SEC Info - Organovo Holdings, Inc. - ‘10-Q’ for 6/30/13

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Organovo Holdings, Inc. – ‘10-Q’ for 6/30/13 – ‘XML.R12’

On: Friday, 8/9/13, at 5:20pm ET · For: 6/30/13 · Accession #: 1193125-13-329393 · File #: 1-35996

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/09/13  Organovo Holdings, Inc.           10-Q        6/30/13   79:9.3M                                   Donnelley … Solutions/FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

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77: R1          Document and Entity Information                     HTML     42K 
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44: R3          Condensed Consolidated Balance Sheets               HTML     34K 
                (Parenthetical)                                                  
14: R4          Condensed Consolidated Statements of Operations     HTML     75K 
                (Unaudited)                                                      
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                Equity (Deficit) (Unaudited)                                     
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                (Unaudited)                                                      
65: R7          Condensed Consolidated Statements of Cash Flows     HTML     45K 
                (Unaudited) (Parenthetical)                                      
29: R8          Change in Fiscal Year End                           HTML     25K 
34: R9          Description of Business and Summary of Significant  HTML     94K 
                Accounting Policies                                              
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31: R11         Stockholders' Equity                                HTML     96K 
64: R12         Commitments and Contingencies                       HTML     44K 
59: R13         Concentrations                                      HTML     28K 
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                Accounting Policies (Policies)                                   
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                Accounting Policies (Details)                                    
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27: R25         Stockholders' Equity (Details)                      HTML     34K 
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35: R28         Stockholders' Equity (Details 3)                    HTML     50K 
55: R29         Stockholders' Equity (Details 4)                    HTML     27K 
61: R30         Stockholders' Equity (Details Textual)              HTML    273K 
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33: XML.R2      Condensed Consolidated Balance Sheets                XML    279K 
54: XML.R3      Condensed Consolidated Balance Sheets                XML     89K 
                (Parenthetical)                                                  
42: XML.R4      Condensed Consolidated Statements of Operations      XML    294K 
                (Unaudited)                                                      
39: XML.R5      Condensed Consolidated Statements of Stockholders'   XML   1.71M 
                Equity (Deficit) (Unaudited)                                     
12: XML.R6      Condensed Consolidated Statements of Cash Flows      XML    504K 
                (Unaudited)                                                      
49: XML.R7      Condensed Consolidated Statements of Cash Flows      XML    142K 
                (Unaudited) (Parenthetical)                                      
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25: XML.R9      Description of Business and Summary of Significant   XML    102K 
                Accounting Policies                                              
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30: XML.R11     Stockholders' Equity                                 XML    115K 
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75: XML.R15     Description of Business and Summary of Significant   XML    266K 
                Accounting Policies (Policies)                                   
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                Accounting Policies (Tables)                                     
50: XML.R17     Derivative Liability (Tables)                        XML     53K 
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                Accounting Policies (Details 1)                                  
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20: XML.R25     Stockholders' Equity (Details)                       XML    101K 
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5. Commitments and Contingencies Operating leases The Company leases office and laboratory space under a non-cancelable operating lease which was entered into in February 2012 with the future minimum lease payments from the current lease included below. The Company records rent expense on a straight-line basis over the life of the lease and records the excess of expense over the amounts paid as deferred rent. Deferred rent is included in accrued expenses in the condensed consolidated balance sheets. Rent expense was approximately $105,000 and $52,000 for the three months ended June 30, 2013 and 2012, respectively, and $860,700 for the period from April 19, 2007 (inception) through June 30, 2013. The Company entered into a new facilities lease at 6275 Nancy Ridge Drive, San Diego, CA 92121. The lease was signed on February 27, 2012 with occupancy as of July 15, 2012. The base rent under the lease is approximately $38,800 per month with 3% annual escalators. The lease term is 48 months with an option for the Company to extend the lease at the end of the lease term. Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2013, are as follows (in thousands): <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center">  <tr> <td width="89%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr bgcolor="#cceeff"> <td valign="top"> Fiscal year ended March 31, 2014 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 362</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Fiscal year ended March 31, 2015 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">493</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Fiscal year ended March 31, 2016 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">506</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr> <td valign="top"> Fiscal year ended March 31, 2017 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">170</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> Fiscal year ended March 31, 2018 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">— </td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> </tr> <tr> <td valign="top"> Total </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,531</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px"> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> </tr>  </table> Legal Matters In addition to commitments and obligations in the ordinary course of business, the Company is subject to various claims and pending and potential legal actions arising out of the normal conduct of our business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. An estimated loss contingency is accrued in its financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. The amount of ultimate loss may differ from these estimates. It is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on the Company’s business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the monetary significance of any such losses, damages or remedies may have on our consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. Spencer Trask Matter. On June 28, 2013, the Company filed a lawsuit for declaratory relief in the Supreme Court for the State of New York (case # 652305/2013) against Spencer Trask Ventures, Inc. (“STV”) in connection with a Warrant Solicitation Agency Agreement (the “WSAA”) that the Company entered into with STV in February 2013. In this action, the Company is seeking a declaration that the WSAA remains a valid and enforceable agreement. Over the course of several weeks in February 2013, Organovo and STV, through their respective attorneys, negotiated the WSAA pursuant to which the Company engaged STV as the Company’s warrant solicitation agent in connection with the Company’s efforts to solicit the exercise of outstanding Organovo warrants during the first quarter of 2013. STV’s President signed the WSAA on behalf of STV, and the Company’s CEO executed the agreement on behalf of Organovo. Spencer Trask provided services to the Company pursuant to the WSAA, and the Company has paid STV for those services. The Company’s dispute with Spencer Trask arose in March 2013 after the Company approached Spencer Trask about exercising their outstanding warrants to help the Company qualify for up listing its common stock on the NYSE MKT. Previously, Spencer Trask had not asserted any claims for additional compensation as a result of the warrant tender offer the Company completed in December 2012. In March 2013, the Company received two demand letters from STV, and a demand for arbitration notice in June 2013. In the first demand letter, STV alleges that it is entitled to compensation (including a cash fee and warrants to purchase common stock) as a result of the warrant tender offer the Company completed in December 2012 and as a result of the notice of warrant redemption the Company completed in March 2013. In the second letter, STV alleges it is entitled to damages because the Company allegedly violated confidentiality provisions in the Placement Agency Agreement (the “PAA”) the Company had previously entered into with STV in December 2012 in connection with the private placement financings the Company completed in February and March 2012 (the “Private Placements”), by contacting the warrant holders who participated in the warrant tender offer. In response, on June 28, 2013, the Company filed a lawsuit for declaratory relief in the Supreme Court for the State of New York against STV. The Company’s tender offer was made to warrant holders of record relating to warrants already owned by them and whose identity was public information via a Registration Statement on Form S-1 the Company was required to file to register the resale of the shares underlying their warrants. For these and other reasons, including applicability of the WSAA, the Company believes STV is not entitled to compensation under the PAA and there was no violation of confidentiality. The Company received notice on August 5, 2013 that STV had filed its arbitration demand with the arbitrator. The Company believes that the assertions made against it by STV are without merit and the Company intends to continue to vigorously defend against the claims made by STV, including any arbitration matter filed by STV. The Company has not established a loss contingency accrual for these claims because any potential liability is not probable or estimable. Nonetheless, an unfavorable resolution of these claims could have a material adverse effect on the Company’s business, liquidity or financial condition in the reporting period in which such resolution occurs. Other Legal Matters. In addition to the matter described above, the Company is subject to normal and routine litigation in the ordinary course of business. We have not accrued any loss contingencies for such matters. We intend to defend ourselves in any such matters and do not currently believe that the outcome of such matters will have a material adverse effect on our business, liquidity or financial position.

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Filing Submission 0001193125-13-329393 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Organovo Holdings, Inc. – ‘10-Q’ for 6/30/13 – ‘XML.R12’

On: Friday, 8/9/13, at 5:20pm ET · For: 6/30/13 · Accession #: 1193125-13-329393 · File #: 1-35996

Previous ‘10-Q’: ‘10-Q’ on 11/14/12 for 9/30/12 · Next: ‘10-Q’ on 11/8/13 for 9/30/13 · Latest: ‘10-Q’ on 2/8/24 for 12/31/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘XML.R12’ — Commitments and Contingencies

This Financial Report is an XBRL XML File.

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents