299,272 | ) | | | | $ | 51,820 | | | |||||||||
| Net income | | | | | 1,279,656 | | | | | 992,115 | | | Basic and diluted net income (loss) per share** | | | | $ | 0.16 | | | | $ | 0.08 | | | | $ | (0.08 | ) | | | | $ | 0.01 | | | |||||||||
| Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | Basic and diluted weighted average common shares outstanding** | | | | | 3,917,933 | | | | | 3,917,933 | | | | | 3,917,933 | | | | | 3,917,933 | | | ||||||||
| Net income attributable to Angion Biomedica Corporation | | | | $ | 632,241 | | | | $ | 307,303 | | | | | | | | | | | | | |||||||||||||||||||||||
| Basic and diluted net income per share | | | | $ | 10.33 | | | | $ | 5.02 | | | |||||||||||||||||||||||||||||||||
| Basic and diluted weighted average common shares outstanding | | | | | 61,200 | | | | | 61,200 | | | |||||||||||||||||||||||||||||||||
| | | | | | |
| | | | Year Ended December 31, | | | | | December 31, | | | March 31, 2014 | | ||||||||||||||||||||||||||
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| | | | 2013 | | 2012 | | | | | 2013* | | 2012* | | |||||||||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | Unaudited | | ||||||||||||||||||||
| Selected Balance Sheet Data: | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | ||||||||
| Cash and cash equivalents | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | ||||||||
| Total current assets | | | | | 2,618,533 | | | | | 2,064,228 | | | Cash and cash equivalents | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | | $ | 2,500,564 | | | ||||||||
| Property and equipment, net of accumulated depreciation | | | | | 6,171,369 | | | | | 6,605,579 | | | Total current assets | | | | | 2,801,525 | | | | | 2,064,228 | | | | | 2,771,518 | | | ||||||||
| Due from officer | | | | | 1,624,102 | | | | | 1,625,977 | | | Property and equipment, net of accumulated depreciation | | | | | 6,171,369 | | | | | 6,605,579 | | | | | 6,059,033 | | | ||||||||
| Liabilities and stockholders’ and owners’ equity | | | | | | | | | | | | | Due from officer | | | | | 1,624,102 | | | | | 1,625,977 | | | | | 1,628,857 | | | ||||||||
| Total current liabilities | | | | $ | 1,146,917 | | | | $ | 1,104,427 | | | Liabilities and stockholders’ and owners’ equity | | | | | | | | | | | | | | | | | | ||||||||
| Long-term debt | | | | | 5,202,353 | | | | | 5,324,535 | | | Total current liabilities | | | | $ | 1,146,917 | | | | $ | 1,104,427 | | | | $ | 1,167,402 | | | ||||||||
| Stockholders’ and owners’ equity | | | | | | | | | | | | | Long-term debt | | | | | 5,202,353 | | | | | 5,324,535 | | | | | 5,179,868 | | | ||||||||
| Angion Biomedica Corp. share of equity | | | | | 2,342,894 | | | | | 1,710,653 | | | Stockholders’ and owners’ equity | | | | | | | | | | | | | | | | | | ||||||||
| Non-controlling interest | | | | | 2,116,684 | | | | | 2,527,548 | | | Angion Biomedica Corp. share of equity | | | | | 2,342,894 | | | | | 1,710,653 | | | | | 2,037,854 | | | ||||||||
| Total stockholders’ and owners’ equity | | | | | 4,459,578 | | | | | 4,238,201 | | | Non-controlling interest | | | | | 2,116,684 | | | | | 2,527,548 | | | | | 2,400,480 | | | ||||||||
| | | | | | | Total stockholders’ and owners’ equity | | | | | 4,459,578 | | | | | 4,238,201 | | | | | 4,444,102 | | | |||||||||||||||
| | | | | | | | |
| | | | Years Ended December 31, | | | Since inception | | | | | Years Ended December 31, | | | Quarter Ended March 31, 2014 | | Since Inception | | |||||||||||||||||||||||||||||||||||
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| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | |||||||||||||||||||||||||||||||||||||||
| Direct and indirect research and development expenses by program: | | | | | | | | | | | | | Direct research and development expenses by program: | | | | | | | | | | | | | | ||||||||||||||||||||||||||
| BB3 programs (DGF, AKI, MI) | | | | $ | 2,694,000 | | | | $ | 4,945,000 | | | | $ | 30,928,000 | | | BB3 programs (DGF, AKI, MI) | | | | $ | 1,524,000 | | | | $ | 2,765,000 | | | | $ | 126,000 | | | | $ | 19,205,000 | | | ||||||||||||
| ANG-3070 (kinase inhibitor) | | | | | 1,847,000 | | | ��� | | | 308,000 | | | | | 3,294,000 | | | ANG-3070 (kinase inhibitor) | | | | | 844,000 | | | | | 145,000 | | | | | 197,000 | | | | | 1,917,000 | | | |||||||||||
| CYP selectively targeted inhibitors program | | | | | 786,000 | | | | | 1,033,000 | | | | | 2,542,000 | | | CYP selectively targeted inhibitors program | | | | | 321,000 | | | | | 457,000 | | | | | 31,000 | | | | | 1,511,000 | | | ||||||||||||
| Relaxin mimetic program | | | | | 523,000 | | | | | 467,000 | | | | | 1,087,000 | | | Relaxin mimetic program | | | | | 375,000 | | | | | 209,000 | | | | | 91,000 | | | | | 657,000 | | | ||||||||||||
| Total direct and indirect research and development expense | | | | $ | 5,850,000 | | | | $ | 6,753,000 | | | | | 37,851,000 | | | Total direct research and development expense | | | | $ | 3,064,000 | | | | $ | 3,576,000 | | | | $ | 445,000 | | | | $ | 23,290,000 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, | | | | | | | | Year Ended December 31, | | | | | ||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | Dollar change | | Percent change | | | | | 2013 | | 2012 | | Dollar change | | Percent change | | ||||||||||||||||||||||||||||||||||||||
| Revenues: | | | | | | | | | | | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | | | (716,629 | ) | | | | | (10 | )% | | | Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | | | (716,629 | ) | | | | | (10 | )% | | | ||||||||||
| Cost of revenues | | | | | 3,173,478 | | | | | 3,673,684 | | | | | (500,206 | ) | | | | | (14 | )% | | | Cost of revenues | | | | | 3,173,478 | | | | | 3,673,684 | | | | | (500,206 | ) | | | | | (14 | )% | | | ||||||||||
| Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | | | (216,423 | ) | | | | | (6 | )% | | | Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | | | (216,423 | ) | | | | | (6 | )% | | | ||||||||||
| Operating expenses: | | Operating expenses: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Research and development | | | | | 196,008 | | | | | — | | | | | | | | | | | | | Research and development | | | | | 196,008 | | | | | — | | | | | | | | | | | | | ||||||||||||||
| General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | | | (433,848 | ) | | | | | (11 | )% | | | General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | | | (433,848 | ) | | | | | (11 | )% | | | ||||||||||
| Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | | | (237,840 | ) | | | | | 6 | % | | | Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | | | (237,840 | ) | | | | | 6 | % | | | ||||||||||
| Loss from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | | | (121,417 | ) | | | | | 29 | % | | | Loss from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | | | (121,417 | ) | | | | | 29 | % | | | ||||||
| Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | | | (7,018 | ) | | | | | (2 | )% | | | Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | | | (7,018 | ) | | | | | (2 | )% | | | ||||||
| Investment income | | | | | 31,375 | | | | | 11,745 | | | | | 19,630 | | | | | 167 | % | | | Investment income | | | | | 31,375 | | | | | 11,745 | | | | | 19,630 | | | | | 167 | % | | | ||||||||||||
| Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | | | (236,080 | ) | | | | | (13 | )% | | | Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | | | (236,080 | ) | | | | | (13 | )% | | | ||||||||||
