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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cancer Genetics Inc | NASDAQ:CGIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.61 | 4.56 | 4.63 | 0 | 01:00:00 |
|
|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
04-3462475
|
State or Other Jurisdiction of
Incorporation or Organization
|
|
I.R.S. Employer Identification No.
|
201 Route 17 North 2
nd
Floor Rutherford, NJ
|
|
07070
|
Address of Principal Executive Offices
|
|
Zip Code
|
|
Title of each class
|
Trading symbol
|
Name of exchange on which registered
|
Common Stock, $0.0001 par value per share
|
CGIX
|
NASDAQ Capital Market
|
|
|
||
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
697
|
|
|
$
|
161
|
|
Accounts receivable, net of allowance for doubtful accounts of $3,462
|
7,292
|
|
|
7,038
|
|
||
Other current assets
|
2,344
|
|
|
2,148
|
|
||
Total current assets
|
10,333
|
|
|
9,347
|
|
||
FIXED ASSETS, net of accumulated depreciation
|
3,821
|
|
|
4,056
|
|
||
OTHER ASSETS
|
|
|
|
||||
Operating lease right-of-use assets
|
2,422
|
|
|
—
|
|
||
Restricted cash
|
350
|
|
|
350
|
|
||
Patents and other intangible assets, net of accumulated amortization
|
3,917
|
|
|
4,004
|
|
||
Investment in joint venture
|
92
|
|
|
92
|
|
||
Goodwill
|
17,257
|
|
|
17,257
|
|
||
Other
|
300
|
|
|
300
|
|
||
Total other assets
|
24,338
|
|
|
22,003
|
|
||
Total Assets
|
$
|
38,492
|
|
|
$
|
35,406
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
11,561
|
|
|
$
|
13,067
|
|
Operating lease liabilities
|
1,086
|
|
|
—
|
|
||
Obligations under finance leases, current portion
|
321
|
|
|
330
|
|
||
Deferred revenue
|
2,604
|
|
|
2,173
|
|
||
Line of credit
|
2,414
|
|
|
2,621
|
|
||
Term note
|
6,000
|
|
|
6,000
|
|
||
Convertible note, net
|
2,778
|
|
|
2,481
|
|
||
Advance from NovellusDx, Ltd., net
|
1,500
|
|
|
535
|
|
||
Other derivatives
|
55
|
|
|
86
|
|
||
Total current liabilities
|
28,319
|
|
|
27,293
|
|
||
Obligations under finance leases
|
294
|
|
|
379
|
|
||
Operating lease liabilities, non-current
|
1,542
|
|
|
—
|
|
||
Deferred rent payable and other
|
—
|
|
|
305
|
|
||
Warrant liability
|
255
|
|
|
248
|
|
||
Deferred revenue, long-term
|
403
|
|
|
379
|
|
||
Total Liabilities
|
30,813
|
|
|
28,604
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Preferred stock, authorized 9,764 shares, $0.0001 par value, none issued
|
—
|
|
|
—
|
|
||
Common stock, authorized 100,000 shares, $0.0001 par value, 56,276 and 27,726 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively
|
6
|
|
|
3
|
|
||
Additional paid-in capital
|
170,022
|
|
|
164,455
|
|
||
Accumulated other comprehensive income (loss)
|
(16
|
)
|
|
60
|
|
||
Accumulated (deficit)
|
(162,333
|
)
|
|
(157,716
|
)
|
||
Total Stockholders’ Equity
|
7,679
|
|
|
6,802
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
38,492
|
|
|
$
|
35,406
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
6,839
|
|
|
$
|
7,667
|
|
Cost of revenues
|
4,637
|
|
|
5,082
|
|
||
Gross profit
|
2,202
|
|
|
2,585
|
|
||
Operating expenses:
|
|
|
|
||||
Research and development
|
454
|
|
|
681
|
|
||
General and administrative
|
3,309
|
|
|
5,260
|
|
||
Sales and marketing
|
1,108
|
|
|
1,591
|
|
||
Merger costs
|
249
