-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K6lpUqg5zEAF3fYugNIMptO7fB2lFRY1TMuwj527yoGNehQrS0fG51lJ6EDE7uWD RkuWejE0mz9EA9Z62+ITvg== 0000946644-96-000003.txt : 19961115 0000946644-96-000003.hdr.sgml : 19961115 ACCESSION NUMBER: 0000946644-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEMISPHERX BIOPHARMA INC CENTRAL INDEX KEY: 0000946644 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 520845822 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27072 FILM NUMBER: 96660916 BUSINESS ADDRESS: STREET 1: 1617 JFK BLVD STREET 2: ONE PENN CENTER CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2159880080 MAIL ADDRESS: STREET 1: 1617 JFK BLVD STREET 2: ONE PENN CENTER CITY: PHILADELPHIA STATE: PA ZIP: 19103 10-Q 1 FORM 10Q HEMISPHERX BIOPHARMA, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 1996 Commission File Number: 0-27072 HEMISPHERx BIOPHARMA, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 52-0845822 - ------------------------------ ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1617 JFK Boulevard, Suite 660, Philadelphia, PA 19103 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (215) 988-0080 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable - -------------------------------------------------------------------------------- (Former name,former address and former fiscal year,if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. /X/ Yes / / No 15,771,172 shares of common stock issued and outstanding as of September 30,1996. 2 PART I - FINANCIAL INFORMATION ITEM 1: Financial Statements HEMISPHERx BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) December 31, Sept. 30, 1995 1996 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $11,291,167 $6,636,031 Prepaid expenses and other current assets 62,742 186,164 ----------- ---------- Total current assets 11,353,909 6,822,195 Property and equipment, net 53,953 97,714 Patent and trademark rights, net 1,245,092 1,394,191 Security deposits 46,564 18,323 ----------- ---------- Total assets $12,699,518 $8,332,423 =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,095,637 $ 646,795 Accrued expenses 2,263,096 500,460 Notes payable 4,920,000 - ----------- ---------- Total current liabilities 8,278,733 1,147,255 Commitments and contingencies Stockholders' equity: Preferred stock - 60 Common stock 15,581 15,771 Additional paid-in capital 47,949,530 54,057,868 Accumulated deficit (43,544,326) (46,888,531) ----------- ---------- Total stockholders' equity 4,420,785 7,185,168 ----------- ---------- Total liabilities and stockholders' equity $12,699,518 $ 8,332,423 =========== ==========
See accompanying notes to condensed consolidated financial statements. 3 HEMISPHERx BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) For the three months ended Sept. 30, -------------------------- 1995 1996 ---------- ---------- Revenues: Research and development $ 22,850 $ 10,082 Licensing fees 1,900,000 - ---------- ---------- Total revenues $ 1,922,850 $ 10,082 ---------- ---------- Costs and expenses: Research and development 401,871 343,523 General and administrative 498,591 1,279,414 ---------- ---------- Total cost and expenses 900,462 1,622,937 Interest income 1,723 92,047 Interest expense (206,521) - ---------- ---------- Net earnings (loss) $ 817,590 $(1,520,808) ========== ========== Weighted average shares outstanding 13,313,864 15,589,835 Net earnings (loss) per share $ 0.06 $ (0.10) ========== ==========
See accompanying notes to condensed consolidated financial statements. 4 HEMISPHERx BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) For the nine months ended Sept. 30, ------------------------- 1995 1996 ---------- ---------- Revenues: Research and development $ 56,110 $ 28,451 Licensing fees 2,900,000 - ---------- ---------- Total revenues $ 2,956,110 $ 28,451 Costs and expenses: Research and development 935,081 1,038,028 General and administrative 1,772,994 2,514,980 ---------- ---------- Total cost and expenses 2,708,075 3,553,008 Debt conversion expense (149,384) - Interest income 4,633 257,612 Interest expense (657,969) - ---------- ---------- Net loss $ ( 554,685) $(3,266,945) ========== ========== Weighted average shares outstanding 13,313,864 15,584,405 Net loss per share $ (0.04) $ (0.21) ========== ==========
