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$DLYT Dais Announces Fourth Quarter and Fiscal 2018 Year-End Financial Results: Reports Continued Revenue Growth DLYT
Press Release | 04/11/2019 ODESSA, FL, April 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Dais Corporation (“Dais” or the “Company”) (OTCQB: DLYT), an innovative, commercial, nanotechnology materials business selling industry-changing nanomaterial technology into the worldwide water, air and energy markets, today announced its results of operations for the quarter and year ended December 31, 2018. The Company saw an increase in revenue and gross profit for the fifth consecutive quarter, which it attributes to technology improvements, product cost reductions and continued attention to operations and customer service. Key financial performance from operations for the fourth quarter and 2018 year-end include: Net revenue for the quarter ended December 31, 2018 was $465,415, versus $133,848 for the same period in 2017 (approximately 250% more). Net revenue for the year ended December 31, 2018 was $1,381,251 compared to $382,934 in 2017 (factor of 3.6 more). Gross Margin for the quarter ended December 31, 2018 was $151,184 versus $29,077 for the same period in 2017 (approximately 420% more). Gross Margin for the year ended December 31, 2018 was $459,857 compared to $70,387 in 2017 (factor of 6.5 more). Operating expenses for the quarter ended December 31, 2018 was $425,923, down from $1,054,941 during the same period in 2017 (a reduction of approximately 60%). Expenses for the year ended December 31, 2018 were $2,115,448, compared to $2,525,499 for 2017 (a reduction of approximately 16%). Loss from operations for the quarter ended December 31, 2018 was $274,779, versus $1,025,864 for the same period in 2017 (a reduction of approximately 73%). Loss from operations for the year ended December 31, 2018 was $1,655,631, compared to $2,455,112 for 2017 (a reduction of approximately 32%). The revenue increases for the year ended December 31, 2018 were driven by sales of our patented Aqualyte™ membrane for food preservation applications in refrigerators as evidenced by the Haier Group contract as well as from growth of membrane sales in energy recovery ventilator, ConsERV™ product and NanoClear™ water cleaning products. “As we closed 2018 and are now through the full first quarter of 2019, we see continued traction in the nanomaterial product, and our energy recovery ventilator (ERV) product. We expect to make new strategic partnership announcements in 2019 as we seek to drive continued growth in food preservation, HVAC, energy efficiency, and water treatment industries. Our priority and focus remain on building a profitable nanotechnology material-based platform business,” said Tim Tangredi, President and Chief Executive Officer of Dais. “We continue to successfully innovate and enhance the performance and functionality while building strong supply chain relationships for our Aqualyte membrane, ConsERV core and NanoClear module products. This allows us to build a loyal customer base and cement our leadership position in these markets.” Dais future revenue growth for 2019 is expected to be driven by: Aqualyte nanomaterial sales through existing and new commercial partnerships; NanoClear sales with 33 pilots currently installed; ConsERV sales in North America, and through our partnership with Zhejiang Menred Environmental Tech Co., Ltd, (“Menred Group”); and Qualifying strategic OEM relationships designed to ‘kick off’ the sales of the Company’s PolyCool™ product, which uses the Company’s nanomaterial for a new generation of safer, more efficient cooling towers with membrane condensing evaporation-based products. About Dais Corporation Dais Corporation (OTCQB: DLYT) is a nanotechnology business producing a versatile family of membrane materials - called Aqualyte™ - focusing on evolutionary or disruptive air, energy and water applications. The uses include: NanoClear™, a commercialized system treating contaminated industrial waste water providing ultra-pure potable water with higher system efficiencies at equal or better capital and operating costs than other technologies. ConsERV™, a commercially available engineered energy recovery ventilator that uses stale air being exhausted to precondition the temperature and moisture content of the incoming fresh ventilation air, typically saving energy, reducing CO2 emissions, and allowing for equipment downsizing; PolyCool™, an Aqualyte™-based next generation evaporative cooling technology that is nearing full commercialization. Aqualyte is configured for use in cooling towers and evaporative condensers for cooling uses in traditional HVAC, waste water treatment, and power systems industries providing reduced energy and operating costs. Other key features include preventing release of dangerous microbes, such as Legionella, and opening new markets for smaller air-cooled HVAC systems. Each use demonstrates the diversity of Dais' core product, Aqualyte™, a family of nanostructured polymers and engineered processes focused on minimizing consumption of irreplaceable natural resources and ending the degradation of our environment. To find out more about Dais please visit www.daisanalytic.com. Safe Harbor Statement This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," or the negative of these words and/or similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For example, statements about future revenues and the Company’s ability to fund its operations and contractual obligations are forward looking and subject to risks. Several important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the inability to raise capital to support the Company through its growth stage, the Company’s inability to generate projected sales and trade relations between the United States and China. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Contact: Dais Corporation 11552 Prosperous Drive Odessa, Florida 33556 Phone: 727 375 8484 info@daisanalytic.com
$BPMX BioPharmX Reports Fiscal Second Quarter 2020 Financial Results and Provides Corporate Update
SAN JOSE, Calif., Sept. 9, 2019 /PRNewswire/ -- BioPharmX Corporation (NYSE American: BPMX), a specialty pharmaceutical company focused on developing innovative medical dermatology products, today reports financial results for the fiscal quarter ended July 31, 2019.