|
|
|
—
|
|
||
Total operating expenses
|
5,120
|
|
|
7,532
|
|
||
Loss from operations
|
(2,918
|
)
|
|
(4,947
|
)
|
||
Other income (expense):
|
|
|
|
||||
Interest expense
|
(1,725
|
)
|
|
(239
|
)
|
||
Interest income
|
2
|
|
|
21
|
|
||
Change in fair value of acquisition note payable
|
—
|
|
|
17
|
|
||
Change in fair value of other derivatives
|
31
|
|
|
—
|
|
||
Change in fair value of warrant liability
|
(7
|
)
|
|
692
|
|
||
Total other income (expense)
|
(1,699
|
)
|
|
491
|
|
||
Net (loss)
|
$
|
(4,617
|
)
|
|
$
|
(4,456
|
)
|
Basic and diluted net (loss) per share
|
$
|
(0.09
|
)
|
|
$
|
(0.16
|
)
|
Basic and diluted weighted-average shares outstanding
|
48,933
|
|
|
27,049
|
|
||
|
|
|
|
||||
Net (loss)
|
$
|
(4,617
|
)
|
|
$
|
(4,456
|
)
|
Foreign currency translation (loss)
|
(76
|
)
|
|
(20
|
)
|
||
Comprehensive (loss)
|
$
|
(4,693
|
)
|
|
$
|
(4,476
|
)
|
|
|
Three Months Ended March 31, 2019
|
|||||||||||||||||||||
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated
Deficit |
|
Total
|
|||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance, December 31, 2018
|
|
27,726
|
|
|
$
|
3
|
|
|
$
|
164,455
|
|
|
$
|
60
|
|
|
$
|
(157,716
|
)
|
|
$
|
6,802
|
|
Stock based compensation—employees
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|||||
Issuance of common stock - 2019 Offerings, net
|
|
28,550
|
|
|
3
|
|
|
5,409
|
|
|
—
|
|
|
—
|
|
|
5,412
|
|
|||||
Unrealized loss on foreign currency translation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(76
|
)
|
|
—
|
|
|
(76
|
)
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,617
|
)
|
|
(4,617
|
)
|
|||||
Balance, March 31, 2019
|
|
56,276
|
|
|
$
|
6
|
|
|
$
|
170,022
|
|
|
$
|
(16
|
)
|
|
$
|
(162,333
|
)
|
|
$
|
7,679
|
|
|
|
Three Months Ended March 31, 2018
|
|||||||||||||||||||||
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Other Comprehensive Income
|
|
Accumulated
Deficit |
|
Total
|
|||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance, December 31, 2017
|
|
27,754
|
|
|
$
|
3
|
|
|
$
|
161,527
|
|
|
$
|
69
|
|
|
$
|
(134,834
|
)
|
|
$
|
26,765
|
|
Stock based compensation—employees
|
|
(24
|
)
|
|
—
|
|
|
274
|
|
|
—
|
|
|
—
|
|
|
274
|
|
|||||
Transition adjustment for adoption of Accounting Standards Codification Topic 606
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,509
|
)
|
|
(2,509
|
)
|
|||||
Unrealized loss on foreign currency translation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,456
|
)
|
|
(4,456
|
)
|
|||||
Balance, March 31, 2018
|
|
27,730
|
|
|
$
|
3
|
|
|
$
|
161,801
|
|
|
$
|
49
|
|
|
$
|
(141,799
|
)
|
|
$
|
20,054
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net (loss)
|
$
|
(4,617
|
)
|
|
$
|
(4,456
|
)
|
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
|
|
|
|
||||
Depreciation
|
270
|
|
|
429
|
|
||
Amortization
|
86
|
|
|
135
|
|
||
Provision for bad debts
|
—
|
|
|
464
|
|
||
Stock-based compensation
|
158
|
|
|
274
|
|
||
Change in fair value of warrant liability, acquisition note payable and other derivatives
|
(24
|
)
|
|
(709
|
)
|
||
Amortization of discount of debt and debt issuance costs
|
1,060
|
|
|
—
|
|
||
Interest added to Convertible Note
|
202
|
|
|
—
|
|
||
Loss in equity-method investment
|
—
|
|
|
2
|
|
||