See accompanying notes to condensed consolidated financial statements. 5 HEMISPHERx BIOPHARMA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) For the nine months ended Sept. 30, ------------------------- 1995 1996 ----------- ---------- Cash flows from operating activities: Net loss $ (554,685) $(3,266,945) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization of property and equipment 40,500 42,719 Amortization of patents rights 166,500 62,592 Imputed interest charges 41,360 - Stock option compensation expense - 617,911 Changes in assets and liabilities: Prepaid expenses and other current assets (27,955) (123,422) Accounts payable 298,226 (448,842) Accrued expenses 890,622 (1,831,242) Security deposits 918 28,241 --------- --------- Net cash (used in) provided by operating activities 855,486 (4,918,988) --------- --------- Cash flows from investing activities: Purchase of property and equipment (3,624) (86,480) Additions to patent rights (11,256) (211,691) --------- --------- Net cash used in investing activities (14,880) (298,171) --------- --------- Cash flows from financing activities: Proceeds from issuance of preferred stock - 5,395,885 Proceeds from notes payable 1,762,000 - Payment of unsecured convertible note (112,000) - Payments on stockholder notes (1,800,617) (4,920,000) Common stock issued - 94,792 Deferred offering costs (539,936) - Dividends paid on preferred stock - (8,654) --------- --------- Net cash provided by (used in) financing activities (690,553) 562,023 --------- --------- Net increase (decrease) in cash and cash equivalents 150,053 (4,655,136) Cash and cash equivalents at beginning of period 61,005 11,291,167 --------- --------- Cash and cash equivalents at end of period $ 211,058 $ 6,636,031 ========= =========
See accompanying notes to condensed consolidated financial statements. 6 HEMISPHERx BIOPHARMA, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: BASIS OF PRESENTATION The accompanying consolidated financial statements include the accounts of Hemispherx BioPharma, Inc. (the "Company"), a Delaware corporation and all its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.The Company's interim consolidated financial statements are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such consolidated financial statements have been included. Such adjustments consist of normal recurring items. Interim results are not necessarily indicative of results for a full year. The interim consolidated financial statements and notes thereto are presented as permitted by the Securities and Exchange Commission (SEC), and do not contain certain information which will be included in the Company's annual consolidated financial statements and notes thereto. These consolidated financial statements should be read in conjunction with the Company's 1995 consolidated financial statements included in the Company's Form 10K statement filed with the SEC on March 29, 1996 and the Company's March 31, 1996 and June 30, 1996 Form 10Q statements filed with SEC on May 14, 1996, and August 13,1996, respectively. NOTE 2: INITIAL PUBLIC OFFERING The Company completed an initial public offering (IPO) on November 2, 1995. Net proceeds from the offering approximated $16,000,000 which includes the sale of the 693,000 over-allotment shares. NOTE 3: DEBT REPAYMENT The Company resolved a long standing legal suit with a former note holder of the Company. The litigation had been simultaneously pursued by the parties in both the Federal Court of Eastern Pennsylvania as well as in the State Court of Florida in Palm Beach County. The noteholder also filed a motion for a preliminary injunction in the Pennsylvania court to enjoin the Company from disbursing the proceeds of a public offering in the amount of $5.8 million, which motion was granted in November, 1995. On February 15, 1996, the Company reached an agreement to settle this matter. Terms and conditions of the settlement include payment of $6,450,000 to the noteholder to cover the note balance and legal expenses. The noteholder and related parties are to maintain 7 certain Warrants that were granted prior to the lawsuit. Other Warrants granted to the noteholder in the note restructuring in 1994 were relinquished. The funds under this settlement were paid on March 21, 1996. Mutual releases were executed which completed the settlement of the litigation. NOTE 4: PARTNERING AGREEMENTS In April, 1996, SAB/Bioclones reported significant accomplishments in South Africa in fulfillment of their licensing agreement. Pilot production runs of raw materials for use in manufacturing Ampligen have been completed in conformity to our specifications. SAB/Bioclones has manufactured an additional one kilo. Capacity of the pilot plant has now been expanded to two kilos per month and an order for 24 kilos, to be delivered over the next year, has been placed. They are negotiating with two manufacturers to formulate the drug and to produce 200 ml infusion bottles(400 mg Ampligen) for use in clinical trials. Discussions also are underway with clinical investigators to identify suitable participants for the double-blind placebo controlled study of Ampligen in chronic active hepatitis B. This phase is expected to be completed the end of 1996. Clinical investigators then will be selected and patient enrolled for the studies. SAB/Bioclones has further reported interest among Hepatologists to additionally evaluate Ampligen in the treatment of hepatitis C. In February, 1996, the Company entered into an agreement with Helix BioPharma, a Canadian based pharmaceutical and biomedical company to jointly develop the Company's lead product for certain chronic viral disorders and diseases of immunological dysregulation. Helix BioPharma is the parent company of Rivex Pharma, Inc. with which the Company has an agreement for marketing and distribution services in Canada. Helix BioPharma, headquartered in Richmond, British Columbia, is developing, licensing, marketing and distributing biomedical and pharmaceutical products and services principally to the Canadian markets. The initial inventory of Ampligen was shipped to Rivex in September, 1996. Specific terms of the transactions are currently being determined. NOTE 5: VENDOR AGREEMENTS On February 20, 1996 the Company entered into an agreement with the lessor of the corporate office whereby HEM agreed to pay $85,000 for all outstanding rent and charges accrued through December 31, 1995 in the amount of $181,757. In addition, the terms of the lease were extended through April 30, 2000. The extended lease reduces the available square footage and accordingly reduces the lease rate. Rent expense charged to operations for the years ended December 31, 1993, 1994 and 1995 under the old lease amounted to approximately $223,000, $173,000 and $289,000 respectively. The Company recognizes rent expense on a straight-line basis over the lease term, and the difference between rent expense on a straight-line basis and the base 8 rental is deferred and included in accrued expenses at December 31, 1994 and 1995. As of December 31, 1995 this accrual for unrecognized deferred rent totaled $228,000. The new lease agreement negated the need for this accrued liability. This settlement and amended lease resulted in the Company recording $318,757 adjustment in earnings in the first quarter 1996 financials. NOTE 6: SERIES D CONVERTIBLE PREFERRED STOCK On July 3, 1996 the Company issued and sold 6,000 shares of Series D Convertible Preferred Stock ("the Preferred Stock") at $1,000 per share for an aggregate total of $6,000,000. The proceeds, net of issuance costs, realized by the Company were $5,395,885. In addition to the issuance of the Preferred Stock, the Company issued to the buyer Warrants ("the Warrants") to purchase 100,000 shares of Common Stock at the strike price of $4 per share. The Preferred Stock earns dividends at the rate of $50 per annum per share as declared by the Board of Directors of the Corporation. The dividends are cumulative and payable quarterly commencing October 1, 1996 in cash or common stock at the election of the Company. In October,1996, the Preferred Shareholder converted 1,000 shares of Series D Convertible Preferred stock into 376,527 shares of common stock. On September 16, 1996 the Company's registration statement registering the common stock underlying the Preferred Stock and the Warrants was declared effective by the SEC. NOTE 7: EXERCISE OF BRIDGE OPTIONS: In September five(5) holders of Bridge Options exercised 183,333 options to receive 183,333 shares of common stock and 183,333 warrants to purchase common stock at $4 per share. In October one(1) holder of Bridge Options exercised 12,500 options to receive 12,500 shares of common stock and 12,500 warrants to purchase common stock at $4 per share. The company received $97,917 from the holders in this process. NOTE 8: STOCK COMPENSATION: The Company recorded stock/warrant compensation expense of $617,911 during the quarter ended September 30, 1996 on the basis of granting 1,280,000 warrants to purchase Common stock to non-employees of the Company. These grants were in exchange for services to be provided by certain institutions and/or individuals. 