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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cytrx Corp. (MM) | NASDAQ:CYTR | 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% | 0.31 | 0.30 | 0.3001 | 0 | 01:00:00 |
R |
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
|
58-1642740
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
11726 San Vicente Blvd., Suite 650
Los Angeles, CA
|
90049
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
£
|
Accelerated filer
R
|
Non-accelerated filer
£
|
Smaller reporting company
£
|
Emerging growth company
£
|
(Do not check if a smaller reporting company)
|
Page
|
|
PART I. — FINANCIAL INFORMATION
|
1 |
Item 1.
Financial Statements (unaudited)
|
13 |
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
18 |
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
|
18 |
Item 4.
Controls and Procedures
|
|
PART II. — OTHER INFORMATION
|
|
Item 1.
Legal Proceedings
|
19 |
Item 6.
Exhibits
|
19 |
INDEX TO EXHIBITS
|
20 |
SIGNATURES
|
21 |
September 30, 2017
|
December 31, 2016
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
45,995,642
|
$
|
56,959,485
|
||||
Receivables
|
440,177
|
183,703
|
||||||
Prepaid expenses and other current assets
|
2,016,636
|
3,434,238
|
||||||
Total current assets
|
48,452,455
|
60,577,426
|
||||||
Equipment and furnishings, net
|
1,177,271
|
1,959,667
|
||||||
Goodwill
|
183,780
|
183,780
|
||||||
Other assets
|
35,869
|
48,911
|
||||||
Total assets
|
$
|
49,849,375
|
$
|
62,769,784
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
Accounts payable
|
$
|
5,033,748
|
$
|
6,406,445
|
||||
Accrued expenses and other current liabilities
|
2,897,266
|
3,830,498
|
||||||
Warrant liabilities
|
2,467,011
|
3,789,391
|
||||||
Term loan, net - current
|
11,052,705
|
5,481,656
|
||||||
Deferred revenues
|
6,924,353
|
—
|
||||||
Total current liabilities
|
28,375,083
|
19,507,990
|
||||||
Long term loan, net
|
—
|
18,484,510
|
||||||
Total liabilities
|
28,375,083
|
37,992,500
|
||||||
Commitments and contingencies
|
||||||||
Stockholders' equity (2016 restated to reflect a 1-6 reverse stock split, see Note 1):
|
||||||||
Preferred Stock, $0.01 par value, 833,334 shares authorized, including 4,167 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding
|
—
|
—
|
||||||
Preferred Stock, $1,000 stated value, 650 shares authorized, 0 and 518 outstanding at September 30, 2017 and December 31, 2016
|
—
|
518,000
|
||||||
Common stock, $0.001 par value, 41,666,667 shares authorized; 27,637,634 shares issued and outstanding at September 30, 2017; 18,553,816 shares issued and outstanding at December 31, 2016
|
27,638
|
18,554
|
||||||
Additional paid-in capital
|
467,839,469
|
440,106,725
|
||||||
Accumulated deficit
|
(446,392,815
|
)
|
(415,865,995
|
)
|
||||
Total stockholders' equity
|
21,474,292
|
24,777,284
|
||||||
Total liabilities and stockholders' equity
|
$
|
49,849,375
|
$
|
62,769,784
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenue:
|
||||||||||||||||
License revenue
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
100,000
|
||||||||
Expenses:
|
||||||||||||||||
Research and development
|
4,755,191
|
8,927,037
|
17,675,079
|
29,531,609
|
||||||||||||
General and administrative
|
3,418,808
|
2,771,732
|
9,534,872
|
12,859,069
|
||||||||||||
8,173,999
|
11,698,769
|
27,209,951
|
42,390,678
|
|||||||||||||
Loss before other income (loss)
|
(8,173,999
|
)
|
(11,698,769
|
)
|
(27,209,951