| Other income | | | | | 757,926 | | | | | 31,450 | | | | | 726,476 | | | | | 2310 | % | | | Other income | | | | | 757,926 | | | | | 31,450 | | | | | 726,476 | | | | | 2310 | % | | | ||||||||||||
| Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | | | | | | | | | | | Total other income (expense) | | | | | 2,130,234 | | | | | 1,613,190 | | | | | | | | | | | | | ||||||||||||||
| Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | | | | | | | | | | | Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | | | | | | | | | | | ||||||||||||||
| Income tax expense | | | | | 452,778 | | | | | 201,858 | | | | | 250,920 | | | | | 124 | % | | | Income tax expense | | | | | 452,778 | | | | | 201,858 | | | | | 250,920 | | | | | 124 | % | | | ||||||||||||
| Net income | | | | | 1,279,656 | | | | | 992,115 | | | | | 279,865 | | | | | 28 | % | | | Net income | | | | | 1,279,656 | | | | | 992,115 | | | | | 279,865 | | | | | 28 | % | | | ||||||||||||
| Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | | | 41,552 | | | | | (5 | )% | | | Less net income attributable to non-controlling interest | | | | | (647,415 | ) | | | | | (684,812 | ) | | | | | 41,552 | | | | | (5 | )% | | | ||||||||
| Net income attributable to Angion Biomedica Corp. | | | | $ | 632,241 | | | | $ | 307,303 | | | | | 321,417 | | | | | 104 | % | | | Net income attributable to Angion Biomedica Corp. | | | | $ | 632,241 | | | | $ | 307,303 | | | | | 321,417 | | | | | 104 | % | | | ||||||||||||
| Earnings per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| Basic net income per share | | | | $ | 10.33 | | | | $ | 5.02 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
| Basic weighted average common shares outstanding | | | | | 61,200 | | | | | 61,200 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | |
| | | | Quarter Ended March 31, | | | | | | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2014 | | | 2013 | | | Dollar change | | | Percent change | | ||||||||||||||||
| Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Grant revenue | | | | $ | 1,081,049 | | | | | $ | 1,692,413 | | | | | | (611,364 | ) | | | | | | (36 | )% | | | ||
| Cost of revenues | | | | | 534,326 | | | | | | 787,757 | | | | | | (253,431 | ) | | | | | | 32 | % | | | ||
| Gross profit | | | | | 546,723 | | | | | | 904,656 | | | | | | (357,933 | ) | | | | | | (40 | )% | | | ||
| Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| General and administrative | | | | | 1,080,236 | | | | | | 885,881 | | | | | | 194,355 | | | | | | 22 | % | | | |||
| Income (loss) from operations | | | | | (533,513 | ) | | | | | | 18,775 | | | | | | (552,288 | ) | | | | | | (2,942 | )% | | | |
| Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Interest expense | | | | | (47,956 | ) | | | | | | (74,657 | ) | | | | | | 26,701 | | | | | | 36 | % | | | |
| Investment income | | | | | 4,974 | | | | | | 15,552 | | | | | | (10,578 | ) | | | | | | (68 | )% | | | ||
| Rental income | | | | | 531,713 | | | | | | 440,615 | | | | | | 91,098 | | | | | | 21 | % | | | |||
| Total other income (expense) | | | | | 488,731 | | | | | | 381,510 | | | | | | | | | | | | | | | ||||
| Income before income taxes | | | | | (44,782 | ) | | | | | | 400,285 | | | | | | | | | | | | | | | |||
| Income tax expense (benefit) | | | | | (107,306 | ) | | | | | | 54,786 | | | | | | (162,092 | ) | | | | | | (296 | )% | | | |
| Net income | | | | | 62,524 | | | | | | 345,499 | | | | | | (283,451 | ) | | | | | | (82 | )% | | | ||
| Less net income attributable to non-controlling interest in Nova Park | | | | | (361,796 | ) | | | | | | (293,679 | ) | | | | | | (68,117 | ) | | | | | | (23 | )% | | |
| Net income (loss) attributable to Angion Biomedica Corp. | | | | $ | (299,272 | ) | | | | | $ | 51,820 | | | | | | (351,092 | ) | | | | | | (678 | )% | | | |
| | | | | | | | | | | | | | |
| | | | Year ended December 31, | | | | | Year ended December 31, | | Quarter ended March 31, | | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013* | | 2012* | | 2014 | | 2013 | | ||||||||||||||||||||||||||||
| Net cash provided by (used in): | | | | | | | | | | | | | | | | | Unaudited | | |||||||||||||||||||||||||||
| Operating activities | | | | $ | 1,892,000 | | | | $ | 1,065,000 | | | Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Investing activities | | | | | (67,000 | ) | | | | | (48,000 | ) | | | Operating activities | | | | $ | 1,892,000 | | | | $ | 1,065,000 | | | | $ | 587,000 | | | | $ | 210,000 | | | ||||||||
| Financing activities | | | | | (1,172,000 | ) | | | | | (429,000 | ) | | | Investing activities | | | | | (67,000 | ) | | | | | (48,000 | ) | | | | | — | | | | | — | | | ||||||
| Net increase (decrease) in cash | | | | $ | 653,000 | | | | $ | 588,000 | | | Financing activities | | | | | (1,172,000 | ) | | | | | (429,000 | ) | | | | | (144,000 | ) | | | | | (279,000 | ) | | | ||||||
| | | | | | Net increase (decrease) in cash | | | | $ | 653,000 | | | | $ | 588,000 | | | | $ | 503,000 | | | | $ | (69,000 | ) | | | |||||||||||||||||
| | | | | | | | | |
| Year ended December 31, | | | Annual rent to NovaPark* | | Annual rent — Office, Fort Lee, NJ | | NovaPark mortgage payable | | Year ended December 31, | | | Annual rent to NovaPark* | | Annual rent — Office, Fort Lee, NJ** | | NovaPark mortgage payable | | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | | | | $ | 891,615 | | | | $ | 30,222 | | | | $ | 122,182 | | | 2014 | | | | $ | 891,615 | | | | $ | 30,222 | | | | $ | 122,182 | | | ||||||||||
| 2015 | | | | | 922,822 | | | | | | | | | | 129,172 | | | 2015 | | | | | 922,822 | | | | | | | | | | 129,172 | | | ||||||||||
| 2016 | | | | | 955,120 | | | | | | | | | | 135,751 | | | 2016 | | | | | 955,120 | | | | | | | | | | 135,751 | | | ||||||||||
| 2017 | | | | | 988,549 | | | | | | | | | | 144,328 | | | 2017 | | | | | 988,549 | | | | | | | | | | 144,328 | | | ||||||||||
| 2018 | | | | | 1,023,149 | | | | | | | | | | 152,585 | | | 2018 | | | | | 1,023,149 | | | | | | | | | | 152,585 | | | ||||||||||
| | | | | | | | | | | | | | |
| Name | | | Age | | | Position(s) | |
---|---|---|---|---|---|---|---|---|
| Executive Officers: | | | | | | | |
| Itzhak D. Goldberg, M.D. | | | 65 | | | President and Chief Executive Officer; Chairman and Director | |
| Andrew P. Savadelis | | | 56 | | | | |
| Weizhong Cai, Ph.D. | | | 55 | | | Vice President, Drug Development | |
| Prakash Narayan, Ph.D. | | | 43 | | | Vice President, Preclinical Research | |
| Michael A. Yamin, Ph.D. | | | 60 | | | Vice President and Director | |
| Robert L. Van Nostrand | | | 57 | | | Director Nominee | |
| Kenneth R. Piña, R.Ph., J.D. | | | 55 | | | Director Nominee | |
| Steven Katz | | | 66 | | | Director Nominee | |
| | | | | |
| Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | All Other Compensation ($)(1) | | | Total ($) | | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Itzhak D. Goldberg, M.D., F.A.C.R. Chief Executive Officer and President | | | | | 2013 | | | | | | 179,700 | | | | | | — | | | | | | — | | | | | | 179,700 | | | |||||
| | | 2012 | | | | | | 182,200 | | | | | | — | | | | | | — | | | | | | 182,200 | | | ||||||||
| Weizhong Cai, Ph.D. Vice President, Drug Development | | | | | 2013 | | | | | | 118,136 | | | | | | — | | | | | | 3,544 | | | | | | 121,680 | | | |||||
| | | 2012 | | | | | | 115,324 | | | | | | 1,200 | | | | | | 3,496 | | | | | | 120,020 | | | ||||||||