9 ITEM 2: Managements Discussion and Analysis of Financial Condition and Results of Operations. GENERAL Hemispherx BioPharma, Inc. and subsidiaries , formerly known as HEM Pharmaceuticals Corp., is a pharmaceutical company using nucleic acid technologies to develop therapeutic products for the treatment of viral diseases and certain cancers. The Company's drug technology uses specially- configured ribonucleic acid (RNA). The Company's double-stranded RNA drug product, trademarked Ampligen, is in human clinical development for various therapeutic indications. The efficacy and safety of Ampligen is being developed clinically for three anti-viral indications: myalgic encephalomyelitis, also known as chronic fatigue syndrome (ME/CFS) (Phase II clinical trial completed and Phase II/III clinical trial authorized); human immunodeficiency virus associated disorders (Phase II clinical trial completed; additional Phase II trial authorized); and chronic hepatitis B virus infection (HBV) (Phase I/II clinical trial in process). The Company also has clinical experience with Ampligen in patients with certain cancers including renal cell carcinoma (kidney cancer) and metastatic malignant melanoma. The consolidated financial statements include the financial statements of Hemispherx BioPharma, Inc. and its three wholly-owned subsidiaries, BioPro Corp., BioAegean Corp. and Core BioTech Corp. which were incorporated in September 1994 for the purpose of developing technology for ultimate sale into certain non-pharmaceutical specialty consumer markets. BioAegean Corp. is in negotiation with a leading international manufacturer and marketer of skin care preparations for the possible incorporation of its RNA technology into the product line. All significant intercompany balances and transactions have been eliminated in consolidation. In fiscal 1994 and 1995, the Company focused on negotiating and executing the South African Breweries (SAB) Agreement, exploring potential partnerships to pursue additional clinical trials with special emphasis on the HBV disease indication, restructuring certain of its outstanding debt, conducting the 1994 Common Stock Financing and the Bridge Financing and preparing for its Initial Public Offering (IPO). In the first three quarters of fiscal 1996, the Company focused on preparations for new clinical trials in HIV, reactivating the ME/CFS program, and the issuance of Series D Convertible Preferred Stock, which was completed on July 3, 1996 (see Note 6). In 1996 and beyond, the Company expects to add some additional personnel to augment its general and administrative activities in support of increased efforts for research and development, production and regulatory activity. The Company expects to continue its research and clinical efforts for the next several years with some benefit of certain revenues from cost recovery programs, notably in Canada and Belgium. Beginning in October, 1993, limited revenues were initiated in Belgium from sales under the cost recovery provision for conducting clinical tests in 10 ME/CFS. Overall, the Company expects to continue incurring losses over the next several years due to clinical costs which are only partially offset by revenues and potential licensing fees. Such losses may fluctuate from quarter to quarter as a result of differences in the timing of significant expenses incurred and receipt of licensing fees and/or revenues. In June 1996, Douglas Hulse joined the Company as Chief Operating Officer (COO). Mr. Hulse serves as Executive Director of The Sage Group, a healthcare consulting firm specializing in pharmaceutical and biotechnology business development and strategic planning. In his role as COO, Mr. Hulse will serve as global coordinator interacting with various distributors and corporate partners while insuring an adequate supply of drug for the Company's expected commercial sales and expanded clinical programs. In May 1996, the Canadian Health Protection Board authorized Helix BioPharma Corp. (Helix) of British Columbia, Canada (see Note 4) to supply Ampligen under the Canadian Emergency Drug Release Program. This authorization means that the drug will be available in Canada to sufferers of