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SEC Filings

PROTEON THERAPEUTICS INC filed this Form 10-Q on 08/07/2017
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The Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, for the quarter ended March 31, 2017.  As a result of adoption, the deferred tax assets associated with net operating losses were increased by $0.6 million. These amounts were be offset by a corresponding increase in the valuation allowance.


8. Net Loss per Share Attributable to Common Stockholders


The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three and six months ended June 30, 2017 and 2016 resulted in net losses, there is no income allocation required under the two-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.


The following Common Stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect:


   Three Months Ended June 30,  Six Months Ended June 30,
   2017  2016  2017  2016
Outstanding stock options   2,783,570    2,234,934    2,783,570    2,234,934 
    2,783,570    2,234,934    2,783,570    2,234,934 



9. Subsequent Events


The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the unaudited condensed consolidated financial statements for events or transactions that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date.


At the closing of the Transaction, on August 2, 2017, the Company issued 22,000 shares of the Company’s Series A Convertible Preferred Stock for a purchase price of $1,000 per share, or an aggregate purchase price of $22.0 million. Each share of Series A Convertible Preferred Stock will be convertible into approximately 1,005 shares of the Company’s common stock at a conversion price of $0.9949 per share, and therefore the 22,000 shares of the Company’s Series A Convertible Preferred Stock convert into 22,112,775 shares of the Company’s common stock. In connection with the closing of the Transaction, on August 1, 2017, the Company filed in a Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock, with the Secretary of State of the State of Delaware setting forth the rights, preferences and privileges of the Series A Convertible Preferred Stock.