Changes in:
|
|
|
|
||||
Accounts receivable
|
(254
|
)
|
|
(160
|
)
|
||
Other current assets
|
(274
|
)
|
|
(143
|
)
|
||
Operating lease right-of-use assets
|
221
|
|
|
—
|
|
||
Other non-current assets
|
—
|
|
|
(5
|
)
|
||
Accounts payable, accrued expenses and deferred revenue
|
(1,051
|
)
|
|
(279
|
)
|
||
Operating lease liabilities
|
(242
|
)
|
|
—
|
|
||
Deferred rent payable and other
|
—
|
|
|
(24
|
)
|
||
Net cash (used in) operating activities
|
(4,465
|
)
|
|
(4,472
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Purchase of fixed assets
|
(32
|
)
|
|
(221
|
)
|
||
Patent costs
|
—
|
|
|
(32
|
)
|
||
Net cash (used in) investing activities
|
(32
|
)
|
|
(253
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Principal payments on finance lease obligations
|
(94
|
)
|
|
(86
|
)
|
||
Proceeds from offerings of common stock, net of certain offering costs
|
5,412
|
|
|
—
|
|
||
Proceeds from borrowings on Silicon Valley Bank line of credit
|
4,915
|
|
|
—
|
|
||
Repayment of borrowings on Silicon Valley Bank line of credit
|
(5,122
|
)
|
|
(627
|
)
|
||
Net cash provided by (used in) financing activities
|
5,111
|
|
|
(713
|
)
|
||
Effect of foreign exchange rates on cash and cash equivalents and restricted cash
|
(78
|
)
|
|
(32
|
)
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
536
|
|
|
(5,470
|
)
|
||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
||||
Beginning
|
511
|
|
|
9,891
|
|
||
Ending
|
$
|
1,047
|
|
|
$
|
4,421
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW DISCLOSURE
|
|
|
|
||||
Cash paid for interest
|
$
|
304
|
|
|
$
|
245
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
||||
Fixed assets acquired through capital lease arrangements
|
$
|
—
|
|
|
$
|
150
|
|
|
|
As of December 31, 2018
|
|
Adjustment for Adoption of ASC 842
|
|
As of January 1, 2019
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Operating lease right-of-use assets
|
|
$
|
—
|
|
|
$
|
2,643
|
|
|
$
|
2,643
|
|
Other current assets
|
|
2,148
|
|
|
(78
|
)
|
|
2,070
|
|
|||
|
|
$
|
2,148
|
|
|
$
|
2,565
|
|
|
$
|
4,713
|
|
LIABILITIES
|
|
|
|
|
|
|
||||||
Operating lease liabilities
|
|
$
|
—
|
|
|
$
|
1,080
|
|
|
$
|
1,080
|
|
Deferred rent payable and other
|
|
305
|
|
|
(305
|
)
|
|
—
|
|
|||
Operating lease liabilities, non-current
|
|
—
|
|
|
1,790
|
|
|
1,790
|
|
|||
|
|
$
|
305
|
|
|
$
|
2,565
|
|
|
$
|
2,870
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Biopharma Services
|
$
|
3,964
|
|
|
$
|
3,658
|
|
Clinical Services
|
1,353
|
|
|
2,342
|
|
||
Discovery Services
|
1,522
|
|
|
1,667
|
|
||
|
$
|
6,839
|
|
|
$
|
7,667
|
|
|
March 31,
2019 |
|
December 31,
2018 |
||||
Biopharma Services
|
$
|
3,967
|
|
|
$
|
3,692
|
|
Clinical Services
|
5,906
|
|
|
6,031
|
|
||
Discovery Services
|
881
|
|
|
777
|
|
||
Allowance for doubtful accounts
|
(3,462
|
)
|
|
(3,462
|
)
|
||
|
$
|
7,292
|
|
|
$
|
7,038
|
|
|
|
Three Months Ended March 31,
|
||
|
|
2019
|
|
2018
|
Medicare
|
|
5%
|
|
9%
|
Other third party payors
|
|
15%
|
|
21%
|
|
|
20%
|
|
30%
|
|
Three Months Ended March 31,
|
||||
|
2019
|
|
2018
|
||
Common stock purchase warrants
|
12,053
|
|
|
10,055
|
|
Stock options
|
2,290
|
|
|
2,534
|
|
Convertible note
|
3,767
|
|
|
—
|
|
Advance from NovellusDx, Ltd.