| Prakash Narayan, Ph.D. Vice President, Preclinical Research | | | | | 2013 | | | | | | 137,597 | | | | | | — | | | | | | 4,128 | | | | | | 141,725 | | | |||||
| | | 2012 | | | | | | 134,321 | | | | | | 3,200 | | | | | | 4,066 | | | | | | 141,588 | | | ||||||||
| | | | | | | | | | | | | | | | | |
| | | | Option Awards | | | | | Option Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | ||||||||||||||||||||||||||||||||||||||
| Itzhak G. Goldberg, M.D., F.A.C.R. | | | | | — | | | | | — | | | | | — | | | | | — | | | Itzhak G. Goldberg, M.D., F.A.C.R. | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| Weizhong Cai, Ph.D. | | | | | 400 | (1) | | | | | — | | | | $ | 20 | | | | | 11/9/2019 | | | Weizhong Cai, Ph.D. | | | | | 25,607 | (1) | | | | | — | | | | $ | 0.31 | | | | | 11/9/2019 | | | ||||||||||||
| Prakash Narayan, Ph.D. | | | | | 500 | (1) | | | | | — | | | | $ | 20 | | | | | 11/9/2019 | | | Prakash Narayan, Ph.D. | | | | | 32,009 | (1) | | | | | — | | | | $ | 0.31 | | | | | 11/9/2019 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Common Stock Beneficially Owned | | Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Common Stock Beneficially Owned | | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Before Offering | | After Offering | | | Before Offering | | After Offering | | |||||||||||||||||||||||||||||||||||||
| Directors, Director Nominees and Executive Officers(1) Itzhak D. Goldberg(2) | | | | | 60,000 | | | | | 98.04 | % | | | | | | | | Directors, Director Nominees and Executive Officers(1) | | | ||||||||||||||||||||||||
| Weizhong Cai, Ph.D.(3) | | | | | 400 | | | | | * | | | | | * | | | Itzhak D. Goldberg(2) | | | | | 3,841,110 | | | | | 93 | % | | | | | 58 | % | | | ||||||||
| Prakash Narayan, Ph.D.(4) | | | | | 500 | | | | | * | | | | | * | | | Weizhong Cai, Ph.D.(3) | | | | | 25,607 | | | | | * | | | | | * | | | ||||||||||
| Michael A. Yamin, Ph.D. | | | | | — | | | | | * | | | | | * | | | Prakash Narayan, Ph.D.(4) | | | | | 32,009 | | | | | * | | | | | * | | | ||||||||||
| All current executive officers and directors and director nominees as a group (4 persons) | | | | | 60,900 | | | | | 98.07 | % | | | | | | | | Michael A. Yamin, Ph.D. | | | | | — | | | | | * | | | | | * | | | |||||||||
| | | | | | | | | Andrew P. Savadelis | | | | | — | | | | | * | | | | | * | | | ||||||||||||||||||||
| Robert L. Van Nostrand | | | | | — | | | | | * | | | | | * | | | ||||||||||||||||||||||||||||
| Kenneth R. Piña, R.Ph., J.D. | | | | | — | | | | | * | | | | | * | | | ||||||||||||||||||||||||||||
| Steven Katz | | | | | — | | | | | * | | | | | * | | | ||||||||||||||||||||||||||||
| All current executive officers and directors and director nominees as a group (4 persons) | | | | | 3,898,726 | | | | | 94 | % | | | | | 59 | % | | | ||||||||||||||||||||||||||
| | | | | | | | |
| Underwriter | | | Number of Shares | | ||||
---|---|---|---|---|---|---|---|---|---|
| Aegis Capital Corp | | | | | | | ||
| Total | | | | | | | ||
| | | | |
| | | | Per Share | | | Total Without Over-Allotment Option | | | Total With Over-Allotment Option | | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public offering price | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Underwriting discounts and commissions (7%) | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Non-accountable expense allowance (1%)(1) | | | | $ | | | | | $ | | | | | $ | | | ||||||
| Proceeds, before expenses, to us | | | | $ | | | | | $ | | | | | $ | | | ||||||
| | | | | | | | | | |
| | | | As of December 31, | | | | | As of December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| Assets | | | | | | | | | | | | | Assets | | | | | | | | | | | | | ||||||
| Current assets: | | Current assets: | | | |||||||||||||||||||||||||||
| Cash and cash equivalents | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | Cash and cash equivalents | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | ||||||
| Grants receivable | | | | | 485,762 | | | | | 580,378 | | | Grants receivable | | | | | 485,762 | | | | | 580,378 | | | ||||||
| Prepaid expenses | | | | | 75,521 | | | | | 79,357 | | | Prepaid expenses | | | | | 75,521 | | | | | 79,357 | | | ||||||
| Total current assets | | | | | 2,618,533 | | | | | 2,064,228 | | | Total current assets | | | | | 2,618,533 | | | | | 2,064,228 | | | ||||||
| Property and equipment, net of accumulated depreciation | | | | | 6,171,369 | | | | | 6,605,579 | | | Property and equipment, net of accumulated depreciation | | | | | 6,171,369 | | | | | 6,605,579 | | | ||||||
| Due from officer | | | | | 1,624,102 | | | | | 1,625,977 | | | Due from officer | | | | | 1,624,102 | | | | | 1,625,977 | | | ||||||
| Deferred rent from tenants | | | | | 298,273 | | | | | 235,948 | | | Deferred rent from tenants | | | | | 298,273 | | | | | 235,948 | | | ||||||
| Real estate tax escrow | | | | | 182,992 | | | | | 362,334 | | | Real estate tax escrow | | | | | 182,992 | | | | | 362,334 | | | ||||||
| Investments in Ohr Cosmetics LLC | | | | | 50,000 | | | | | — | | | Investments in Ohr Cosmetics LLC | | | | | 50,000 | | | | | — | | | ||||||
| Capitalized financing costs, net of accumulated amortization | | | | | 80,589 | | | | | 89,147 | | | Capitalized financing costs, net of accumulated amortization | | | | | 80,589 | | | | | 89,147 | | | ||||||
| Security deposits from tenants | | | | | 36,990 | | | | | 46,950 | | | Security deposits from tenants | | | | | 36,990 | | | | | 46,950 | | | ||||||
| Total assets | | | | $ | 11,062,848 | | | | $ | 11,030,163 | | | Total assets | | | | $ | 11,062,848 | | | | $ | 11,030,163 | | | ||||||
| Liabilities and stockholders’ and owners’ equity | | | | | | | | | | | | | Liabilities and stockholders’ and owners’ equity | | | | | | | | | | | | | ||||||
| Current liabilities: | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | ||||||
| Accounts payable | | | | $ | 37,622 | | | | $ | 209,516 | | | Accounts payable | | | | $ | 37,622 | | | | $ | 209,516 | | | ||||||
| Current portion of long-term debt | | | | | 122,182 | | | | | 115,582 | | | Current portion of long-term debt | | | | | 122,182 | | | | | 115,582 | | | ||||||
| Accrued expenses | | | | | 621,789 | | | | | 545,829 | | | Accrued expenses | | | | | 621,789 | | | | | 545,829 | | | ||||||
| Accrued income taxes | | | | | 283,324 | | | | | 142,500 | | | Accrued income taxes | | | | | 283,324 | | | | | 142,500 | | | ||||||
| Deferred income taxes, current | | | | | 82,000 | | | | | 91,000 | | | Deferred income taxes, current | | | | | 82,000 | | | | | 91,000 | | | ||||||
| Total current liabilities | | | | | 1,146,917 | | | | | 1,104,427 | | | Total current liabilities | | | | | 1,146,917 | | | | | 1,104,427 | | | ||||||
| Deferred income taxes, long term | | | | | 4,000 | | | | | 113,000 | | | Deferred income taxes, long term | | | | | 4,000 | | | | | 113,000 | | | ||||||
| Long-term debt | | | | | 5,202,353 | | | | | 5,324,535 | | | Long-term debt | | | | | 5,202,353 | | | | | 5,324,535 | | | ||||||
| Security deposits | | | | | 250,000 | | | | | 250,000 | | | Security deposits | | | | | 250,000 | | | | | 250,000 | | | ||||||
| Total liabilities | | | | | 6,603,270 | | | | | 6,791,962 | | | Total liabilities | | | | | 6,603,270 | | | | | 6,791,962 | | | ||||||
| Commitments and contingencies | | | | | | | | | | | | | Commitments and contingencies | | | | | | | | | | | | | ||||||
| Stockholders’ and owners’ equity: | | | | | | | | | | | | | Stockholders’ and owners’ equity: | | | | | | | | | | | | | ||||||