Announced positive results from its Phase 2b clinical trial of BPX-041, a novel topical gel formulation of fully solubilized minocycline for the treatment of moderate-to-severe papulopustular rosacea. BPX-04, a 1% minocycline gel, successfully met both the primary and secondary endpoints of the trial in demonstrating a statistically significant mean change in the number of facial inflammatory lesions and a two-grade improvement to clear or almost clear on the Investigator's Global Assessment (IGA) scale from baseline to week 12. BPX-04 appeared to be generally well-tolerated and there were no serious treatment-related adverse events. Announced the appointment of Steven M. Bosacki, a 20-year pharmaceutical industry veteran, as its Chief Operating Officer. Received notice from the U.S. Patent and Trademark Office granting additional patent protection for its lead candidates, BPX-01 for the treatment of inflammatory lesions of acne vulgaris and BPX-04 for the treatment of papulopustular rosacea (U.S. Patent No. 10,391,108, entitled "Pharmaceutical Tetracycline Composition For Dermatological Use"). Retained Locust Walk Partners, LLC, a global life science transaction firm focused on biopharmaceutical and medical technology companies, to provide transaction advisory services. Locust Walk has now initiated efforts to secure a global strategic development and commercialization partner for BioPharmX's late-stage topical minocycline drug candidates. "This was an important quarter for BioPharmX to position our late-stage product candidates for continued success. We were extremely pleased to deliver positive Phase 2b trial results for BPX-04 as well as to secure additional patent protection for the underlying technology," said Dr. Tierney, BioPharmX CEO. "Following a strategic review of the business, we have determined that the best path forward to realize the intrinsic value in these assets will be a strategic partnership transaction. As such, I am pleased to be working with the Locust Walk team, given my longstanding relationship with the firm, to initiate a more formal process with the aim to announce a strategic transaction in Q4 2019."
Second Quarter Financial Results
For the second fiscal quarter ended July 31, 2019, total operating expenses were $2.7 million, compared with total operating expenses of $4.5 million in the prior fiscal year's second quarter.
Net loss for the fiscal quarter ended July 31, 2019 was $2.6 million, or $0.22 per share, compared with a net loss of $4.4 million, or $0.58 per share, during the prior fiscal year's second quarter.
Excluding stock-based compensation expense and the impact of change in fair value of warrant liability, non-GAAP net loss for the fiscal quarter ended July 31, 2019 was $2.5 million, or $0.20 per share. During the second quarter of the prior fiscal year, the comparable non-GAAP net loss was $4.0 million, or $0.52 per share.
Cash and cash equivalents were $3.3 million as of July 31, 2019.
About BioPharmX® Corporation BioPharmX Corporation (NYSE American: BPMX) is a specialty pharmaceutical company focused on developing prescription products utilizing its proprietary HyantX Topical Delivery System for dermatology indications. To learn more about BioPharmX, visit www.BioPharmX.com.
About Locust Walk Locust Walk Partners, LLC is a global life science transaction firm. Their integrated team-based approach across capabilities, geographies, and industry segments delivers the right products, the right partners, and the most attractive sources of capital to get the right deals done for biopharma and medtech companies.
Capabilities – cohesive strategy, market analytics, and transaction capabilities
Geographies – global footprint across all key life science geographies
Industry Segments – comprehensive coverage across biopharma and medtech segments
For more information on Locust Walk or to contact a deal team member, please visit www.locustwalk.com.
Use of Non-GAAP Measures BioPharmX Corporation has supplemented its financial information prepared in accordance with generally accepted accounting principles in the United States ("GAAP") with non-GAAP measures, including non-GAAP net loss and non-GAAP net loss per share, which do not include stock-based compensation expense and the impact of changes in fair value of warrant liability. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses the non-GAAP information internally to evaluate its ongoing business, operational performance and cash requirements and believes these non-GAAP measures are useful to investors as they provide the same basis for evaluating BioPharmX Corporation's performance as applied by management.
BioPharmX Corporation has provided a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. These non-GAAP measures may be different from non-GAAP measures used by other companies, including peer companies, and therefore, comparability may be limited. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. BioPharmX Corporation believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with its results of operations as determined in accordance with GAAP and that these measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. BioPharmX Corporation encourages investors and others to review the company's financial information in its entirety and not rely on a single financial measure.