|
2,690
|
|
|
—
|
|
Restricted shares of common stock
|
28
|
|
|
683
|
|
|
20,828
|
|
|
13,272
|
|
Operating lease cost
|
|
$
|
276
|
|
Short-term lease cost
|
|
24
|
|
|
Variable lease cost
|
|
62
|
|
|
Total lease expense
|
|
$
|
362
|
|
2019 (remaining 9 months)
|
|
$
|
860
|
|
2020
|
|
966
|
|
|
2021
|
|
598
|
|
|
2022
|
|
563
|
|
|
2023
|
|
94
|
|
|
Total minimum lease payments
|
|
3,081
|
|
|
Less amount representing interest
|
|
453
|
|
|
Total
|
|
$
|
2,628
|
|
Convertible Note, net of discounts of $46
|
$
|
2,781
|
|
Less unamortized debt issuance costs
|
3
|
|
|
Convertible Note, net
|
$
|
2,778
|
|
|
Options Outstanding
|
|
Weighted-
Average
Remaining
Contractual
Term (in years)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||||
|
Number of
Shares
(in thousands)
|
|
Weighted-
Average
Exercise
Price
|
|
||||||||
Outstanding January 1, 2019
|
3,004
|
|
|
$
|
5.77
|
|
|
5.70
|
|
$
|
—
|
|
Granted
|
95
|
|
|
0.44
|
|
|
|
|
|
|||
Cancelled or expired
|
(809
|
)
|
|
8.00
|
|
|
|
|
|
|||
Outstanding March 31, 2019
|
2,290
|
|
|
$
|
4.76
|
|
|
7.13
|
|
$
|
—
|
|
Exercisable March 31, 2019
|
1,189
|
|
|
$
|
7.94
|
|
|
5.42
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
||
|
2019
|
||
Volatility
|
90.15
|
%
|
|
Risk free interest rate
|
2.54
|
%
|
|
Dividend yield
|
0.00
|
%
|
|
Term (years)
|
6.32
|
|
|
Weighted-average fair value of options granted during the period
|
$
|
0.34
|
|
|
Non-vested Restricted Stock Awards
|
|||||
|
Number of
Shares (in thousands) |
|
Weighted-Average Grant Date Fair Value
|
|||
Non-vested at January 1, 2019
|
29
|
|
|
$
|
3.43
|
|
Cancelled
|
(1
|
)
|
|
6.30
|
|
|
Non-vested at March 31, 2019
|
28
|
|
|
$
|
3.33
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cost of revenues
|
$
|
28
|
|
|
$
|
91
|
|
Research and development
|
8
|
|
|
15
|
|
||
General and administrative
|
116
|
|
|
158
|
|
||
Sales and marketing
|
6
|
|
|
10
|
|
||
Total stock-based compensation
|
$
|
158
|
|
|
$
|
274
|
|
Issued With / For
|
Exercise
Price |
|
Warrants
Outstanding January 1, 2019 |
|
2019 Warrants Issued
|
|
Warrants Outstanding March 31, 2019
|
|||||
Non-Derivative Warrants:
|
|
|
|
|
|
|
|
|||||
Financing
|
$
|
10.00
|
|
|
243
|
|
|
—
|
|
|
243
|
|
Financing
|
15.00
|
|
|
276
|
|
|
—
|
|
|
276
|
|
|
2015 Offering
|
5.00
|
|
|
3,450
|
|
|
—
|
|
|
3,450
|
|
|
2017 Debt
|
0.92
|
|
|
443
|
|
|
—
|
|
|
443
|
|
|
2019 Offering
|
0.2475
|
|
|
—
|
|
|
933
|
|
|
933
|
|
|
2019 Offering
|
0.253
|
|
|
—
|
|
|
1,065
|
|
|
1,065
|
|
|
Total non-derivative warrants
|
3.86
|
|
B
|
4,412
|
|
|
1,998
|
|
|
6,410
|
|
|
Derivative Warrants:
|
|
|
|
|
|
|
|
|||||
2016 Offerings
|
2.25
|
|
A
|
1,968
|
|
|
—
|
|
|
1,968
|
|
|
2017 Offering
|
2.35
|
|
A
|
3,500
|
|
|
—
|
|
|
3,500
|
|
|
2017 Offering
|
2.50
|
|
A
|
175
|
|
|
—
|
|
|
175
|
|
|
Total derivative warrants
|
2.32
|
|
B
|
5,643
|
|
|
—
|
|
|
5,643
|
|
|
Total
|
$
|
3.14
|
|
B
|
10,055
|
|
|
1,998
|
|
|
12,053
|
|
A
|
These warrants are subject to fair value accounting and contain a contingent net cash settlement feature. See Note 10.
