·
|
CollabRx announced the launch of its Genetic Variant Annotation™ (GVA™) service, which provides for a fully automated and scalable medical informatics solution that seamlessly pairs the results of genetic sequencing tests with clinically actionable and dynamically updated knowledge to inform patient treatment planning.
|
·
|
A multi-year agreement with MedPage Today, a property of Everyday Health, Inc., to develop and market a mobile app targeting physicians and patients that focuses on genetic tests, biomarkers and associated therapies.
|
·
|
CollabRx announced the appointment of George Lundberg, M.D. as its Chief Medical Officer. Dr. Lundberg will continue in his position as Editor-in-Chief and Chair of the Editorial Advisory Board of CollabRx.
|
·
|
CollabRx was featured in a Forbes article “Can We Build A Kickstarter For Cancer?,” written by Paul Howard, http://www.forbes.com/sites/theapothecary/2013/08/01/can-we-build-a-kickstarter-for-cancer/ and was also featured on an NBC Bay Area news segment, Tech Now!, with business and tech reporter Scott Budman.
|
·
|
http://www.nbcbayarea.com/news/local/Can-We-Kickstart-The-Fight-Against-Cancer-218388941.html?_osource=SocialFlowTwt_BAYBrand
|
·
|
Total operating revenue for the quarter was $251,000, with the entire amount representing the Company’s commercialization of its content services and on-line media products. Revenue for the same quarter of the prior fiscal year was $75,000.
|
·
|
Gross margins for the quarter were 93% of revenue or $233,000, compared to 73% of revenue or $55,000 in the same quarter of the prior fiscal year.
|
·
|
The Company’s net loss for the second quarter of fiscal year 2014 was ($563,000) or ($0.29) per share, compared with net loss of ($1,284,000) or ($0.68) per share for the same period in the prior fiscal year.
|
·
|
Operating expenses totaled $1,105,000 for the second quarter. Of that amount, $152,000 were non-cash charges for depreciation, amortization, and stock compensation expense. This represented a decrease in operating expenses from the second quarter of fiscal year 2013, which came in at $1,347,000 and included $276,000 of non-cash charges, and an increase from the immediately preceding quarter (Q1FY’14) which came in at $961,000, including $143,000 of non-cash charges. The quarter to quarter increase of $144,000 of operating expenses resulted primarily from increased engineering personnel.
|
·
|
The operating loss for fiscal year 2014 second quarter was ($872,000), compared to ($1,292,000) in the prior year and ($709,000) in the immediately preceeding quarter.
|
·
|
During the second fiscal quarter, the Company recorded income from discontinued operations, net of taxes of $273,000, consisting of the sale of the last two patent lots related to the NLD technology for $365,000. The net gain related to this sale was $267,000. With this sale, the Company has no remaining intellectual property related to discontinued operations. The Company also recognized a $6,000 gain in outstanding discontinued operations. The receivable for the revenue from the sale of these patents is included in Other assets of discontinued operations on the Company’s balance sheet.
|
·
|
CollabRx ended the second quarter with approximately $2.8 million in cash and cash equivalents.