HIV, Renal Cancer, and Chronic Fatigue Syndrome. The Company is in the process of producing Ampligen doses for shipment to Helix for distribution and sales in Canada, and shipped the initial inventory in September, 1996. Costs associated with this inventory have been charged to research and development. RESULTS OF OPERATIONS Nine months ended September 30,1996 versus the nine months ended September 30, 1995 The Company reported a net loss of $3,266,945 for the nine months ended September 30, 1996 versus a net loss of $554,685 for the same period in 1995. Several factors contributed to the increased loss of $2,712,260. Revenues were down $2,927,659 for the nine months of 1996 as the results for the nine months ended September 30, 1995 include $2,900,000 of licensing fees recorded in connection with SAB/Bioclones agreement. Research and development costs increased $102,947 in the nine months ended September 30, 1996 due primarily to increased efforts on the Canadian and Belgium clinical programs. General and administrative expenses of $2,514,980 in the first nine months of 1996 reflect the benefit of a one time gain in the amount of $318,757 resulting from the forgiveness of certain lease obligations in connection with the restructuring of the Company's principal office lease. Excluding this one time gain, general and administrative expenses in the first nine months of 1996 exceeded related expenses in the first nine months of 1995 by $1,060,743. This increase can mostly be attributed to stock compensation of $617,911(see note 8) and consulting fees, public relations, printing expenses, and directors and officers insurance premiums. 11 Debt conversion costs of $149,384 and interest expense of $657,969 incurred in 1995 did not recur in 1996 due the fact that all the associated debt was converted or repaid in 1995. Interest income increased by $252,979 due to the earnings on the remaining IPO funds and funds from the issuance of preferred stock. Three months ended September 30, 1996 versus three months ended September 30, 1995 The Company reported a net loss of $1,520,808 for the three months ended September 30, 1996 versus net earnings of $817,590 for the same period in 1995. Several factors contributed to the increased loss of $2,338,398. Revenues were down $1,915,768 for the three months ended September 30, 1996 as the results for the three months ended September 30, 1995 include $1,900,000 of licensing fees recorded in connection with SAB/Bioclones agreement. Research and development costs decreased $58,348 in the three months ended September 30, 1996 as the costs for September 30, 1995 included costs of certain abandoned patent rights. This cost reduction was partially offset by increased efforts on the Canadian and Belgium clinical programs. General and administrative expenses of $1,279,414 in the three months ended September 30, 1996 exceeded related expenses in the three months ended September 30, 1995 by $780,823. This increase can mostly be attributed to stock compensation of $617,911 (see note 8) and consulting fees, public relations, printing expenses, and directors and officers insurance premiums. Interest expense of $206,521 incurred in 1995 did not recur in 1996 due the fact that all the associated debt was converted or repaid in 1995. Interest income increased by $90,324 due to the earnings on the remaining IPO funds and funds from the issuance of preferred stock. LIQUIDITY AND CAPITAL RESOURCES Cash and cash equivalents at September 30, 1996 was $6,636,031 compared to $11,291,167 at December 31, 1995. This December 31, 1995 figure includes $5,818,733 of restricted cash as ordered by the Court in connection with the Cohn litigation. In February, 1996, the Company agreed to repay the Cohn note and settle the Cohn litigation (see Note 3). In exchange for mutual releases and other consideration, the Company paid Mr. Cohn $6,450,000 on March 21, 1996. This figure includes $4,920,000 in principal and $1,530,000 for legal and other costs. The Company retired much of the outstanding vendor and supplier obligations from the proceeds from the SAB Agreement, the Bridge Loans and revenue from sales under the cost recovery programs. In addition, certain officers, directors and shareholders have entered into the 1995 Standby Financing Agreement pursuant to which they have agreed to provide funding up to $5,500,000 to the Company in the event that existing and