| Common stock, $.01 par value; 100,000 shares authorized in 2013 and 2012; 61,200 shares issued and outstanding in 2013 and 2012 | | | | | 612 | | | | | 612 | | | Common stock, $.01 par value; 100,000 shares authorized in 2013 and 2012; 61,200 shares issued and outstanding in 2013 and 2012 | | | | | 612 | | | | | 612 | | | ||||||
| Additional paid-in capital | | | | | 5,156 | | | | | 5,156 | | | Additional paid-in capital | | | | | 5,156 | | | | | 5,156 | | | ||||||
| Retained earnings | | | | | 2,337,126 | | | | | 1,704,885 | | | Retained earnings | | | | | 2,337,126 | | | | | 1,704,885 | | | ||||||
| Angion Biomedica Corp. stockholders’ equity | | | | | 2,342,894 | | | | | 1,710,653 | | | Angion Biomedica Corp. stockholders’ equity | | | | | 2,342,894 | | | | | 1,710,653 | | | ||||||
| Non-controlling interest in NovaPark LLC | | | | | 2,116,684 | | | | | 2,527,548 | | | Non-controlling interest in NovaPark LLC | | | | | 2,116,684 | | | | | 2,527,548 | | | ||||||
| Total stockholders’ and owners’ equity | | | | | 4,459,578 | | | | | 4,238,201 | | | Total stockholders’ and owners’ equity | | | | | 4,459,578 | | | | | 4,238,201 | | | ||||||
| Total liabilities and stockholders’ and owners’ equity | | | | $ | 11,062,848 | | | | $ | 11,030,163 | | | Total liabilities and stockholders’ and owners’ equity | | | | $ | 11,062,848 | | | | $ | 11,030,163 | | | ||||||
| | | | | | | | | | | | |
| | | | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| Revenues: | | | | | | | | | | | | | Revenues: | | | | | | | | | | | | | ||||||
| Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | Grant revenue | | | | $ | 6,581,072 | | | | $ | 7,297,701 | | | ||||||
| Cost of grant revenues – direct research costs | | | | | 3,173,478 | | | | | 3,673,684 | | | Cost of grant revenues – direct research costs | | | | | 3,173,478 | | | ��� | | | 3,673,684 | | | |||||
| Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | Gross profit | | | | | 3,407,594 | | | | | 3,624,017 | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Operating expenses: | | Operating expenses: | | | |||||||||||||||||||||||||||
| Research and development – non-Federally funded | | | | | 196,008 | | | | | — | | | Research and development – non-Federally funded | | | | | 196,008 | | | | | — | | | ||||||
| General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | General and administrative | | | | | 3,609,386 | | | | | 4,043,234 | | | ||||||
| Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | Total operating expenses | | | | | 3,805,394 | | | | | 4,043,234 | | | ||||||
| Loss from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | Loss from operations | | | | | (397,800 | ) | | | | | (419,217 | ) | | | ||
| Other income (expense): | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | | | | ||||||
| Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | Interest expense | | | | | (300,432 | ) | | | | | (307,450 | ) | | | ||
| Investment income | | | | | 31,375 | | | | | 11,745 | | | Investment income | | | | | 31,375 | | | | | 11,745 | | | ||||||
| Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | Rental income | | | | | 1,641,365 | | | | | 1,877,445 | | | ||||||
| Other income | | | | | 757,926 | | | | | 31,450 | | | Other income | | | | | 757,926 | | | | | 31,450 | | | ||||||
| Total other income | | | | | 2,130,234 | | | | | 1,613,190 | | | Total other income | | | | | 2,130,234 | | | | | 1,613,190 | | | ||||||
| Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | Income before income taxes | | | | | 1,732,434 | | | | | 1,193,973 | | | ||||||
| Income tax expense | | | | | 452,778 | | | | | 201,858 | | | Income tax expense | | | | | 452,778 | | | | | 201,858 | | | ||||||
| Net income | | | | | 1,279,656 | | | | | 992,115 | | | Net income | | | | | 1,279,656 | | | | | 992,115 | | | ||||||
| Less: net income attributable to non-controlling interest in NovaPark | | | | | (647,415 | ) | | | | | (684,812 | ) | | | Less: net income attributable to non-controlling interest in NovaPark | | | | | (647,415 | ) | | | | | (684,812 | ) | | | ||
| Net income attributable to Angion Biomedica Corp. | | | | $ | 632,241 | | | | $ | 307,303 | | | Net income attributable to Angion Biomedica Corp. | | | | $ | 632,241 | | | | $ | 307,303 | | | ||||||
| Basic and diluted net income per share | | | | $ | 10.33 | | | | $ | 5.02 | | | Basic and diluted net income per share | | | | $ | 10.33 | | | | $ | 5.02 | | | ||||||
| Basic and diluted weighted average common shares outstanding | | | | | 61,200 | | | | | 61,200 | | | Basic and diluted weighted average common shares outstanding | | | | | 61,200 | | | | | 61,200 | | | ||||||
| | | | | | | | | | | | |
| | | | Common Stock | | | Additional Paid In Capital | | | Retained Earnings | | | Angion Biomedica Corp. Share of Stockholders’ Equity | | | Non-Controlling Interest | | | Total | | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Shares | | | Par Value | | |||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2011 | | | | | 61,200 | | | | | $ | 612 | | | | | $ | 5,016 | | | | | $ | 1,397,582 | | | | | $ | 1,403,210 | | | | | $ | 780,506 | | | | | $ | 2,183,716 | | | |||||||
| Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 140 | | | | | | — | | | | | | 140 | | | | | | — | | | | | | 140 | | | |||||||
| Transfer of equity interest | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,374,232 | | | | | | 1,374,232 | | | |||||||
| Distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (312,002 | ) | | | | | | (312,002 | ) | | | |||||
| Net income | | | | | — | | | | | | — | | | | | | — | | | | | | 307,303 | | | | | | 307,303 | | | | | | 684,812 | | | | | | 992,115 | | | |||||||
| Balance, December 31, 2012 | | | | | 61,200 | | | | | | 612 | | | | | | 5,156 | | | | | | 1,704,885 | | | | | | 1,710,653 | | | | | | 2,527,548 | | | | | | 4,238,201 | | | |||||||
| Distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,058,279 | ) | | | | | | (1,058,279 | ) | | | |||||
| Net income | | | | | — | | | | | | — | | | | | | — | | | | | | 632,241 | | | | | | 632,241 | | | | | | 647,415 | | | | | | 1,279,656 | | | |||||||
| Balance, December 31, 2013 | | | | | 61,200 | | | | | $ | 612 | | | | | $ | 5,156 | | | | | $ | 2,337,126 | | | | | $ | 2,342,894 | | | | | $ | 2,116,684 | | | | | $ | 4,459,578 | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2013 | | 2012 | | | | | 2013 | | 2012 | | ||||||||||||||||||
| Operating activities: | | | | | | | | | | | | | Operating activities: | | | | | | | | | | | | | ||||||
| Net income | | | | $ | 1,279,656 | | | | $ | 992,115 | | | Net income | | | | $ | 1,279,656 | | | | $ | 992,115 | | | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | ||||||
| Depreciation | | | | | 451,786 | | | | | 454,658 | | | Depreciation | | | | | 451,786 | | | | | 454,658 | | | ||||||
| Amortization | | | | | 8,558 | | | | | 8,558 | | | Amortization | | | | | 8,558 | | | | | 8,558 | | | ||||||
| Deferred rent | | | | | (62,325 | ) | | | | | (103,306 | ) | | | Deferred rent | | | | | (62,325 | ) | | | | | (103,306 | ) | | | ||
| Stock-based compensation | | | | | — | | | | | 140 | | | Stock-based compensation | | | | | — | | | | | 140 | | | ||||||
| Deferred income taxes | | | | | (118,000 | ) | | | | | (212,000 | ) | | | Deferred income taxes | | | | | (118,000 | ) | | | | | (212,000 | ) | | | ||
| Change in operating assets and liabilities: | | Change in operating assets and liabilities: | | | |||||||||||||||||||||||||||
