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Consolidated Balance Sheets USD ($) Dec. 31, 2015 Dec. 31, 2014 $ in Thousands Current Assets: Cash and cash equivalents Restricted cash Accounts receivable, net Inventory Deferred tax assets, current Prepaid and other current assets Total current assets Property, plant and equipment, net Deferred tax assets, long-term Other long-term assets Intangible asset, net TOTAL ASSETS Current Liabilities: Accounts payable Current portion of long-term debt $106,961 600 13,826 18,985 3,152 143,524 $119,539 600 7,842 13,733 934 2,633 145,281 243 18,233 2,045 9,417 173,462 381 12,556 2,826 10,063 171,107 10,832 14,742 Deferred revenue, current 923 Accrued expenses and other current liabilities 24,226 Total current liabilities 50,723 Long-Term Liabilities: 8,525 15,394 16,387 40,306 Exchangeable senior notes, net of discount 138,605 121,846 Long-term debt Long-term debt derivative liabilities Deferred revenue, long-term Other long-term liabilities Total liabilities 91,512 8,170 13,308 335 89,617 7,400 $302,653 $259,555 386 Commitments and contingencies (Note 9) Stockholders' Deficit: Series A Convertible Preferred Stock, 0.05 par, unlimited authorized; 328,184,640 issued and outstanding as of Dece $24,364 Common stock, 0.50 par value, unlimited authorized; 183,577,765 issued, 183,403,263 outstanding as of December 149,978 $143,113 Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified Current Assets: Cash and cash equivalents Restricted cash Accounts receivable Inventory, current Deferred tax assets Other current assets Total current assets Property, plant and equipment, net Dec. 31, 2013 Inventory, long term Deferred tax assets Other non-current assets Intangible asset, net TOTAL ASSETS Current Liabilities: Accounts payable Dec. 31, 2012 $191,514 1,000 3,645 21,209 471 1,563 219,402 $260,242 579 5,482 11,944 4,360 10,709 252,476 811 6,375 12,974 Accrued interest payable Deferred revenue 21,262 937 3,253 285,694 8,044 4,951 11,355 310,855 17,458 2,520 1,703 Accrued expenses and other current liabilities 9,594 5,224 37,540 25,202 Total current liabilities Long-Term Liabilities: Exchangeable senior notes Long-term debt Other long-term liabilities Total liabilities Commitments and contingencies (Note 9) 149,317 87,717 658 286,332 134,250 85,153 816 314,852 Stockholders' Deficit: Common stock, 0.50 par value, unlimited authorized; 172,691,063 issued, 172,670,984 outstanding at December 31 141,477 124,597 738,754 619,266 Additional paid-in capital CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified Current Assets: Cash and cash equivalents Deferred tax asset Other current assets Total current assets Property, plant and equipment, net Deferred tax asset Other long term assets TOTAL ASSETS Dec. 31, 2011 Dec. 31, 2010 $116,602 533 1,837 118,972 432 4,734 2,241 $31,442 608 1,063 33,113 88 2,166 126,379 35,367 Current Liabilities: Accounts payable 4,419 Accrued expenses and other liabilities 4,033 Total current liabilities 8,452 Long-Term Liabilities: Warrant derivative liability 123,125 Lease obligations and other long-term liabilities 764 Total liabilities 132,341 Commitments and contingencies (Note 9) 4,449 3,128 7,577 230,069 88 237,734 Stockholders' Deficit: Common stock, 0.50 par value, unlimited authorized; 135,832,542 issued, 135,812,463 outstanding at December 31 113,321 90,465 Additional paid-in capital 449,393 Treasury stock; 20,079 shares at December 31, 2011 and 2010 -217 Accumulated deficit -568,459 206,718 -217 -499,333 12 Months Ended Consolidated Statements of Operations and Comprehensive Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Loss - USD ($) Revenues $10,417 Operating expenses: $18,833 $110,000 Research and development costs 12,637,278 General and administrative expenses 8,361,559 7,285,752 6,529,667 9,093,123 Total operating expenses ### ### Operating loss -19,156,528 -17,435,849 Other income (expense): 5,348,189 Interest income 69,549 Interest expense -1,816,206 Warrant modification expense 67,651 -1,620,776 12,633,941 -12,523,941 68,000 -1,394,274 0 -3,109,850 -5,017,156 Loss from change in