AYTU 8-K
Aytu Biopharma, Inc (AYTU)
8-K
2020-10-06
For: 2020-10-06
View Original
Added on
April 10, 2026
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported):
October
6, 2020
AYTU
BIOSCIENCE, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-38247
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47-0883144
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(State or other
jurisdiction of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.)
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373 Inverness Parkway, Suite 206
Englewood, CO 80112
(Address
of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area code: (720) 437-6580
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the
Act:
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Title
of each class
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Trading
Symbol(s)
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Name
of each exchange
on
which registered
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Common
Stock, par value $0.0001 per share
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AYTU
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The
NASDAQ Stock Market LLC
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Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
October 6, 2020, the Company issued a press release announcing the
Company’s financial results for the three- and twelve months
ended June 30, 2020. A copy of the press release is attached as
Exhibit 99.1 and incorporated herein by reference.
In
accordance with General Instruction B.2 of Form 8-K, the
information in the press release attached as Exhibit 99.1 hereto
shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), nor shall such information be deemed
incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit
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Description
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Press release dated October 6, 2020
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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AYTU BIOSCIENCE,
INC.
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Date: October 6,
2020
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By:
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/s/ Joshua R.
Disbrow
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Joshua R.
Disbrow
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Chief Executive
Officer
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Exhibit 99.1
Aytu
BioScience Announces Fiscal Q4 2020 Net Revenue of $14.9 Million,
an Increase of 82% Sequentially, and 766%
Year-Over-Year
Company’s highest revenue quarter to date is more than 2X its
entire fiscal 2019 revenue
ENGLEWOOD, CO / ACCESSWIRE / October 6, 2020 / Aytu
BioScience, Inc. (NASDAQ: AYTU), a specialty pharmaceutical company
(the "Company") focused on commercializing novel products that
address significant patient needs today reported financial results
for its fiscal fourth quarter 2020, for the three month period
ending June 30, 2020.
Fourth Quarter Fiscal 2020 Financial Highlights
●
Q4 Net Revenue
increased 82% sequentially, and 766% year-over-year to $14.9
million
●
Highest revenue
quarter to date is more than 2X entire fiscal 2019
revenue
●
Q4 Consumer Health
Net Revenue was $6.9 million, compared to $3.5 in Q3
●
Q4 Rx Net Revenue
was $7.9 million, compared to $4.7 in Q3
●
Q4 net loss of
($3.1) million and Q4 Adjusted EBITDA of ($1.7)
million
●
Cash, cash
equivalents and restricted cash of $48.3 million on June 30, 2020,
after fully extinguishing the $15 million Deerfield balloon payment
obligation.
Commenting on the
fourth quarter of fiscal 2020, Josh Disbrow, Chief Executive
Officer of Aytu BioScience, stated “Revenue increased
exponentially in Q4 2020, to $14.9 million, compared to $1.7
million for Q4 2019. It is important to note that this was the
first full quarter of revenue from the combined Aytu and Innovus
businesses, along with the Cerecor assets. Turning to the bottom
line, adjusted EBITDA loss was reduced to just $1.7 million for Q4
2020, compared to a $3.7 million adjusted EBITDA loss for Q4 2019.
On the balance sheet, with approximately $48.3 million in cash,
cash equivalents and restricted cash after paying $15 million to
fully extinguish the Deerfield balloon payment previously due
January 2021, we have less than $1 million of debt, and at current
spending levels, we believe we have sufficient runway to reach
profitability.”
Mr.
Disbrow continued, “Taking a closer look at the top line,
both of our revenue streams, from the Consumer Health and Rx
segments, performed well. On the Consumer Health side, we generated
$6.9 million in revenue, an increase compared to Q3. Contributing
to those results was organic growth within our core Consumer Health
product lines of diabetes care, sexual wellness and bladder health.
Additionally, we strengthened our e-commerce business for Consumer
Health. Furthermore, our newly launched Consumer Health product,
Regoxidine®, an over-the-counter foam formulation of minoxidil
for hair regrowth, is on track to contribute revenue in excess of
seven figures in its first 12-months from
launch.”