|
)
|
(42,290,678
|
)
|
||||||||
Other income (loss):
|
||||||||||||||||
Interest income
|
119,900
|
68,635
|
271,292
|
195,809
|
||||||||||||
Interest expense
|
(828,120
|
)
|
(781,038
|
)
|
(2,999,230
|
)
|
(1,939,186
|
)
|
||||||||
Other (loss), net
|
(6,055
|
)
|
(10,489
|
)
|
(16,722
|
)
|
(4,398
|
)
|
||||||||
Gain (loss) on warrant derivative liabilities
|
3,763,855
|
246,211
|
(572,209
|
)
|
939,668
|
|||||||||||
Net loss
|
$
|
(5,124,419
|
)
|
$
|
(12,175,450
|
)
|
$
|
(30,526,820
|
)
|
$
|
(43,098,785
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.19
|
)
|
$
|
(0.80
|
)
|
$
|
(1.33
|
)
|
$
|
(3.45
|
)
|
||||
Basic and diluted weighted-average shares outstanding
|
26,618,098
|
15,173,742
|
22,936,843
|
12,500,295
|
||||||||||||
Nine Months Ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(30,526,820
|
)
|
$
|
(43,098,785
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
492,944
|
364,548
|
||||||
Stock-based compensation expense
|
2,214,533
|
5,400,604
|
||||||
Fair value adjustment on warrant liabilities
|
572,209
|
(939,668
|
)
|
|||||
Amortization of loan cost and discount
|
1,363,566
|
382,241
|
||||||
Loss on retirement of fixed assets
|
424,050
|
9,116
|
||||||
Changes in assets and liabilities:
|
||||||||
Receivables
|
(256,474
|
)
|
4,485,130
|
|||||
Interest receivable
|
—
|
28,130
|
||||||
Prepaid expenses and other current assets
|
1,430,644
|
781,013
|
||||||
Accounts payable
|
(1,372,697
|
)
|
(3,254,181
|
)
|
||||
Deferred revenue
|
6,924,353
|
—
|
||||||
Accrued expenses and other current liabilities
|
(1,124,798
|
)
|
(4,644,353
|
)
|
||||
Net cash used in operating activities
|
(19,858,490
|
)
|
(40,486,205
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Proceeds from the sale of short-term investments
|
—
|
35,035,420
|
||||||
Purchases of equipment and furnishings
|
(134,598
|
)
|
(961,221
|
)
|
||||
Net cash provided by (used in) investing activities
|
(134,598
|
) |
34,074,199
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from public offering
|
13,951,218
|
18,309,781
|
||||||
Proceeds from sale of common shares and warrants related to Nantcell | 6,075,647 |
—
|
||||||
Proceeds from term loan, net
|
—
|
24,012,078
|
||||||
Loan amendment fee payment
|
(200,000
|
)
|
—
|
|||||
Payment of principal on term loan
|
(14,000,478
|
)
|
—
|
|||||
Net proceeds from exercise of warrants and stock options
|
3,202,858
|
704,700
|
||||||
Net cash provided by financing activities
|
9,029,245
|
43,026,559
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(10,963,843
|
)
|
36,614,553
|
|||||
Cash and cash equivalents at beginning of period
|
56,959,485
|
22,261,372
|
||||||
Cash and cash equivalents at end of period
|
$
|
45,995,642
|
$
|
58,875,925
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the year for interest
|
$
|
1,749,174
|
$
|
1,359,028
|
||||
Cash paid for income taxes
|
$
|
800
|
$
|
800
|
||||
Supplemental disclosure of non-cash activties:
|
||||||||
Warrant liability exercise
|
$
|
1,894,589
|
$
|
—
|
||||
Warrants issued in connection with public offering
|
$
|
$
|
6,932,592
|
|||||
Warrants issued in connection with term loan
|
$
|
—
|
$
|
633,749
|
||||
Warrents repriced in conection with debt modification
|
$
|
76,549
|
$
|
—
|
||||
Shares issued in connection with the class action settlement
|
$
|
—
|
$
|
4,500,000
|
||||
One for six reverse stock split
|
$
|
138,187
|
$
|
—
|
||||
September 30, 2017
|
December 31, 2016