| Grants receivable | | | | | 94,616 | | | | | 224,915 | | | Grants receivable | | | | | 94,616 | | | | | 224,915 | | | ||||||
| Prepaid expenses | | | | | 3,836 | | | | | (36,863 | ) | | | Prepaid expenses | | | | | 3,836 | | | | | (36,863 | ) | | | ||||
| Real estate tax escrow | | | | | 179,342 | | | | | 274,553 | | | Real estate tax escrow | | | | | 179,342 | | | | | 274,553 | | | ||||||
| Security deposits from tenants | | | | | 9,960 | | | | | — | | | Security deposits from tenants | | | | | 9,960 | | | | | — | | | ||||||
| Accounts payable | | | | | (171,894 | ) | | | | | 103,496 | | | Accounts payable | | | | | (171,894 | ) | | | | | 103,496 | | | ||||
| Accrued expenses | | | | | 75,959 | | | | | (485,777 | ) | | | Accrued expenses | | | | | 75,959 | | | | | (485,777 | ) | | | ||||
| Accrued income taxes | | | | | 140,824 | | | | | (155,300 | ) | | | Accrued income taxes | | | | | 140,824 | | | | | (155,300 | ) | | | ||||
| Total adjustments | | | | | 612,662 | | | | | 73,074 | | | Total adjustments | | | | | 612,662 | | | | | 73,074 | | | ||||||
| Net cash provided by operating activities | | | | | 1,892,318 | | | | | 1,065,189 | | | Net cash provided by operating activities | | | | | 1,892,318 | | | | | 1,065,189 | | | ||||||
| Investing activities: | | | | | | | | | | | | | Investing activities: | | | | | | | | | | | | | ||||||
| Investment in Ohr Cosmetics LLC | | | | | (50,000 | ) | | | | | — | | | Investment in Ohr Cosmetics LLC | | | | | (50,000 | ) | | | | | — | | | ||||
| Purchases of property and equipment | | | | | (17,575 | ) | | | | | (47,734 | ) | | | Purchases of property and equipment | | | | | (17,575 | ) | | | | | (47,734 | ) | | | ||
| Net cash used in investing activities | | | | | (67,575 | ) | | | | | (47,734 | ) | | | Net cash used in investing activities | | | | | (67,575 | ) | | | | | (47,734 | ) | | | ||
| Financing activities: | | | | | | | | | | | | | Financing activities: | | | | | | | | | | | | | ||||||
| Due from officer | | | | | 1,875 | | | | | (8,716 | ) | | | Due from officer | | | | | 1,875 | | | | | (8,716 | ) | | | ||||
| Payments on long term debt | | | | | (115,582 | ) | | | | | (108,509 | ) | | | Payments on long term debt | | | | | (115,582 | ) | | | | | (108,509 | ) | | | ||
| Distributions | | | | | (1,058,279 | ) | | | | | (312,002 | ) | | | Distributions | | | | | (1,058,279 | ) | | | | | (312,002 | ) | | | ||
| Net cash used in financing activities | | | | | (1,171,986 | ) | | | | | (429,227 | ) | | | Net cash used in financing activities | | | | | (1,171,986 | ) | | | | | (429,227 | ) | | | ||
| Net increase in cash and cash equivalents | | | | | 652,757 | | | | | 588,228 | | | Net increase in cash and cash equivalents | | | | | 652,757 | | | | | 588,228 | | | ||||||
| Cash and cash equivalents at beginning of year | | | | | 1,404,493 | | | | | 816,265 | | | Cash and cash equivalents at beginning of year | | | | | 1,404,493 | | | | | 816,265 | | | ||||||
| Cash and cash equivalents at end of year | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | Cash and cash equivalents at end of year | | | | $ | 2,057,250 | | | | $ | 1,404,493 | | | ||||||
| Supplemental disclosure of cash paid: | | | | | | | | | | | | | Supplemental disclosure of cash paid: | | | | | | | | | | | | | ||||||
| Income taxes | | | | $ | 425,689 | | | | $ | 568,259 | | | Income taxes | | | | $ | 425,689 | | | | $ | 568,259 | | | ||||||
| Interest | | | | | 300,432 | | | | | 307,450 | | | Interest | | | | | 300,432 | | | | | 307,450 | | | ||||||
| Supplemental disclosure of non cash transaction: | | | | | | | | | | | | | Supplemental disclosure of non cash transaction: | | | | | | | | | | | | | ||||||
| Exchange of 54% interest in NovaPark LLC for note due from officer | | | | $ | — | | | | $ | 1,595,707 | | | Exchange of 54% interest in NovaPark LLC for note due from officer | | | | $ | — | | | | $ | 1,595,707 | | | ||||||
| | | | | | | | | | | | |
| | | | For the Year Ended December 31, 2013 | | | For the Year Ended December 31, 2012 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Net Income attributable to Angion | | | Shares | | | EPS | | | Net Income attributable to Angion | | | Shares | | | EPS | | ||||||||||||||||||||||||
| Basic & Diluted EPS | | | | $ | 632,241 | | | | | | 61,200 | | | | | $ | 10.33 | | | | | $ | 307,303 | | | | | | 61,200 | | | | | $ | 5.02 | | | ||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Method | | | Estimated Useful Life | |
---|---|---|---|---|---|---|---|---|
| Furniture and fixtures | | | Double declining balance or straight line | | | 5 – 7 years | |
| Leasehold improvements | | | Straight-line | | | Term of lease or estimated useful life whichever is less | |
| Equipment | | | Double declining balance or straight line | | | 3 – 7 years | |
| Building | | | Straight-line | | | 39 years | |
| | | | | |
| | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Furniture and fixtures | | | | $ | 28,339 | | | | | $ | 28,339 | | | ||
| Leasehold improvements | | | | | 2,356,625 | | | | | | 2,339,050 | | | ||
| Equipment | | | | | 240,946 | | | | | | 240,946 | | | ||
| Building | | | | | 4,914,507 | | | | | | 4,914,507 | | | ||
| | | | | | 7,540,417 | | | | | | 7,522,842 | | | ||
| Less: Accumulated depreciation | | | | | (1,369,048 | ) | | | | | | (917,263 | ) | | |
| Net fixed assets | | | | $ | 6,171,369 | | | | | $ | 6,605,579 | | | ||
| | | | | | | |
| | | | 2013 | | | 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accrued direct materials | | | | $ | 142,218 | | | | | $ | 12,670 | | | ||
| Accrued direct subcontractors | | | | | 308,806 | | | | | | 407,400 | | | ||
| Accrued direct consultants | | | | | 6,095 | | | | | | 13,287 | | | ||
| Accrued other direct costs | | | | | 9,026 | | | | | | 1,573 | | | ||
| Accrued vacation | | | | | 57,150 | | | | | | 36,542 | | | ||
| Accrued lab expenses & supplies | | | | | 11,263 | | | | | | — | | | ||
| Accrued office expenses | | | | | 10,822 | | | | | | — | | | ||
| Accrued licenses and permits | | | | | — | | | | | | 5,000 | | | ||
| Accrued taxes | | | | | — | | | | | | 7,337 | | | ||
| Accrued management fees – rental | | | | | 24,035 | | | | | | 24,349 | | | ||
| Accrued rent | | | | | 6,099 | | | | | | — | | | ||
| Accrued insurance | | | | | 19,492 | | | | | | — | | | ||
| Accrued professional fees | | | | | 26,783 | | | | | | 37,671 | | | ||
| | | | | $ | 621,789 | | | | | $ | 545,829 | | | ||
| | | | | | | |
| Year Ending | | | | |||||
---|---|---|---|---|---|---|---|---|---|
| December 31, 2014 | | | | $ | 122,182 | | | |
| December 31, 2015 | | | | | 129,172 | | | |
| December 31, 2016 | | | | | 135,751 | | | |
| December 31, 2017 | | | | | 144,328 | | | |
| December 31, 2018 | | | | | 152,585 | | | |
| Thereafter | | | | | 4,640,517 | | | |
| | | | | $ | 5,324,535 | | | |
| | | | |
| | | | December 31, 2013 | | December 31, 2012 | | | | | December 31, 2013 | | December 31, 2012 | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred tax (asset): | | Deferred tax (asset): | | | |||||||||||||||||||||||||||
| Accrued vacation | | | | $ | (24,000 | ) | | | | $ | (15,000 | ) | | | Accrued vacation | | | | $ | (24,000 | ) | | | | $ | (15,000 | ) | | | ||
| Deferred tax liabilities: | | | | | | | | | | | | | Deferred tax liabilities: | | | | | | | | | | | | | ||||||
| IRC Section 481 adjustment | | | | | 106,000 | | | | | 212,000 | | | IRC Section 481 adjustment | | | | | 106,000 | | | | | 212,000 | | | ||||||