Mr.
Disbrow added, “On the Rx side, revenue was $7.9 million, a
significant increase compared to Q3. Contributing to Rx revenue was
solid contribution from the pediatric franchise. Additional value
was created with Natesto® gaining preferred status on Express
Scripts’ national formulary and the Natesto spermatogenesis
study results published in the Journal of Urology, both of which we
expect to drive prescription growth in the coming quarters. Organic
Rx growth was fueled by a relatively balanced contribution across
our key products and improved sales execution. Despite the impact
COVID has had on physician office access, Q4 represented a record
revenue quarter for our Rx business and significant growth over the
previous quarters. This is a strong statement about our field
execution and clinical value of our products, and I’m pleased
to see our call levels now picking back up to near normal in the
current quarter to further drive prescription
growth.”
Mr.
Disbrow concluded, "At $14.9 million in record quarterly revenue,
with a narrowed Adjusted EBITDA loss, $48.3 million of cash, cash
equivalents and restricted cash on the balance sheet, the addition
of the Healight opportunity for COVID-19 and future potential
non-COVID-19 applications, and our addition to the Russell 2000, we
have strong momentum to grow shareholder value in fiscal 2021 and
onward."
Conference Call Information
The
company will host a live conference call at 4:30 p.m. ET today. The
conference call can be accessed by dialing either:
877-407-9124
(toll-free)
201-689-8584
(international)
The
webcast will be accessible live at https://www.webcaster4.com/Webcast/Page/2142/37506
and archived on Aytu BioScience's website, within the Investors
section under Events & Presentations, at aytubio.com, for 90
days.
A
replay of the call will be available for fourteen days. Access the
replay by calling 1-877-481-4010 (toll-free) or 919-882-2331
(international) and using the replay access code 37506
About Aytu BioScience, Inc.
Aytu
BioScience is a commercial-stage specialty pharmaceutical company
focused on commercializing novel products that address significant
patient needs. The company currently markets a portfolio of
prescription products addressing large primary care and pediatric
markets. The primary care portfolio includes (i) Natesto®, the
only FDA-approved nasal formulation of testosterone for men with
hypogonadism (low testosterone, or "Low T"), (ii) ZolpiMist®,
the only FDA-approved oral spray prescription sleep aid, and (iii)
Tuzistra® XR, the only FDA-approved 12-hour codeine-based
antitussive syrup. The recently acquired Pediatric Portfolio
includes (i) Cefaclor, a second-generation cephalosporin antibiotic
suspension; (ii) Karbinal® ER, an extended-release
carbinoxamine (antihistamine) suspension indicated to treat
numerous allergic conditions; and (iii) Poly-Vi-Flor® and
Tri-Vi-Flor®, two complementary prescription fluoride-based
supplement product lines containing combinations of fluoride and
vitamins in various for infants and children with fluoride
deficiency. Aytu also distributes a COVID-19 IgG/IgM rapid test.
This antibody test is a solid phase immunochromatographic assay
used in the rapid, qualitative and differential detection of IgG
and IgM antibodies to the 2019 Novel Coronavirus in human whole
blood, serum or plasma. Aytu has also licensed the Healight™
Platform Technology. Healight is a pre-clinical investigational
device being studied as a potential treatment for COVID-19 in
severely ill, intubated patients and potentially other respiratory
illnesses.
Aytu
also operates a consumer health subsidiary, Innovus
Pharmaceuticals, Inc. ("Innovus"), a specialty pharmaceutical
company licensing, developing, and commercializing safe and
effective consumer healthcare products designed to improve health
and vitality. Innovus commercializes over twenty consumer health
products competing in large healthcare categories including
diabetes, men's health, sexual wellness and respiratory health. The
Innovus product portfolio is commercialized through
direct-to-consumer marketing channels utilizing the company's
proprietary Beyond Human® marketing and sales
platform.
Aytu's
strategy is to continue building its portfolio of
revenue-generating Rx and consumer health products, leveraging its
focused commercial team and expertise to build leading brands
within large therapeutic markets. For more information visit
aytubio.com and visit innovuspharma.com to learn about the
company's consumer healthcare products.