|
B
|
Weighted-average exercise prices are as of
March 31, 2019
.
|
Issued with/for
|
Fair value of warrants
outstanding as of December 31, 2018 |
|
Change in fair
value of warrants |
|
Fair value of warrants
outstanding as of March 31, 2019 |
||||||
2016 Offerings
|
$
|
225
|
|
|
$
|
30
|
|
|
$
|
255
|
|
2017 Offering
|
23
|
|
|
(23
|
)
|
|
—
|
|
|||
|
$
|
248
|
|
|
$
|
7
|
|
|
$
|
255
|
|
|
|
|
|
||||
2016 Offerings
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||
Exercise price
|
$
|
2.25
|
|
|
$
|
2.25
|
|
Expected life (years)
|
2.83
|
|
|
3.08
|
|
||
Expected volatility
|
108.55
|
%
|
|
100.51
|
%
|
||
Risk-free interest rate
|
2.21
|
%
|
|
2.46
|
%
|
||
Expected dividend yield
|
—
|
%
|
|
—
|
%
|
2017 Offering
|
As of March 31, 2019
|
|
As of December 31, 2018
|
||||
Exercise price
|
$
|
2.36
|
|
|
$
|
2.36
|
|
Expected life (years)
|
0.19
|
|
|
0.44
|
|
||
Expected volatility
|
62.86
|
%
|
|
172.5
|
%
|
||
Risk-free interest rate
|
2.44
|
%
|
|
2.56
|
%
|
||
Expected dividend yield
|
—
|
%
|
|
—
|
%
|
|
March 31, 2019
|
||||||||||||||
|
Total
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Warrant liability
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
255
|
|
Note payable
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
Other derivatives
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
||||
|
$
|
330
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
330
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||
|
Total
|
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Warrant liability
|
$
|
248
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
248
|
|
Note payable
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
Other derivatives
|
86
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
86
|
|
||
|
$
|
354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
354
|
|
|
Note Payable
|
|
Warrant
|
|
Other
|
||||||
|
to VenturEast
|
|
Liability
|
|
Derivatives
|
||||||
Fair value at December 31, 2018
|
$
|
20
|
|
|
$
|
248
|
|
|
$
|
86
|
|
Change in fair value
|
—
|
|
|
7
|
|
|
(31
|
)
|
|||
Fair value at March 31, 2019
|
$
|
20
|
|
|
$
|
255
|
|
|
$
|
55
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenue
|
$
|
6,839
|
|
|
$
|
7,667
|
|
|
$
|
(828
|
)
|
|
(11
|
)%
|
Cost of revenues
|
4,637
|
|
|
5,082
|
|
|
(445
|
)
|
|
(9
|
)%
|
|||
Research and development expenses
|
454
|
|
|
681
|
|
|
(227
|
)
|
|
(33
|
)%
|
|||
General and administrative expenses
|
3,309
|
|
|
5,260
|
|
|
(1,951
|
)
|
|
(37
|
)%
|
|||
Sales and marketing expenses
|
1,108
|
|
|
1,591
|
|
|
(483
|
)
|
|
(30
|
)%
|
|||
Merger costs
|
249
|
|
|
—
|
|
|
249
|
|
|
N/A
|
|
|||
Loss from operations
|
(2,918
|
)
|
|
(4,947
|
)
|
|
2,029
|
|
|
(41
|
)%
|
|||
Interest income (expense), net
|
(1,723
|
)
|
|
(218
|
)
|
|
(1,505
|
)
|
|
690
|
%
|
|||
Change in fair value of acquisition note payable
|
—
|
|
|
17
|
|
|
(17
|
)
|
|
(100
|
)%
|
|||
Change in fair value of other derivatives
|
31
|
|
|
—
|
|
|
31
|
|
|
N/A
|
|
|||