| Depreciable assets | | | | | 4,000 | | | | | 7,000 | | | Depreciable assets | | | | | 4,000 | | | | | 7,000 | | | ||||||
| Net deferred tax liability | | | | $ | 86,000 | | | | $ | 204,000 | | | Net deferred tax liability | | | | $ | 86,000 | | | | $ | 204,000 | | | ||||||
| | | | | | | | | | |
| | | | For the Year Ended December 31, 2013 | | | For the Year Ended December 31, 2012 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current: | | | | | | | | | | | | | | ||
| Federal | | | | $ | 450,000 | | | | | $ | 344,060 | | | ||
| State | | | | | 120,778 | | | | | | 69,798 | | | ||
| Deferred: | | | | | | | | | | | | | | ||
| Federal | | | | | (70,000 | ) | | | | | | (128,000 | ) | | |
| State | | | | | (48,000 | ) | | | | | | (84,000 | ) | | |
| Total tax expense | | | | $ | 452,778 | | | | | $ | 201,858 | | | ||
| | | | | | | |
| Exercise Price | | | December 31, 2013 | | | Remaining Contractual Life | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $20.00 | | | | | 3,775 | | | | | | 5.75 | | | ||
| | | | | | | |
| Year Ended December 31, 2013 | | | Biotechnology | | | Rental Real Estate | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grant Revenue | | | | $ | 6,581,072 | | | | | $ | — | | | ||
| Rental income | | | | | — | | | | | | 2,393,952 | (A) | | | |
| Cost of grant revenues – direct research costs | | | | | (3,173,478 | ) | | | | | | — | | | |
| Research and development costs – non-Federally funded | | | | | (196,008 | ) | | | | | | — | | | |
| General and administrative less depreciation and amortization | | | | | (2,977,596 | )(A) | | | | | | (932,591 | ) | | |
| Depreciation and amortization | | | | | (8,613 | ) | | | | | | (443,173 | ) | | |
| Interest expense | | | | | — | | | | | | (300,432 | ) | | | |
| Other income | | | | | 787,707 | | | | | | 1,594 | | | ||
| Net income before provision for income taxes | | | | $ | 1,013,084 | | | | | $ | 719,350 | | | ||
| Total assets(B) | | | | $ | 3,384,296 | | | | | $ | 8,158,284 | | | ||
| Capital expenditures | | | | | — | | | | | | 17,575 | | | ||
| | | | | | | | |
| Year Ended December 31, 2012 | | | Biotechnology | | | Rental Real Estate | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grant Revenue | | | | $ | 7,297,701 | | | | | $ | — | | | ||
| Rental income | | | | | — | | | | | | 2,789,571 | (C) | | | |
| Cost of grant revenues – direct research costs | | | | | (3,673,684 | ) | | | | | | — | | | |
| General and administrative less depreciation and amortization | | | | | (3,186,018 | )(C) | | | | | | (1,314,684 | ) | | |
| Depreciation and amortization | | | | | (14,081 | ) | | | | | | (440,577 | ) | | |
| Interest expense | | | | | — | | | | | | (307,450 | ) | | | |
| Other income | | | | | 9,153 | | | | | | 34,042 | | | ||
| Net income before provision for income taxes | | | | $ | 433,071 | | | | | $ | 760,902 | | | ||
| Total assets(D) | | | | $ | 2,887,947 | | | | | $ | 8,611,962 | | | ||
| Capital expenditures | | | | | — | | | | | | 47,734 | | | ||
| | | | | | | | |
| | | | March 31, 2014 | | | December 31, 2013 * | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | (unaudited) | | | | |||||||||
| Assets | | | | | | | | | | | | | | ||
| Current assets: | | | | | | | | | | | | | | ||
| Cash and cash equivalents | | | | $ | 2,500,564 | | | | | $ | 2,057,250 | | | ||
| Grants receivable | | | | | — | | | | | | 485,762 | | | ||
| Real estate tax escrow | | | | | 176,743 | | | | | | 182,992 | | | ||
| Other current assets | | | | | 94,211 | | | | | | 75,521 | | | ||
| Total current assets | | | | | 2,771,518 | | | | | | 2,801,525 | | | ||
| Property and equipment, net of accumulated depreciation | | | | | 6,059,033 | | | | | | 6,171,369 | | | ||
| Due from officer | | | | | 1,628,857 | | | | | | 1,624,102 | | | ||
| Deferred rent from tenants | | | | | 309,525 | | | | | | 298,273 | | | ||
| Deferred issuance costs | | | | | 110,000 | | | | | | — | | | ||
| Investment in Ohr Cosmetics LLC | | | | | 50,000 | | | | | | 50,000 | | | ||
| Capitalized financing costs, net of accumulated amortization | | | | | 78,449 | | | | | | 80,589 | | | ||
| Security deposits from tenants | | | | | 36,990 | | | | | | 36,990 | | | ||
| Total assets | | | | $ | 11,044,372 | | | | | $ | 11,062,848 | | | ||
| Liabilities and stockholders’ and owners’ equity | | | | | | | | | | | | | | ||
| Current liabilities: | | | | | | | | | | | | | | ||
| Current portion of long-term debt | | | | $ | 123,295 | | | | | $ | 122,182 | | | ||
| Accounts payable | | | | | 274,547 | | | | | | 37,622 | | | ||
| Accrued expenses | | | | | 510,560 | | | | | | 621,789 | | | ||
| Accrued income taxes | | | | | 207,000 | | | | | | 283,324 | | | ||
| Deferred income taxes, current | | | | | 52,000 | | | | | | 82,000 | | | ||
| Total current liabilities | | | | | 1,167,402 | | | | | | 1,146,917 | | | ||
| Deferred income taxes, long term | | | | | 3,000 | | | | | | 4,000 | | | ||
| Long-term debt | | | | | 5,179,868 | | | | | | 5,202,353 | | | ||
| Security deposits | | | | | 250,000 | | | | | | 250,000 | | | ||
| Total liabilities | | | | | 6,600,270 | | | | | | 6,603,270 | | | ||
| Commitments and contingencies | | | | | | | | | | | | | | ||
| Stockholders’ and owners’ equity: | | | | | | | | | | | | | | ||
| Common stock, $.01 par value; 100,000 shares authorized in 2014 and 2013; 61,200 shares issued and outstanding in 2014 and 2013 | | | | | 612 | | | | | | 612 | | | ||
| Additional paid-in capital | | | | | 5,156 | | | | | | 5,156 | | | ||
| Retained earnings | | | | | 2,037,854 | | | | | | 2,337,126 | | | ||
| Angion Biomedica Corp stockholders’ equity | | | | | 2,043,622 | | | | | | 2,342,894 | | | ||
| Non-controlling interest in NovaPark LLC | | | | | 2,400,480 | | | | | | 2,116,684 | | | ||
| Total stockholders’ and owners’ equity | | | | | 4,444,102 | | | | | | 4,459,578 | | | ||
| Total liabilities and stockholders’ and owners’ equity | | | | $ | 11,044,372 | | | | | $ | 11,062,848 | | | ||
| | | | | | | | |
| | | | For the three months ended March 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2014 | | | 2013 | | ||||||||
| | | | (unaudited) | | | | |||||||||
| Revenues: | | | | | | | | | | | | | | ||
| Grant revenue | | | | $ | 1,081,049 | | | | | $ | 1,692,413 | | | ||
| Cost of revenues – direct research costs | | | | | 534,326 | | | | | | 787,757 | | | ||
| Gross profit | | | | | 546,723 | | | | | | 904,656 | | | ||
| Operating expenses: | | | | | | | | | | | | | | ||
| General and administrative | | | | | 1,080,236 | | | | | | 885,881 | | | ||
| Income (loss) from operations | | | | | (533,513 | ) | | | | | | 18,775 | | | |
| Other income (expense): | | | | | | | | | | | | | | ||
| Interest expense | | | | | (47,956 | ) | | | | | | (74,657 | ) | | |
| Investment income | | | | | 4,974 | | | | | | 15,552 | | | ||
| Rental income | | | | | 531,713 | | | | | | 440,615 | | | ||
| Total other income | | | | | 488,731 | | | | | | 381,510 | | | ||
| Income (loss) before income taxes | | | | | (44,782 | ) | | | | | | 400,285 | | | |
| Income tax (benefit) expense | | | | | (107,306 | ) | | | | | | 54,786 | | | |
| Net income | | | | | 62,524 | | | | | | 345,499 | | | ||
| Less net income attributable to non-controlling interest in NovaPark | | | | | (361,796 | ) | | | | | | (293,679 | ) | | |
| Net (loss) income attributable to Angion Biomedica Corp. | | | | $ | (299,272 | ) | | | | | $ | 51,820 | | | |
| Basic and diluted net (loss) income per share | | | | $ | (4.89 | ) | | | | | $ | 0.85 | | | |