Forward-Looking Statement
This
press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, or the
Exchange Act. All statements other than statements of historical
facts contained in this presentation, are forward-looking
statements. Forward-looking statements are generally written in the
future tense and/or are preceded by words such as ''may,''
''will,'' ''should,'' ''forecast,'' ''could,'' ''expect,''
''suggest,'' ''believe,'' ''estimate,'' ''continue,''
''anticipate,'' ''intend,'' ''plan,'' or similar words, or the
negatives of such terms or other variations on such terms or
comparable terminology. These statements are just predictions and
are subject to risks and uncertainties that could cause the actual
events or results to differ materially. These risks and
uncertainties include, among others: market and other conditions,
our ability to successfully commercialize Healight Platform
Technology, our ability to obtain FDA approval for the Healight
Platform Technology, the effectiveness of the Healight Platform
Technology in treating patients with COVID-19 or other illnesses,
our ability to adequately protect the intellectual property
associated with the Healight Platform Technology, regulatory
delays, the reliability of the Healight Platform Technology in
killing viruses and bacteria, market acceptance of UV based medical
devices, the regulatory and commercial risks associated with
introducing the COVID-19 rapid tests, any delays in shipment that
may impact our ability to distribute the COVID-19 rapid tests, any
reputational harm we may incur if there are delays in receiving the
shipment of the COVID-19 rapid tests, our ability to enforce the
exclusivity provisions of the distribution agreements, the
reliability of serological testing in detecting COVID-19, shipping
delays and their impact on our ability to introduce the COVID-19
rapid tests, the ability of the COVID-19 rapid tests to accurately
and reliably test for COVID-19, the manufacturers of the COVID-19
rapid tests' ability to manufacture such testing kits on a high
volume scale, manufacturing problems or delays related to the
COVID-19 rapid tests, our ability to satisfy any labelling
conditions or other FDA or other regulatory conditions to sell the
COVID-19 rapid test kits, the demand or lack thereof for the
COVID-19 rapid test kits, our ability to obtain additional COVID-19
rapid tests to meet demand, our ability to secure additional tests
if the manufacturers of the COVID-19 rapid tests are unable to meet
demand, the effects of the business combination of Aytu and the
Pediatric Portfolio and the recently completed merger ("Merger")
with Innovus Pharmaceuticals, including the combined company's
future financial condition, results of operations, strategy and
plans, the ability of the combined company to realize anticipated
synergies in the timeframe expected or at all, changes in capital
markets and the ability of the combined company to finance
operations in the manner expected, the diversion of management time
on Merger-related issues and integration of the Pediatric
Portfolio, the ultimate timing, outcome and results of integrating
the operations the Pediatric Portfolio and Innovus with Aytu's
existing operations, risks relating to gaining market acceptance of
our products, obtaining or maintaining reimbursement by third-party
payors for our prescription products, the potential future
commercialization.
Contact for Media and Investors:
James
Carbonara
Hayden
IR
(646)
755-7412
Non-GAAP Financial Information
This press release contains a financial measure that does not
comply with U.S. generally accepted accounting principles (GAAP),
Non-GAAP Adjusted EBITDA. Non-GAAP Adjusted EBITDA excludes (i)
amortization, (ii) depreciation, (iii) stock-based compensation,
(iv) other expenses comprising net interest expense, (v) non-cash
gains and/or losses recognized in the quarter or year due to
changes in the fair value of certain of Aytu’s financial
liabilities, such as contingent consideration, derivative warrant
liability, or certain exchanges of debt, (vi) bad debt expense,
(vii) impairment of certain long-lived assets; (viii) one-time
transaction costs and (ix) costs associated with the
Company’s Healight technology. Management believes these
measures are useful to supplement its GAAP financial statements
with this non-GAAP information because management uses such
information internally for its operating, budgeting and financial
planning purposes. In addition, Aytu believes these non-GAAP
financial measures are useful to investors because they allow for
greater transparency into the indicators used by management as a
basis for its financial and operational decision making. Non-GAAP
information is not prepared under a comprehensive set of accounting
rules and therefore, should only be read in conjunction with
financial information reported under U.S. GAAP when understanding
Aytu’s operating performance. A reconciliation between GAAP
and non-GAAP financial information is provided in the financial
statement tables below.
AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
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(Unaudited)
Three Months
Ended June 30,
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Year Ended
June 30,
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2020
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2019
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2020
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2019
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Revenues
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Product
revenue, net
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$14,860,845
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$1,715,745
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$27,632,080
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$7,314,581
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License
revenue, net
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-
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-
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-
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5,776
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Total product
revenue
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14,860,845
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1,715,745
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27,632,080
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7,320,357
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Operating
expenses
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Cost
of sales
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4,572,606
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649,091
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7,553,031
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2,202,041
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Research and
development
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1,498,222
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175,264
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1,721,419
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589,072
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Selling,
general and administrative
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13,638,360
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4,896,267
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34,802,432
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18,887,783
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Selling,
general and administrative - related party
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-
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-
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-
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351,843
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Impairment
of intangible assets
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195,278
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-
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195,278
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-
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Amortization
of intangible assets
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1,590,913
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575,118
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4,490,466
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2,136,255
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Total
operating expenses
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21,495,379
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6,295,740
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48,762,626
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24,166,994
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Loss from
operations
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(6,634,534)
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(4,579,995)
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(21,130,546)
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(16,846,637)
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Other
(expense) income
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Other
(expense), net
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(1,425,281)
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(136,667)
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(2,606,487)
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(535,500)
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(Loss) / gain
from change in fair value of contingent consideration
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5,230,446
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(9,830,550)
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10,430,252
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(9,830,550)
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(Loss) on
extinguishment of debt
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(315,728)
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-
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(315,728)
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-
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Gain from
warrant derivative liability
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-
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15,311
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1,830
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80,779
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Total other
(expense) income
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3,489,437
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(9,951,906)
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7,509,867
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(10,285,271)
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Net
loss
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$(3,145,097)
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$(14,531,901)
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$(13,620,679)
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$(27,131,908)
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Weighted
average number of shares outstanding of common shares
outstanding
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113,354,250
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13,908,932
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45,192,010
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7,794,489
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Basic and
diluted net loss per common share
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$(0.03)
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$(1.04)
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$(0.30)
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$(3.48)
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AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
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June 30,
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2020
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2019
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Assets
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Current
assets
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Cash and cash