Stock-based compensation expense represents non-cash charges related to equity awards granted by BioPharmX Corporation. The change in fair value of warrant liability results from the periodic revaluing of the warrant liability. These amounts are excluded from the company's non-GAAP net loss and non-GAAP net loss per share because they are not reflective of ongoing operating results in the period incurred. Although these may be recurring charges to BioPharmX Corporation's operations, management believes the measurement of these amounts can vary considerably from period to period and depend substantially on factors that are not a direct consequence of operating performance that is within management's control. Thus, management believes that excluding these charges from non-GAAP net loss and non-GAAP net loss per share facilitates comparisons of BioPharmX Corporation's operational performance in different periods, as well as with similarly determined non-GAAP financial measures of comparable companies.
Forward-Looking Statements The information in this press release contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. This press release contains forward-looking statements about the company's expectations, plans, intentions, and strategies, including, but not limited to the company's engagement with Locust Walk and its ability to enter into a strategic partnership, or the timing of any such partnership, the results from the company's Phase 2b rosacea study, the company's ability to raise capital under its Capital On Demand Sales Agreement, the commencement and results of future trials for BPX-04, level of operating expenditures, the company's ability to obtain patent protection and defend its intellectual property and the company's ability to regain compliance with the NYSE American LLC's continued listing standards and maintain its listing in the future. Additional risks are set forth in our filings with the Securities and Exchange Commission, including those described in the company's Quarterly Report on Form 10-Q for the quarter ended July 31, 2019. The forward-looking statements included in this press release are made only as of the date hereof, and the company undertakes no obligation to publicly update such statements.
1Caution: BPX-04 is a new drug limited by the U.S. law to investigational use only.
BioPharmX and HyantX are registered trademarks of BioPharmX, Inc.
--TABLES TO FOLLOW --
BIOPHARMX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts; unaudited)
Three Months Ended
Six Months Ended
July 31,
July 31,
2019
2018
2019
2018
Revenues, net
$ -
$ 24
$ -
$ 42
Cost of goods sold
-
13
-
20
Gross margin
-
11
-
22
Operating expenses:
Research and development
1,375
2,730
3,574
5,057
Sales and marketing
169
566
433
1,167
General and administrative
1,116
1,182
2,293
2,628
Total operating expenses
2,660
4,478
6,300
8,852
Loss from operations
(2,660)
(4,467)
(6,300)
(8,830)
Change in fair value of warrant liability
2
23
11
(43)
Other income, net
12
34
22
63
Loss before provision for income taxes
(2,646)
(4,410)
(6,267)
(8,810)
Provision for income taxes
-
-
2
2
Net and comprehensive loss
$(2,646)
$ (4,410)
$(6,269)
$(8,812)
Net loss per share
Basic and diluted
($0.22)
($0.58)
($0.58)
($1.19)
Shares used in computing net loss per share
Basic and diluted
12,245
7,653
10,862
7,425
BIOPHARMX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
July 31,
January 31,
2019
2019
Assets
Current assets:
Cash and cash equivalents
$ 3,290
$ 3,069
Prepaid expenses and other
483
316
Total current assets
3,773
3,385
Property and equipment, net
202
148
Operating lease right-of-use asset, net
1,069
—
Other
121
121
Total assets
$ 5,165
$ 3,654
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 937
$ 1,363
Accrued expenses and other
1,081
934
Total current liabilities
2,018
2,297
Long-term liabilities
935
59
Total liabilities
2,953
2,356
Stockholders' equity
2,212
1,298
Total liabilities and stockholders' equity
$ 5,165
$ 3,654
BIOPHARMX CORPORATION
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(in thousands, except per share amounts; unaudited)
Three Months Ended
Six Months Ended
July 31,
July 31,
2019
2018
2019
2018
GAAP net loss available to common stockholders
$(2,646)
$ (4,410)
$(6,269)
$(8,812)
Change in fair value of warrant liability
(2)
(23)
(11)
43
Stock-based compensation expense:
-
Research and development
85
159
188
359
-
Sales and marketing
12
112
33
241
-
General and administrative
80
175
147
439
Total stock-based compensation expense
177
446
368
1,039
Total reconciling items
175
423
357
1,082
Non-GAAP net loss available to common stockholders
$(2,471)
$ (3,987)
$(5,912)
$(7,730)
GAAP net loss available to common stockholders
$ (0.22)
$ (0.58)
$ (0.58)
$ (1.19)
Reconciling items
-
Change in fair value of warrant liability
—
—
—
0.01
-
Stock-based compensation expense
0.02
0.06
0.04
0.14
Non-GAAP net loss per share: basic and diluted
$ (0.20)
$ (0.52)
$ (0.54)
$ (1.04)
Shares used in computing non-GAAP net loss per share
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