| Basic and diluted weighted average common shares outstanding | | | | | 61,200 | | | | | | 61,200 | | | ||
| | | | | | | | |
| | | | For the three months ended March 31, | | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | 2014 | | | 2013 | | ||||||||
| | | | (unaudited) | | | | |||||||||
| Operating activities: | | | | | | | | | | | | | | ||
| Net income | | | | $ | 62,524 | | | | | $ | 345,499 | | | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | ||
| Depreciation | | | | | 112,336 | | | | | | 112,946 | | | ||
| Amortization | | | | | 2,140 | | | | | | 2,140 | | | ||
| Deferred income tax benefit | | | | | (31,000 | ) | | | | | | (2,000 | ) | | |
| Change in operating assets and liabilities: | | | | | | | | | | | | | | ||
| Grant receivable | | | | | 485,762 | | | | | | 28,319 | | | ||
| Real estate tax escrow | | | | | 6,249 | | | | | | (45,912 | ) | | | |
| Other current assets | | | | | (18,690 | ) | | | | | | (9,461 | ) | | |
| Deferred issuance costs | | | | | (70,000 | ) | | | | | | — | | | |
| Deferred rent from tenants | | | | | (11,252 | ) | | | | | | (21,643 | ) | | |
| Security deposits from tenants | | | | | — | | | | | | 9,960 | | | ||
| Accounts payable | | | | | 236,925 | | | | | | (75,168 | ) | | | |
| Accrued expenses | | | | | (111,229 | ) | | | | | | 4,878 | | | |
| Accrued income taxes | | | | | (76,324 | ) | | | | | | (139,714 | ) | | |
| Total adjustments | | | | | 524,917 | | | | | | (135,655 | ) | | | |
| Net cash provided by operating activities | | | | | 587,441 | | | | | | 209,844 | | | ||
| Financing activities: | | | | | | | | | | | | | | ||
| Due from officer | | | | | (4,755 | ) | | | | | | 21,270 | | | |
| Deferred issuance costs | | | | | (40,000 | ) | | | | | | — | | | |
| Payments on long term debt | | | | | (21,372 | ) | | | | | | (29,333 | ) | | |
| Distributions | | | | | (78,000 | ) | | | | | | (270,630 | ) | | |
| Net cash used in financing activities | | | | | (144,127 | ) | | | | | | (278,693 | ) | | |
| Net increase (decrease) in cash and cash equivalents | | | | | 443,314 | | | | | | (68,849 | ) | | | |
| Cash and cash equivalents at beginning of period | | | | | 2,057,250 | | | | | | 1,404,493 | | | ||
| Cash and cash equivalents at end of period | | | | $ | 2,500,564 | | | | | $ | 1,335,644 | | | ||
| Supplemental information: | | | | | | | | | | | | | | ||
| Cash paid for federal and state income taxes | | | | $ | — | | | | | $ | 196,500 | | | ||
| Cash paid for interest | | | | $ | 47,956 | | | | | $ | 74,657 | | | ||
| Supplemental disclosure of noncash transactions: | | | | | | | | | | | | | | ||
| Deferred issuance costs included in accrued expenses | | | | $ | 70,000 | | | | | $ | — | | | ||
| | | | | | | | |
| | | | For the Three Months Ended March 31, 2014 | | | For the Three Months Ended March 31, 2013 | | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | Net Loss attributable to Angion | | | Shares | | | EPS | | | Net Income attributable to Angion | | | Shares | | | EPS | | ||||||||||||||||||||||||
| Basic & Diluted EPS | | | | $ | (299,272 | ) | | | | | | 61,200 | | | | | $ | (4.89 | ) | | | | | $ | 51,820 | | | | | | 61,200 | | | | | $ | 0.85 | | | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | Method | | | Estimated Useful Life | |
---|---|---|---|---|---|---|---|---|
| Furniture and fixtures | | | Double declining balance or straight line | | | 5 – 7 years | |
| Leasehold improvements | | | Straight-line | | | Term of lease or estimated useful life whichever is less | |
| Equipment | | | Double declining balance or straight line | | | 3 – 7 years | |
| Building | | | Straight-line | | | 39 years | |
| | | | | |
| | | | March 31, 2014 | | | December 31, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Furniture and fixtures | | | | $ | 28,339 | | | | | $ | 28,339 | | | ||
| Leasehold improvements | | | | | 2,356,625 | | | | | | 2,356,625 | | | ||
| Equipment | | | | | 240,946 | | | | | | 240,946 | | | ||
| Building | | | | | 4,914,507 | | | | | | 4,914,507 | | | ||
| | | | | | 7,540,417 | | | | | | 7,540,417 | | | ||
| Less: Accumulated depreciation | | | | | (1,481,384 | ) | | | | | | (1,369,048 | ) | | |
| Net fixed assets | | | | $ | 6,059,033 | | | | | $ | 6,171,369 | | | ||
| | | | | | | |
| | | | March 31, 2014 | | | December 31, 2013 | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accrued direct materials | | | | $ | — | | | | | $ | 142,218 | | | ||
| Accrued direct subcontractors | | | | | 128,053 | | | | | | 308,806 | | | ||
| Accrued direct consultants | | | | | 18,566 | | | | | | 6,095 | | | ||
| Accrued other direct costs | | | | | 12,792 | | | | | | 9,026 | | | ||
| Accrued vacation | | | | | 67,769 | | | | | | 57,150 | | | ||
| Accrued lab expenses & supplies | | | | | 3,288 | | | | | | 11,263 | | | ||
| Accrued office expenses | | | | | 15,207 | | | | | | 10,822 | | | ||
| Accrued utilities | | | | | 20,222 | | | | | | — | | | ||
| Accrued management fees – rental | | | | | 21,736 | | | | | | 24,035 | | | ||
| Accrued rent | | | | | 6,099 | | | | | | 6,099 | | | ||
| Accrued insurance | | | | | — | | | | | | 19,492 | | | ||
| Accrued professional fees | | | | | 216,828 | | | | | | 26,782 | | | ||
| | | | | $ | 510,560 | | | | | $ | 621,789 | | | ||
| | | | | | | |
| Year Ending | | | | |||||
---|---|---|---|---|---|---|---|---|---|
| March 31, 2015 | | | | $ | 123,295 | | | |
| March 31, 2016 | | | | | 129,565 | | | |
| March 31, 2017 | | | | | 137,751 | | | |
| March 31, 2018 | | | | | 145,632 | | | |
| March 31, 2019 | | | | | 153,964 | | | |
| Thereafter | | | | | 4,612,956 | | | |
| | | | | $ | 5,303,163 | | | |
| | | | |
| Exercise Price | | | March 31, 2014 | | | Remaining Contractual Life | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $20.00 | | | | | 3,625 | | | | | | 5.75 | | | ||
| | | | | | | |
| Three Months Ended March 31, 2014 | | | Biotechnology | | | Rental Real Estate | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grant Revenue | | | | $ | 1,081,049 | | | | | $ | — | | | ||
| Rental income | | | | | — | | | | | | 748,969 | (A) | | | |
| Cost of grant revenues – direct research costs | | | | | (534,326 | ) | | | | | | — | | | |
| Research and development costs – non-Federally funded | | | | | (3,896 | ) | | | | | | — | | | |
| General and administrative less depreciation and amortization | | | | | (953,291 | )(A) | | | | | | (225,829 | ) | | |
| Depreciation and amortization | | | | | (924 | ) | | | | | | (113,552 | ) | | |
| Interest expense | | | | | — | | | | | | (47,956 | ) | | | |
| Other income | | | | | 4,810 | | | | | | 164 | | | ||
| Net income (loss) before provision for income taxes | | | | $ | (406,578 | ) | | | | | $ | 361,796 | | | |
| Total assets(B) | | | | $ | 3,071,585 | | | | | $ | 8,503,695 | | | ||
| Capital expenditures | | | | | — | | | | | | — | | | ||
| | | | | | | | |
| Three Months Ended March 31, 2013 | | | Biotechnology | | | Rental Real Estate | | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grant Revenue | | | | $ | 1,692,413 | | | | | $ | — | | | ||
| Rental income | | | | | — | | | | | | 631,539 | (C) | | | |
| Cost of grant revenues – direct research costs | | | | | (787,757 | ) | | | | | | — | | | |
| Research and development costs – non-Federally funded | | | | | (9,025 | ) | | | | | | — | | | |
| General and administrative less depreciation and amortization | | | | | (801,896 | )(C) | | | | | | (150,798 | ) | | |
| Depreciation and amortization | | | | | (2,153 | ) | | | | | | (112,933 | ) | | |