equivalents
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$48,081,715
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$11,044,227
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Restricted
cash
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251,592
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250,000
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Accounts
receivable, net
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5,175,924
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1,740,787
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Inventory,
net
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9,999,441
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1,440,069
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Prepaid expenses
and other
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5,715,089
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957,781
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Other current
assets
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5,742,011
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-
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Total current
assets
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74,965,772
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15,432,864
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Fixed assets,
net
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258,516
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203,733
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Right-of-use
asset
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634,093
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-
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Licensed assets,
net
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16,586,847
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18,861,983
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Patents and
tradenames, net
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11,081,048
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220,611
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Product technology
rights, net
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21,186,666
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-
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Deposits
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32,981
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2,200
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Goodwill
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28,090,407
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-
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Total long-term
assets
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77,870,558
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19,288,527
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Total
assets
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$152,836,330
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$34,721,391
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AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Consolidated Balance Sheets, Cont'd
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Liabilities
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June
30,
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Current
liabilities
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2020
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2019
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Accounts payable
and other
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$11,824,560
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$2,133,522
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Accrued
liabilities
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7,849,855
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1,311,488
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Accrued
compensation
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3,117,177
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849,498
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Debt
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982,076
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-
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Contract
liability
|
339,336
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-
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Current lease
liability
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300,426
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-
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Current portion of
fixed payment arrangements
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2,340,166
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-
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Current portion of
CVR liabilities
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839,734
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-
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Current portion of
contingent consideration
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713,251
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1,078,068
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Total current
liabilities
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28,306,581
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5,372,576
|
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Long-term
contingent consideration, net of current portion
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12,874,351
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22,247,796
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Long-term lease
liability, net of current portion
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725,374
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-
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Long-term fixed
payment arrangements, net of current portion
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11,171,491
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-
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Long-term CVR
liabilities, net of current portion
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4,731,866
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-
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Warrant derivative
liability
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11,371
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13,201
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Total
liabilities
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57,821,034
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27,633,573
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Commitments
and contingencies
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Stockholders'
equity
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Preferred Stock,
par value $.0001; 50,000,000 shares authorized; shares issued and
outstanding 3,594,981, respectively as of June 30, 2020 and
2019
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—
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359
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Common Stock, par
value $.0001; 200,000,000 shares authorized; shares issued and
outstanding 125,837,357 and 17,538,071, respectively as of June 30,
2020 and 2019
|
12,584
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1,754
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Additional paid-in
capital
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215,012,891
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113,475,205
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Accumulated
deficit
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(120,010,179)
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(106,389,500)
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Total stockholders'
equity
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95,015,296
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7,087,818
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Total liabilities
and stockholders' equity
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$152,836,330
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$34,721,391
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AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
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Year Ended June
30,
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Operating
Activities
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2020
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2019
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Net
loss
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$(13,620,679)
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$(27,131,908)
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Adjustments to
reconcile net loss to cash used in operating
activities:
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Depreciation,
amortization and accretion
|
6,245,827
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2,727,067
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Impairment of
intangible assets
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195,278
|
-
|
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Stock-based
compensation expense
|
1,079,311
|
1,022,202
|
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Loss / (gain) from
change in fair value of contingent consideration
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(5,291,629)
|
9,830,550
|
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Derecognition of
contingent consideration
|
(5,199,806)
|
-
|
|
Gain on the change
in fair value of CVR payout
|
(267,130)
|
-
|
|
Changes in
allowance for bad debt
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404,549
|
-
|
|
Loss / (gain) from
change in fair value of CVR
|
352,782
|
-
|
|
Loss / (gain) from
note conversion
|
315,728
|
-
|
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Loss / (gain) from
settlement payment
|
(24,469)
|
-
|
|
Issuance of common
stock to employee
|
48,083
|
11,690
|
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Derivative
income
|
(1,830)
|
(80,779)
|
|
Changes in
operating assets and liabilities:
|
|
|
|
(Increase) in
accounts receivable
|
(3,560,860)
|
(1,162,005)
|
|
(Increase) in
inventory
|
(6,950,624)
|
(101,096)
|
|
(Increase) in
prepaid expenses and other
|
(2,315,881)
|
(517,772)
|
|
(Increase) in other
current assets
|
(3,749,846)
|
-
|
|
(Decrease) /
increase in accounts payable and other
|
(1,376,521)
|
134,775
|
|
Increase in accrued
liabilities
|
4,330,856
|
961,858
|
|
Increase in accrued
compensation
|
1,124,624
|
308,824
|
|
(Decrease) in
contract liabilities
|
(111,650)
|
-
|
|
Increase in
interest payable - related party
|
-
|
166,667
|
|
(Decrease) in
deferred rent
|
-
|
(1,450)
|
|
Net cash used in
operating activities
|
(28,373,887)
|
(13,831,377)
|
|
|
|
|
|
Investing
Activities
|
|
|
|
Deposit
|
6,000
|
2,888
|
|
Purchases of fixed
assets
|
-
|
(59,848)
|
|
Contingent
consideration payment
|
(202,688)
|
(505,025)
|
|
Cash received from
acquisition
|
390,916
|
-
|
|
Purchase of
assets
|
(5,850,000)
|
(500,000)
|
|
Net cash used in
investing activities
|
$(5,655,772)
|
$(1,061,985)
|
AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Cont’d
|
|
Year Ended June
30,
|
|
|
Financing
Activities
|
2020
|
2019
|
|
Issuance of
preferred, common stock and warrants
|
$65,729,900
|
$15,180,000
|
|
Issuance costs
related to preferred, common stock and warrants
|
(5,404,151)
|
(1,479,964)
|
|
Warrant
exercises
|
26,991,841
|
375,026
|
|
Payments made to
borrowings
|
(19,436,779)
|
-
|
|
Proceeds from
borrowings
|
2,547,928
|
-
|
|
Issuance of note
payable
|
640,000
|
-
|
|
Issuance of debt -
related party
|
-
|
5,000,000
|
|
Net cash provided
by financing activities
|
71,068,739
|
19,075,062
|
|
|
|
|
|
Net change in cash,
restricted cash and cash equivalents
|
37,039,080
|
4,181,700
|
|
Cash, restricted
cash and cash equivalents at beginning of period
|
11,294,227
|
7,112,527
|
|
Cash, restricted
cash and cash equivalents at end of period
|
$48,333,307
|
$11,294,227
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash and non-cash investing and financing
transactions
|
|
|
|
Warrants issued to
investors and underwriters
|
$-
|
$1,888,652
|
|
Contingent
consideration included in accounts payable
|
16,014
|
42,821
|
|
Contingent
consideration related to product acquisition
|
-
|
8,833,219
|
|
Issuance of
preferred stock related to purchase of assets
|
-
|
519,600
|
|
Conversion of debt
to equity
|
-
|
5,166,667
|
|
Cash paid for
interest
|
1,040,276
|
-
|
|
Fair value of
right-to-use asset and related lease liability
|
334,895
|
-
|
|
Issuance of Series
G preferred stock due to acquisition of the Pediatric Portfolio of
therapeutics
|
5,559,941
|
-
|
|
Issuance of Series
H preferred stock due to acquisition of the Innovus
|
12,805,263
|
-
|
|
Fixed payment
arrangements included in accounts payable
|
894,900
|
-
|
|
Exchange of
convertible preferred stock into common stock
|
2,540
|
-
|
|
Reclass of par from
APIC to Common Stock for issuance of stock for equity classified
instruments
|
1,488
|
-
|
|
Issuance cost
related to S-3
|
1,531,190
|
-
|
|
Issuance of common
stock for settlement
|
125,531
|
-
|
|
Issuance of common
stock for note conversion
|
2,578,864
|
-
|
|
Issuance of common
stock to consultants
|
231,000
|
-
|
|
CVR payout for
calendar year 2019
|
$2,000,000
|
$-
|
AYTU BIOSCIENCE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Financial
Information
(Unaudited)
|
|
Three Months Ended June 30, 2020
|
Year Ended June 30,
|
||
|
|
2020
|
2019
|
2020
|
2019
|
|
Adjusted
EBITDA Reconciliation
|
|
|
|
|
|
Net
Loss
|
$(3,145,097)
|
$(14,531,901)
|
$(13,620,679)
|
$(27,131,908)
|
|
Amortization
expense
|
1,590,913
|
575,118
|
4,490,466
|
2,136,255
|
|
Depreciation
expense
|
33,529
|
15,443
|
89,824
|
74,798
|
|
Other expense,
net
|
1,425,281
|
136,667
|
2,606,487
|
535,500
|
|
Stock-based
compensation
|
536,567
|
299,360
|
1,127,394
|
1,022,200
|
|
(Gain)/Loss on
change in fair value of contingent consideration
|
(5,230,446)
|
9,830,550
|
(10,430,252)
|
9,830,550
|
|
Gain/loss on
extinguishment of debt
|
315,728
|
-
|
315,728
|
-
|
|
(Gain)/Loss on
change in fair value of derivative warrant liability
|
-
|
(15,311)
|
(1,830)
|
(80,779)
|
|
Bad debt
expense
|
408,365
|
-
|
408,457
|
-
|
|
Impairment of
intangible assets
|
195,278
|
-
|
245,278
|
-
|
|
Healight
development costs
|
1,309,080
|
-
|
1,309,080
|
-
|
|
Acquisition
transaction costs
|
814,033
|
-
|
2,333,174
|
-
|
|
Adjusted
EBITDA
|
$(1,746,769)
|
$(3,690,074)
|
$(11,126,873)
|
$(13,613,384)
|