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SEC Filings

10-Q
PROTEON THERAPEUTICS INC filed this Form 10-Q on 08/07/2017
Entire Document
 
 

 

Cash Flows

 

The following table summarizes our sources and uses of cash for the six months ended June 30, 2017 and 2016 (in thousands): 

 

   Six Months Ended June 30,
   2017  2016
       
Net cash used in operating activities  $(10,728)  $(11,462)
Net cash (used in) provided by investing activities   (8,454)   5,494 
Net cash provided by financing activities   1,454    144 
Effect of exchange rate changes on cash   (279)   (21)
Net decrease in cash and cash equivalents  $(18,007)  $(5,845)

 

Comparison of the Six Months Ended June 30, 2017 and 2016

 

Net cash used in operating activities was $10.7 million for the six months ended June 30, 2017 compared to $11.5 million for the six months ended June 30, 2016. The decrease of $0.7 million was primarily driven by a decrease in our net loss of $2.4 million and a decrease in non-cash operating expenses of $0.2 million, offset by an approximate $1.9 million increase in cash outflows related to changes in the components of working capital as compared to the six months ended June 30, 2016.

 

 Net cash used in investing activities was $8.5 million for the six months ended June 30, 2017 compared to $5.5 million provided by investing activities in the six months ended June 30, 2016. The change of $13.9 million was primarily driven by a decrease in maturities and sale of investments of $27.5 million, offset by a decrease in the purchases of available-for-sale investments of $13.4 million as compared to the six months ended June 30, 2016.

 

Net cash provided by financing activities for the six months ended June 30, 2017 increased by $1.3 million compared to the six months ended June 30, 2016 primarily due to $1.3 million from the sale of common stock under our ATM program.

 

Off-Balance Sheet Arrangements

 

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under the applicable regulations of the SEC.

 

Contractual Obligations

 

We have the following contractual obligations and commitments as of June 30, 2017 (in thousands):

 

   Total  Less than 1
Year
  1 to 3
Years
  3 to 5
Years
  More than
5 Years
Operating Leases (1)  $170   $170    -    -    - 
Purchase Obligations (2)  CHF7,600   CHF5,700   CHF1,900    -    - 

 

(1)   In July 2009 we entered into a multi-year non-cancelable lease for our offices in Waltham, Massachusetts. In October 2011, we amended the lease extending its expiration to December 2014. In August 2014, we amended the lease extending its expiration to June 2018 with one optional one-year extension period. The minimum lease payments above do not include common area maintenance charges or real estate taxes.
(2)

In July 2015, we entered into a manufacturing services agreement with Lonza Ltd (“Lonza”) for the processing, development and manufacturing of the active pharmaceutical ingredient, or API, in our lead product candidate, vonapanitase. Purchase obligations include contractual arrangements in the form of purchase orders with Lonza, where there is a fixed non-cancelable payment schedule. We have one purchase obligation of 7.6 million Swiss Francs for work to be performed during 2017 totaling 5.7 million Swiss Francs and by the end of 2019 totaling 1.9 million Swiss Francs.

 

 

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