Financial statements from Q397 10Q:
Fairly clean balance sheet with about 18 million in cash and not much
in the way of other assets. No substantial debt. Losses are
starting to increase in the expected exponential way with a net loss
for first 3Q's of 97 of around 7 million vs. 2 million the previous
year, and they have barely started a test market! The real expenses
have not started, much more capital will be needed. Serious
investors will require a better support for their claims to jump in.
Enamelon, Inc.
(A development stage company)
Balance Sheet
September 30,
1997
----------------
(unaudited)
AssetsCurrent:
Cash and cash equivalents ............................. $ 17,101,189
Accounts receivable ................................... 201,095
Inventory ............................................. 857,925
Prepaid expenses and other assets ..................... 203,190
------------
Total currents assets ............................... 18,363,399
Equipment, less accumulated depreciation of $139,018 .... 1,289,546
Deferred costs, less accumulated amortization of $52,879 384,827
Other assets - security deposits ........................ 15,231
------------
Total assets ............................................ $ 20,053,003
============
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable ...................................... $ 1,558,530
Accrued expenses ...................................... 1,176,362
------------
Total current liabilities ........................... 2,734,892
------------
CommitmentsStockholders' equity (note 2)
Preferred stock, $0.01 par value - shares
authorized 5,000,000; none issued or outstanding .... --
Common stock, $0.001 par value - shares authorized
20,000,000; issued and outstanding 8,101,386 ........ 8,101
Additional paid-in capital .............................. 29,694,181
Accumulated deficit during the development stage ........ (12,384,171)
------------
Total stockholders' equity ............................ 17,318,111
------------
Total liabilities and stockholders' equity .............. $ 20,053,003
============
See accompanying notes to financial statements.
Enamelon, Inc.
(A development stage company)
Statement of Operations
(Unaudited)
Period from
Three months ended Nine months ended June 9, 1992
September 30, September 30, (Inception) to
September 30,
1997 1996 1997 1996 1997
------------- ------------ ------------- ------------- -------------
Expenses:
Marketing and selling ....................... $ 1,649,801 $ 24,179 $ 4,020,813 $ 65,783 $ 4,385,395
Research and development .................... 711,343 564,853 2,052,953 1,238,839 4,682,048
Administrative and other .................... 587,912 212,410 1,685,139 582,046 3,776,139
------------- ------------ ------------- ------------- --------------
Total expenses ............................ 2,949,056 801,442 7,758,905 1,886,668 12,843,582
Other charges (income):
Interest and dividends ........................ (252,551) (25,021) (493,147) (93,500) (729,380)
Write-off of deferred offering costs .......... -- -- -- -- 269,969
------------- ------------ ------------- ------------- --------------
Net loss ...................................... $ (2,696,505) $ (776,421) $( 7,265,758) $( 1,793,168) $( 12,384,171)
============= ============ ============= ============= ==============
Net loss per common share (note 2) ............ $ (0.33) $ (0.15) $ (0.99) $ (0.33)
============= ============ ============= =============
Weighted average common shares outstanding..... 8,101,386 5,200,378 7,332,558 5,362,024
============ ============ ============ =============
See accompanying notes to financial statements.
Again, not a chance of fighting Colgate and PG. Can they be a Tom's
of Maine nitch brand?
The numbers from their press release for Q4 are in line with my
analysis above. They did issue equity during the quarter.
97 losses 10 million vs 3 million in 96. Increasing as a power of 2
exponential and the party has not even started!
From the press release, I told you, they have not even started burning
cash:
"The Company intends to begin television advertising, trade merchandising programs, sampling and couponing activities during the second quarter, once it has achieved minimum retail distribution goals. The objective is to obtain consumer trial. Based on test market results, the Company will continue to accelerate its overall marketing efforts to support national distribution. Consequently, marketing expenses will continue to increase over the next several quarters.
The professional programs will involve advertising in professional trade journals, providing patient samples to dentists throughout the U.S. and attending dental conventions, such as the Chicago Dental Society Meeting. The convention will take place from February 19 through February 22 at the McCormick Place. Enamelon expects to distribute approximately 15,000 samples to dentists and dental hygienists. "
pancho |