|
|||||||
Term Loan Principal – Current
|
$
|
10,999,522
|
$
|
6,214,057
|
||||
End Fee Payable
|
1,771,250
|
—
|
||||||
Issuance Cost/Loan Discount – Current
|
(1,718,067
|
)
|
(732,401
|
)
|
||||
Term Loan, Net – Current
|
$
|
11,052,705
|
$
|
5,481,656
|
||||
Long Term Loan Principal
|
$
|
—
|
$
|
18,785,943
|
||||
End Fee Payable
|
—
|
1,771,250
|
||||||
Long Term Loan Discount/Issuance Cost
|
—
|
(2,072,683
|
)
|
|||||
Long Term Loan, Net
|
$
|
—
|
$
|
18,484,510
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Research and development — employee
|
$
|
(124,405
|
)
|
$
|
455,341
|
$
|
507,211
|
$
|
1,443,347
|
|||||||
General and administrative — employee
|
479,330
|
586,315
|
1,348,815
|
3,742,733
|
||||||||||||
Total employee stock-based compensation
|
$
|
354,925
|
$
|
1,041,656
|
$
|
1,856,026
|
$
|
5,186,080
|
||||||||
Research and development — non-employee
|
$
|
11,600
|
$
|
—
|
$
|
11,600
|
$
|
—
|
||||||||
General and administrative — non-employee
|
32,581
|
(5,938
|
)
|
97,818
|
214,524
|
|||||||||||
Total non-employee stock-based compensation
|
$
|
44,181
|
$
|
(5,938
|
)
|
$
|
109,418
|
$
|
214,524
|
Nine Months Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|||||||
Risk-free interest rate
|
2.32
|
%
|
1.72
|
%
|
||||
Expected volatility
|
90.7
|
%
|
74.9
|
%
|
||||
Expected lives (years)
|
6 to 10
|
6
|
||||||
Expected dividend yield
|
0.00
|
%
|
0.00
|
%
|
||||
Nine Months Ended September 30, 2017
|
||||||||||||||||
Number of Options
(Employees)
|
Number of Options
(Non-Employees)
|
Total Number of
Options
|
Weighted-Average
Exercise Price
|
|||||||||||||
Outstanding at January 1, 2017
|
2,813,295
|
100,000
|
2,913,295
|
$
|
14.22
|
|||||||||||
Granted
|
31,667
|
3,334
|
35,001
|
$
|
3.96
|
|||||||||||
Exercised, Forfeited or Expired
|
(412,645
|
)
|
—
|
(412,645
|
)
|
$
|
12.90
|
|||||||||
Outstanding at September 30, 2017
|
2,432,317
|
103,334
|
2,535,651
|
$
|
14.28
|
|||||||||||
Options exercisable at September 30, 2017
|
1,956,450
|
103,334
|
2,059,784
|
$
|
16.02
|
Range of Exercise
Prices
|
Total Number
of Options
|
Weighted-Average Remaining Contractual Life
(years)
|
Weighted-Average
Exercise Price
|
Total Number of Options
Exercisable
|
Weighted-Average Remaining Contractual Life
(years)
|
Weighted-Average
Exercise Price
|
||||||||||||||||||||
$
|
2.46 - $9.00
|
635,787
|
9.23
|
$
|
2.70
|
328,075
|
9.26
|
$
|
2.76
|
|||||||||||||||||
$
|
9.06 – $15.00
|
1,266,229
|
7.05
|
$
|
13.50
|
1,099,463
|
6.89
|
$
|
13.38
|
|||||||||||||||||
$
|
15.06 – $24.00
|
158,207
|
6.45
|
$
|
17.28
|
156,818
|
6.44
|
$
|
17.22
|
|||||||||||||||||
$
|
24.06 –$195.30
|
475,428
|
5.49
|
$
|
30.90
|
475,428
|
5.49
|
$
|
30.90
|
|||||||||||||||||
2,535,651
|
7.26
|
$
|
14.28
|
2,059,784
|
6.91
|
$
|
16.02
|
(In thousands)
|
Level I
|
Level II
|
Level III
|
Total
|
||||||||||||
Cash equivalents
|
$
|
45,090
|
$
|
—
|
$
|
—
|
$
|
45,090
|
||||||||
Warrant liabilities
|
—
|
—
|
(2,467
|
)
|
(2,467
|
)
|
(In thousands)
|
Level I
|
Level II
|
Level III
|
Total
|
||||||||||||
Cash equivalents
|
$
|
56,276
|
$
|
—
|
$
|
—
|
$
|
56,276
|
||||||||
Warrant liabilities
|
—
|
—
|
(3,789
|
)
|
(3,789
|
)
|
·
|
commercially reasonable royalties based on a percentage of net sales (as defined in the agreement);
|
·
|
a percentage of non-royalty sub-licensing income (as defined in the agreement); and
|
·
|
milestones of $1 million for each additional final marketing approval that we obtain.