Change in fair value of warrant liability
|
(7
|
)
|
|
692
|
|
|
(699
|
)
|
|
(101
|
)%
|
|||
Net (loss)
|
$
|
(4,617
|
)
|
|
$
|
(4,456
|
)
|
|
$
|
(161
|
)
|
|
4
|
%
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Reconciliation of net (loss):
|
|
|
|
|
||||
Net (loss)
|
|
$
|
(4,617
|
)
|
|
$
|
(4,456
|
)
|
Adjustments:
|
|
|
|
|
||||
Change in fair value of acquisition note payable
|
|
—
|
|
|
(17
|
)
|
||
Change in fair value of other derivatives
|
|
(31
|
)
|
|
—
|
|
||
Change in fair value of warrant liability
|
|
7
|
|
|
(692
|
)
|
||
Adjusted net (loss)
|
|
$
|
(4,641
|
)
|
|
$
|
(5,165
|
)
|
Reconciliation of basic and diluted net (loss) per share:
|
|
|
|
|
||||
Basic and diluted net (loss) per share
|
|
$
|
(0.09
|
)
|
|
$
|
(0.16
|
)
|
Adjustments to net (loss)
|
|
—
|
|
|
(0.03
|
)
|
||
Adjusted basic and diluted net (loss) per share
|
|
$
|
(0.09
|
)
|
|
$
|
(0.19
|
)
|
Basic and diluted weighted-average shares outstanding
|
|
48,933
|
|
|
27,049
|
|
|
Three Months Ended March 31,
|
|
Change
|
|||||||||||||||||
|
2019
|
|
2018
|
|
|
|
|
|||||||||||||
(dollars in thousands)
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|||||||||
Biopharma Services
|
3,964
|
|
|
58
|
%
|
|
$
|
3,658
|
|
|
48
|
%
|
|
$
|
306
|
|
|
8
|
%
|
|
Clinical Services
|
1,353
|
|
|
20
|
%
|
|
2,342
|
|
|
30
|
%
|
|
(989
|
)
|
|
(42
|
)%
|
|||
Discovery Services
|
1,522
|
|
|
22
|
%
|
|
1,667
|
|
|
22
|
%
|
|
(145
|
)
|
|
(9
|
)%
|
|||
Total Revenue
|
$
|
6,839
|
|
|
100
|
%
|
|
$
|
7,667
|
|
|
100
|
%
|
|
$
|
(828
|
)
|
|
(11
|
)%
|
|
Three Months Ended
March 31, |
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(4,465
|
)
|
|
$
|
(4,472
|
)
|
Investing activities
|
(32
|
)
|
|
(253
|
)
|
||
Financing activities
|
5,111
|
|
|
(713
|
)
|
||
Effect of foreign currency exchange rates on cash and cash equivalents and restricted cash
|
(78
|
)
|
|
(32
|
)
|
||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
$
|
536
|
|
|
$
|
(5,470
|
)
|
•
|
our ability to extend our forbearance agreements and the ABL;
|
•
|
our ability to secure financing and the amount thereof;
|
•
|
our ability to achieve revenue growth and profitability;
|
•
|
the costs for funding the operations we recently acquired and our ability to realize anticipated benefits from the vivoPharm acquisition;
|
•
|
our ability to improve efficiency of billing and collection processes;
|
•
|
our ability to execute on our marketing and sales strategy for our tests and gain acceptance of our tests in the market;
|
•
|
our ability to obtain adequate reimbursement from governmental and other third-party payors for our tests and services;
|
•
|
our ability to maintain our present customer base and obtain new customers;
|
•
|
our ability to clinically validate our pipeline of tests currently in development;
|
•
|
our ability to obtain approvals for our new diagnostic tests;
|
•
|
the costs of operating and enhancing our laboratory facilities;
|
•
|
our ability to succeed with our cost control initiative;
|
•
|