| Interest expense | | | | | — | | | | | | (74,657 | ) | | | |
| Other income | | | | | 15,024 | | | | | | 528 | | | ||
| Net income before provision for income taxes | | | | $ | 106,606 | | | | | $ | 293,679 | | | ||
| Total assets as of December 31, 2013(D) | | | | $ | 3,384,296 | | | | | $ | 8,158,284 | | | ||
| Capital expenditures as of March 31, 2013 | | | | | — | | | | | | — | | | ||
| | | | | | | | |
| SEC registration fee | | | | $ | 4,600 | | | SEC registration fee | | | | $ | 4,600 | | | ||
| FINRA filing fee | | | | | * | | | FINRA filing fee | | | | $ | 5,900 | | | ||
| NASDAQ Capital Market initial listing fee | | | | | * | | | NASDAQ Capital Market initial listing fee | | | | $ | 5,000 | | | ||
| Blue sky qualification fees and expenses | | | | | * | | | Blue sky qualification fees and expenses | | | | $ | 20,000 | | | ||
| Printing and engraving expenses | | | | | * | | | Printing and engraving expenses | | | | $ | 50,000 | | | ||
| Legal fees and expenses | | | | $ | 400,000 | | | Legal fees and expenses | | | | $ | 425,000 | | | ||
| Accounting fees and expenses | | | | | * | | | Accounting fees and expenses | | | | $ | 90,000 | | | ||
| Transfer agent and registrar fees | | | | | * | | | Transfer agent and registrar fees | | | | $ | 5,000 | | | ||
| Miscellaneous | | | | | * | | | Miscellaneous | | | | $ | 94,500 | | | ||
| Total | | | | | * | | | Total | | | | $ | 700,000 | | | ||
| | | | | | |
| Signature | | | Title | | | Date | |
---|---|---|---|---|---|---|---|---|
| /s/ Itzhak D. Goldberg | | | President & Chief Executive Officer (Principal Executive Officer) and Director | | | | |
| /s/ Andrew P. Savadelis Andrew P. Savadelis, M.B.A. | | | Chief Financial Officer (Principal Financial Officer) | | | May 23, 2014 | |
| /s/ Michael A. Yamin | | | Director | | | | |
| | | | | |
| Exhibit No | | | Description | |
---|---|---|---|---|---|
| 1.1 | | | Form of Underwriting Agreement. | |
| 3.1† | | | Restated Certificate of Incorporation of the Registrant (as currently in effect). | |
| 3.2† | | | Bylaws of the Registrant (as currently in effect). | |
| 3.3† | | | Form of Restated Certificate of Incorporation of the Registrant (to be effective upon completion of the offering). | |
| 3.4† | | | Form of Amended and Restated Bylaws of the Registrant (to be effective upon completion of the offering). | |
| 4.1† | | | Form of Common Stock Certificate. | |
| 4.2 | | | Form of Representative’s Warrant. | |
| 4.3† | | | Amended Restated and Consolidated Unsecured Promissory Note dated January 1, 2012, from Itzhak D. Goldberg to the Registrant. | |
| 5.1* | | | Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., counsel to the Registrant, with respect to the legality of securities being registered. | |
| 10.1†+ | | | 2002 Stock Option Plan of the Registrant. | |
| 10.2†+ | | | Form of Stock Option Agreement granted under the 2002 Stock Option Plan of the Registrant. | |
| 10.3†+ | | | Form of 2014 Equity Incentive Plan of the Registrant. | |
| 10.4†+ | | | Form of Stock Option Grant Notice under the 2014 Equity Incentive Plan of the Registrant. | |
| 10.5+ | | | Non-Employee Director Compensation Policy, to be effective upon the consummation of the offering. | |
| | | |||
Form of Agreement between the Registrant and Members of the Registrant’s Scientific Advisory Board. | | ||||
| 10.7†+ | | | Employment, Confidential Information and Invention Assignment Agreement by and between the Registrant and Dr. Itzhak D. Goldberg, dated January 1, 2005. | |
| | | Employment, Confidential Information and Invention Assignment Agreement by and between the Registrant and Weizhong Cai, dated June 19, 2003. | | |
| | | Employment, Confidential Information and Invention Assignment Agreement by and between the Registrant and Prakash Narayan, dated April 24, 2002. | | |
| 10.10†+ | | | Employment, Confidential Information and Invention Assignment Agreement by and between the Registrant and Michael A. Yamin, dated November 1, 2005. | |
| | | Lease Agreement by and between the Registrant and NovaPark LLC, as amended, dated June 29, 2011. | | |
| | | Lease Agreement by and between the Registrant and 400 Kelby Associates, dated October 29, 2002. | | |
| | | License Agreement by and between the Registrant and Ohr Cosmetics, LLC, dated November 15, 2013. | | |
| 10.14† | | | Consulting Agreement by and between the Registrant and Rina S. Kurz, as amended on January 1, 2009. | |
| 10.15†# | | | Grant dated July 31, 2013, from the National Institutes of Health to the Company relating to the pilot clinical study in renal transplantation. | |
| 10.16†# | | | Grant dated March 28, 2012, from the National Institutes of Health to the Company relating to the unique clinical Study on DGF using paired kidneys. | |
| 10.17†# | | | Grant dated August 16, 2012, from the National Institutes of Health to the Company relating to the treatment for alcoholic liver disease. | |
| 10.18†# | | | Grant dated April 4, 2012, from the National Institutes of Health to the Company relating to an innovative cardioprotective. | |
| | | |
| Exhibit No | | | Description | |
---|---|---|---|---|---|
| 10.19†# | | | Grant dated April 23, 2013, from the National Institutes of Health to the Company relating to anti-fibrotic therapy for scleroderma/ SSC. | |
| 10.20†# | | | Grant dated August 1, 2013, from the National Institutes of Health to the Company relating to anti-fibrotic therapy for chronic kidney disease. | |
| 10.21†# | | | Grant dated July 31, 2012, from the National Institutes of Health to the Company relating to novel neuroprotective/ restorative therapy for ischemic stroke. | |
| 10.22†# | | | Grant dated August 19, 2013, from the National Institutes of Health to the Company relating to a novel therapeutic for liver fibrosis. | |
| 10.23†# | | | Grant dated June 18, 2013, from the National Institutes of Health to the Company relating to aldosterone synthase inhibitor for CKD. | |
| 10.24†# | | | Grant dated September 26, 2013, from the National Institutes of Health to the Company relating to LPA1 antagonist for alcoholic liver disease. | |
| 10.25†# | | | Grant dated December 11, 2013, from the National Science Foundation to the Company relating to SBIR phase I: a novel extended delivery dual-action platform for peptide-based anti-fibrotics. | |
| | | Agreement dated April 14, 2014 by and among the Company, Itzhak D. Goldberg and NovaPark, LLC regarding property owned by NovaPark, LLC. | | |
| 10.27 | | Form of Lock-Up Agreement by and between the Registrant and each of its directors, executive officers and initial stockholders. | | |
| 10.28 | | | Executive Employment Agreement, by and between the Registrant and Dr. Itzhak D. Goldberg, dated | |
| 10.29+ | | | Executive Employment Agreement, by and between the Registrant and Andrew P. Savadelis, dated May 1, 2014. | |
| 10.30+ | | | Form of Indemnification Agreement by and between the Registrant and each of its directors and executive officers. | |
| 23.1 | | | Consent of EisnerAmper LLP, independent registered public accounting firm. | |
| 23.2* | | | Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in Exhibit 5.1). | |
| 24.1 | | | Power of Attorney (included on signature page hereto). | |
| 99.1 | | | Consent of Robert L. Van Nostrand to | |
| 99.2 | | | Consent of Kenneth R. Piña to be named as a director nominee. | |
| 99.3 | | | Consent of Steven Katz to be named as a director nominee. | |
| | | |