|
Three-Month Period Ended
September 30,
|
Nine-Month Period Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Research and development expenses
|
$
|
4,729
|
$
|
8,331
|
$
|
16,683
|
$
|
27,756
|
||||||||
Stock option expense
|
(112
|
)
|
455
|
519
|
1,443
|
|||||||||||
Depreciation and amortization
|
138
|
141
|
473
|
333
|
||||||||||||
$
|
4,755
|
$
|
8,927
|
$
|
17,675
|
$
|
29,532
|
|||||||||
Three-Month Period Ended
September 30,
|
Nine-Month Period Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
General and administrative expenses
|
$
|
2,817
|
$
|
2,181
|
$
|
7,819
|
$
|
8,869
|
||||||||
Non-cash general and administrative expenses
|
33
|
(6
|
)
|
98
|
215
|
|||||||||||
Employee stock option expense
|
563
|
587
|
1,598
|
3,743
|
||||||||||||
Depreciation and amortization
|
6
|
10
|
20
|
32
|
||||||||||||
$
|
3,419
|
$
|
2,772
|
$
|
9,535
|
$
|
12,859
|
Exhibit
Number
|
Description
|
3.1
|
Certificate of Amendment of Restated Certificate of Incorporation
(
incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on November 1, 2017 and incorporated herein by reference).
|
10.1
|
Exclusive License Agreement, dated as of July 27, 2017, by and between CytRx Corporation and NantCell, Inc.
(incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
10.2
|
Stock Purchase Agreement, dated as of July 27, 2017, by and between CytRx Corporation and NantCell, Inc.
(incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
10.3
|
Warrant, dated as of July 27, 2017, issued by CtyRx Corporation to NantCell, Inc.
(incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
10.4
|
First Amendment to Loan and Security Agreement, dated July 28, 2017, among CytRx Corporation, the lenders parties thereto, and Hercules Capital, Inc., as collateral agent for itself and the lenders
(incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
10.5
|
First Amendment to Warrant Agreement, dated July 28, 2017, issued by CytRx Corporation to Hercules Capital, Inc.
(incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
10.6
|
First Amendment to Warrant Agreement, dated July 28, 2017, issued by CytRx Corporation to Hercules Technology III, L.P.
(incorporated by reference to Exhibit 10.6 to the Registrant's Current Report on Form 8-K filed with the SEC on August 1, 2017 and incorporated herein by reference).
|
Certification of Chief Executive Officer Pursuant to 17 CFR 240.13a-14(a)
|
|
Certification of Chief Financial Officer Pursuant to 17 CFR 240.13a-14(a)
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
101.LAB
|
XBRL Label Linkbase Document
|
101 PRE
|
XBRL Presentation Linkbase Document
|
CytRx Corporation | |||
Date: November 8, 2017
|
By:
|
/s/ JOHN Y. CALOZ | |
John Y. Caloz | |||
Title: Chief Financial Officer | |||
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