our ability to satisfy US (FDA) and international regulatory regiments with respect to our tests and services, many of which are new and still evolving;
|
•
|
the costs of maintaining, expanding and protecting our intellectual property portfolio, including potential litigation costs and liabilities;
|
•
|
our ability to manage the costs of manufacturing our tests;
|
•
|
the effect of competing technological and market developments; and
|
•
|
other risks and uncertainties discussed in our annual report on Form 10-K for the year ended December 31, 2018, as updated in other reports, as applicable, we file with the Securities and Exchange Commission.
|
•
|
Revenue recognition;
|
•
|
Accounts receivable and bad debts;
|
•
|
Warrant liabilities and other derivatives;
|
•
|
Stock-based compensation;
|
•
|
Income taxes; and
|
•
|
Impairment of intangibles and long-lived assets.
|
•
|
our ability to extend our forbearance agreements and the ABL;
|
•
|
our ability to secure financing and the amount thereof;
|
•
|
our ability to achieve revenue growth and profitability;
|
•
|
the costs for funding the operations we recently acquired and our ability to realize anticipated benefits from the vivoPharm acquisition;
|
•
|
our ability to improve efficiency of billing and collection processes;
|
•
|
our ability to execute on our marketing and sales strategy for our tests and gain acceptance of our tests in the market;
|
•
|
our ability to obtain adequate reimbursement from governmental and other third-party payors for our tests and services;
|
•
|
our ability to maintain our present customer base and obtain new customers;
|
•
|
our ability to clinically validate our pipeline of tests currently in development;
|
•
|
the costs of operating and enhancing our laboratory facilities;
|
•
|
our ability to succeed with our cost control initiative;
|
•
|
our ability to satisfy US (FDA) and international regulatory regiments with respect to our tests and services, many of which are new and still evolving;
|
•
|
our ability to obtain approvals for our new diagnostic tests;
|
•
|
the costs of maintaining, expanding and protecting our intellectual property portfolio, including potential litigation costs and liabilities;
|
•
|
our ability to manage the costs of manufacturing our tests;
|
•
|
the effect of competing technological and market developments; and
|
•
|
the risk factors discussed in our annual report on Form 10-K for the year ended December 31, 2018, as updated in other reports, as applicable, that we file with the Securities and Exchange Commission.
|
|
|
|
|
|
|
Cancer Genetics, Inc.
|
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|||
Date: May 20, 2019
|
|
|
|
|
|
/s/ John A. Roberts
|
|
|
|
|
|
|
John A. Roberts
|
|
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
Date: May 20, 2019
|
|
|
|
|
|
/s/ M. Glenn Miles
|
|
|
|
|
|
|
M. Glenn Miles
|
|
|
|
|
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
1 Year Cancer Genetics Chart |
1 Month Cancer Genetics Chart |
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