|
|
Sept. 30,
|
March 31,
|
||||||
|
2013
|
2013*
|
|
|||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,791
|
$
|
4,039
|
||||
Accounts receivable
|
250
|
250
|
||||||
Prepaid expenses and other current assets
|
110
|
102
|
||||||
Other assets of discontinued operations
|
365
|
11
|
||||||
Total current assets
|
3,516
|
4,402
|
||||||
Property and equipment, net
|
138
|
142
|
||||||
Intangible assets, net
|
1,385
|
1,490
|
||||||
Goodwill
|
603
|
603
|
||||||
Investment in convertible promissory note
|
362
|
345
|
||||||
Total assets
|
$
|
6,004
|
$
|
6,982
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable, accrued expenses and other current liabilities
|
$
|
195
|
$
|
167
|
||||
Common stock warrant liability
|
--
|
10
|
||||||
Liabilities of discontinued operations
|
89
|
16
|
||||||
Total current liabilities
|
284
|
193
|
||||||
Deferred tax liability
|
540
|
581
|
||||||
Promissory note
|
507
|
504
|
||||||
Other long term liabilities
|
12
|
--
|
||||||
Total liabilities
|
1,343
|
1,278
|
||||||
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none issued and outstanding
|
--
|
--
|
||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 1,952,960 shares issued and outstanding at September 30, 2013 and March 31, 2013, respectively
|
19
|
19
|
||||||
Additional paid-in capital
|
130,777
|
130,602
|
||||||
Accumulated other comprehensive loss
|
--
|
(142
|
)
|
|||||
Accumulated deficit
|
(126,135
|
)
|
(124,775
|
)
|
||||
Total stockholders’ equity
|
4,661
|
5,704
|
||||||
Total liabilities and stockholders’ equity
|
$
|
6,004
|
$
|
6,982
|
|
Three Months
Ended
|
Six Months
Ended
|
||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Revenue
|
$
|
251
|
$
|
50
|
$
|
521
|
$
|
50
|
||||||||
Revenue - related party
|
--
|
25
|
--
|
50
|
||||||||||||
Total revenue
|
251
|
75
|
521
|
100
|
||||||||||||
Cost of revenue
|
18
|
20
|
36
|
20
|
||||||||||||
Gross profit
|
233
|
55
|
485
|
80
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Engineering
|
457
|
328
|
671
|
328
|
||||||||||||
Research and development
|
27
|
--
|
157
|
--
|
||||||||||||
Sales and marketing
|
63
|
49
|
122
|
49
|
||||||||||||
General and administrative
|
558
|
970
|
1,117
|
1,682
|
||||||||||||
Total operating expenses
|
1,105
|
1,347
|
2,067
|
2,059
|
||||||||||||
Operating loss
|
(872
|
)
|
(1,292
|
)
|
(1,582
|
)
|
(1,979
|
)
|
||||||||
Other income, net
|
16
|
11
|
26
|
20
|
||||||||||||
Loss before income tax benefit
|
(856
|
)
|
(1,281
|
)
|
(1,556
|
)
|
(1,959
|
)
|
||||||||
Income tax benefit
|
(20
|
)
|
--
|
(41
|
)
|
--
|
||||||||||
Loss from continuing operations
|
(836
|
)
|
(1,281
|
)
|
(1,515
|
)
|
(1,959
|
)
|
||||||||
Gain on sale of discontinued operations, net of taxes
|
267
|
--
|
267
|
--
|
||||||||||||
Income (loss) from discontinued operations, net of taxes
|
6
|
(3
|
)
|
(112
|
)
|
(4
|
)
|
|||||||||
Net income (loss) from discontinued operations, net of taxes
|
273
|
(3
|
)
|
155
|
(4
|
)
|
||||||||||
|
||||||||||||||||
Net loss
|
(563
|
)
|
(1,284
|
)
|
(1,360
|
)
|
(1,963
|
)
|
||||||||
|
||||||||||||||||
Foreign currency translation
|
--
|
--
|
--
|
--
|
||||||||||||
Comprehensive loss
|
$
|
(563
|
)
|
$
|
(1,284
|
)
|
$
|
(1,360
|
)
|
$
|
(1,963
|
)
|
||||
|
||||||||||||||||
Net loss per share from continuing operations:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.43
|
)
|
$
|
(0.68
|
)
|
$
|
(0.78
|
)
|
$
|
(1.13
|
)
|
||||
Net income (loss) per share from discontinued operations:
|
||||||||||||||||
Basic and diluted
|
$
|
0.14
|
$
|
--
|
$
|
0.08
|
$
|
--
|
||||||||
Net loss per share:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.29
|
)
|
$
|
(0.68
|
)
|
$
|
(0.70
|
)
|
$
|
(1.13
|
)
|
||||
|
||||||||||||||||
Weighted-average shares used in per share computation:
|
||||||||||||||||
Basic and diluted
|
1,953
|
1,884
|
1,953
|
1,738
|