Organovo Holdings reported its financial results for the fiscal year ended March 31, 2015. Cash and cash equivalents were $50.1 million and an accumulated deficit of $122.3 million.
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Negative cash flows from operations was $19.6 million for the fiscal year ended March 31, 2015. Total current assets of $51.3 million and current liabilities of $4.8 million, resulted in working capital of $46.5 million, versus prior year total current assets of $49.2 million and current liabilities of $1.9 million, which resulted in working capital of $47.3 million.
Net cash used in investing activities was approximately $1.5 million and $0.3 million for the years ended March 31, 2015 and 2014, respectively. The majority of net cash used in investing activities to date has been for the purchases of laboratory equipment, particularly noting that the company launched its first commercial product and expanded its research capabilities in Fiscal 2015.
Net cash provided by financing activities was approximately $23.1 million and $48.4 million for the years ended March 31, 2015 and 2014, respectively.
During the year ended March 31, 2015, the company raised net proceeds of approximately $22.3 million through the sale of 3.2 million shares of its common stock through at-the-market offerings. In addition, the company raised approximately $0.4 million from the exercise of warrants, and $0.4 million from stock option exercises during the year ended March 31, 2015.
The company previously commented that revenues in the quarter ended December 31, 2014 and the year ended March 31, 2015 were expected to come primarily from research services associated with the pre-release availability of its exVive3D Human Liver Tissue. The company expects commercial revenue from its post-launch activities to be primarily recognized beginning with the quarter ending June 30, 2015.
Additional future revenues are expected to come from collaborative partnerships. It should also be noted that the company continues in its development of a 3D bioprinted kidney tissue that has the potential to significantly improve researchers' ability to study kidney function in an in vitro model. The kidney tissue remains on track for a mid-2016 (calendar year) release.
Additionally, the company continues to advance simple bioprinted tissues for the potential direct treatment of patients, which are currently at the preclinical research phase.
Revenues of $0.6 million for the year ended March 31, 2015 increased approximately $0.2 million, or 50%, over revenues of $0.4 million for the year ended March 31, 2014.
This increase reflects the recognition of $0.3 million in commercial revenue since the company's product launch in November 2014, partially offset by a $0.1 million decrease in collaboration revenue due to the completion of one of the company's larger collaborative research agreements during the year ended March 31, 2014.
Operating expenses increased approximately $9.9 million, or 47%, from $21.0 million for the year ended March 31, 2014 to $30.9 million for the year ended March 31, 2015. Of this increase, approximately $5.0 million was related to increased selling, general and administrative expense, while the other $4.9 million related to increased investment in research and development expense.
Those increases were attributed to the company's continued implementation of its business plan, including hiring additional staff to support its research and development initiatives, incremental investment associated with commercialization project initiatives, expenses related to operating as a publicly traded corporation, expansion to a larger facility, and increased stock compensation expense relative to employees and certain consulting services. ■