additional financing is insufficient to cover the cash needs of the Company through December 31, 1996. Moreover, because of the 12 Company's long-term capital requirements, it may seek to access the public equity market whenever conditions are favorable, even if it does not have an immediate need for additional capital at that time. Any additional funding may result in significant dilution and could involve the issuance of securities with rights which are senior to those of existing stockholders. The Company may also need additional funding earlier than anticipated, and the Company's cash requirements in general may vary materially from those now planned, for reasons including, but not limited to, changes in the Company's research and development programs, clinical trials, competitive and technological advances, the regulatory process, and higher than anticipated expenses and lower than anticipated revenues from certain of the Company's clinical trials as to which cost recovery from participants has been approved. On July 3, 1996 the Company issued and sold 6,000 of Series D Convertible Preferred Stock. The net proceeds realized by the Company were $5,395,885. (See note 6). 13 PART II - OTHER INFORMATION ITEM 1: Legal Proceedings None ITEM 2: Changes in Securities In July 1996, the Company separated it's public stock unit (consisting of one share of Common Stock and one Warrant to purchase Common Stock). The Common shares (HEMX), and Warrants (HEMXW) are now separately traded on NASDAQ. The units were delisted in July, 1996. On July 3, 1996, the Company completed a $6 million private placement with a single institutional investor in the form of a newly issued Series D Preferred Stock which is convertible into Common Stock. The proceeds from this private placement are being used to expand drug inventory. ITEM 3: Defaults in Senior Securities None ITEM 4: Submission of Matters to a Vote of Security Holders None ITEM 5:Other Information None ITEM 6: Exhibits and Reports on Form 8K (a) Exhibits - See Exhibits 11 & 12 (b) Reports on Form 8K - None 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HEMISPHERx BIOPHARMA, INC. /s/ William a. Carter --------------------------- Date: November 11, 1996 William A. Carter,M. Chief Executive Officer & President /s/ Robert Peterson -------------------------- Date: November 11, 1996 Robert E. Peterson Chief Financial Officer EX-11 2 COMPUTATION OF NET LOSS PER SHARE 3 MONTHS 1 EXHIBIT 11 HEMISPHERx BIOPHARMA, INC. STATEMENTS REGARDING COMPUTATION OF NET EARNINGS (LOSS) PER SHARE For the three months ended September 30, 1995 and 1996
Three Months Ended Sept. 30, (unaudited) -------------------- 1995 1996 ------- ------- NET EARNINGS (LOSS) PER SHARE Net Loss: $ 817,590 $(1,520,808) ========= ========= Shares: Weighted average number of common shares outstanding during the period 7,253,042 15,589,835 Incremental shares representing: Options and warrants issued within one year period prior to an initial public offering 4,115,680 - Conversion of Preferred Stock to Common Stock 1,945,142 - --------- --------- Weighted average number of shares used in calculating proforma net loss per share 13,313,864 15,589.835 ========== ========== Net earnings (loss) per share $ 0.06 $ (0.10) ========== ==========
EX-12 3 COMPUTATION OF NET LOSS PER SHARE 6 MONTHS 1 EXHIBIT 12 HEMISPHERx BIOPHARMA, INC. STATEMENTS REGARDING COMPUTATION OF NET LOSS PER SHARE For the nine months ended September 30, 1995 and 1996
Nine Months Ended Sept. 30, (unaudited) -------------------- 1995 1996 ------- ------- NET LOSS PER SHARE Net Loss: $ (554,685) $(3,266,945) ======== ========= Shares: Weighted average number of common shares outstanding during the period 7,253,042 15,584,405 Incremental shares representing: Options and warrants issued within one year period prior to an initial public offering 4,115,680 - Conversion of Preferred Stock to Common Stock 1,945,142 - --------- --------- Weighted average number of shares used in calculating proforma net loss per share 13,313,864 15,584,405 ========== ========== Net loss per share $ (0.04) $ (0.21) ========== ==========
EX-27 4 FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-1996 SEP-30-1996 6,636,031 0 0 0 0 6,822,164 686,389 588,675 8,332,423 1,147,255 0 0 60 15,771 7,169,337 8,332,423 0 286,063 0 3,553,008 0 0 0 0 0 (3,266,945) 0 0 0 (3,266,945) (.21) (.21)
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