fair value of derivative instruments 0 -334,133 -965,329 0 -445,787 0 0 0 250,000 838 -5,192,895 -7,307,921 Loss on debt extinguisment Other expense -716 Litigation settlement 0 Total other income (expense) -1,747,373 Net loss ($20,903,901) ($22,628,744) ($19,831,862) Net loss per share - basic and diluted (in dollars per share) ($0.23) ($0.26) ($0.27) Weighted average common shares outstanding - basic and diluted (in shares) ### ### 72,279,210 Comprehensive loss: Net loss ($20,903,901) ($22,628,744) ($19,831,862) Foreign currency translation adjustment -2,929 -1,241 7,241 Comprehensive loss ($20,906,830) ($22,629,985) ($19,824,621) 12 Months Ended Statements of Operations (USD $) Revenues Operating expenses: Dec. 31, 2012 Dec. 31, 2011 $407,708 $390,625 Research and development costs 6,105,984 7,354,857 General and administrative expenses 4,247,037 5,839,188 211,143 ### 187,050 13,381,095 Depreciation and amortization Total operating expenses Operating loss Other income (expense): Litigation settlement Interest income -10,156,456 -12,990,470 3,484 250,000 34,154 60,955 Interest expense -2,699 -821 Gain from change in fair value of warrant obligations 0 161,809 Total other income (expense) 34,939 471,943 Net loss ($10,121,517) ($12,518,527) Net loss per share - basic and diluted (in dollars per share) ($0.17) ($0.26) Weighted average common shares outstanding - basic and diluted (in shares) ### 48,340,557 12 Months Ended Statements of Operations (USD $) Revenues Operating expenses: Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 $390,625 $733,438 Research and development costs 7,354,857 9,163,810 5,346,904 General and administrative expenses 5,839,188 6,623,758 5,030,981 187,050 ### 130,751 ### 88,664 10,466,549 Depreciation and amortization Total operating expenses Operating loss -12,990,470 Nonoperating income (expense): Litigation settlement Interest income -15,184,881 -10,466,549 250,000 60,955 59,277 19,614 Interest expense -821 -2,662 -776 Warrant issuance and modification expense -1,906,800 Gain (loss) from change in fair value adjustment of warrant obligations 161,809 -1,352,234 Total nonoperating income (expense) 471,943 -3,202,419 Net loss attributable to common shareholders 83,348 102,186 ($12,518,527) ($18,387,300) ($10,364,363) Net loss per share - basic and diluted ($0.26) ($0.42) ($0.30) Weighted average common shares outstanding - basic and diluted ### ### 34,280,882 Financial Statement Analysis Package (FSAP) A Comment on Entering Financial Statement Data: Analyst Name: Sandra Chandler Company Name: Amarin Corp PLC/UK Year (Most recent in far right column.) BALANCE SHEET DATA Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings 2010 2011 2012 2013 31,442 0 0 0 1,063 608 33,113 0 88 0 0 0 0 2,166 35,367 4,449 0 0 3,128 0 7,577 0 0 88 230,069 237,734 0 0 297,183 0 116,602 0 0 0 1,837 533 118,972 0 432 0 0 0 2,241 4,734 126,379 4,419 0 0 4,033 0 8,452 0 0 764 123,125 132,341 0 0 562,714 0 260,242 0 0 21,262 3,253 937 285,694 0 811 0 11,355 0 4,951 8,044 310,855 17,458 0 0 7,744 0 25,202 85,153 0 816 134,250 245,421 0 0 743,863 0 191,514 0 3,645 21,209 1,563 1,471 219,402 0 579 0 10,709 0 4,360 17,426 252,476 6,375 0 0 24,271 0 30,646 87,717 0 658 149,317 268,338 0 0 880,231 0 Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES 0 0 0 -499,333 -568,459 -747,643 -217 -217 -217 -202,367 -5,962 -3,997 35,367 126,379 241,424 0 -913,870 -217 -33,856 234,482 INCOME STATEMENT DATA Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Net Income (enter reported amount as a check) 0 0 0 17,087 28,014 0 0 0 0 -90,202 -45,101 53 -19 130 0 0 -205,153 -250,090 0 0 0 501 0 -249,589 -249,589 0 0 0 22,559 21,602 0 0 0 0 -88,322 -44,161 231 -1 0 0 -10 -22,669 -66,610 0 0 0 -2,516 0 -69,126 -69,126 0 0 0 57,794 58,956 0 0 0 0 -233,500 -116,750 544 -18,091 0 0 -427 -35,344 -170,068 0 0 0 -9,116 0 -179,184 -179,184 26,351 11,912 38,263 123,795 72,750 0 0 0 0 -416,914 -182,106 343 -34,179 47,710 0 -1,189 0 -169,421 0 0 0 3,194 0 -166,227 -166,227 Other Comprehensive Income Items COMPREHENSIVE INCOME 0 -249,589 0 0 -69,126 -179,184 0 -166,227 STATEMENT OF CASH FLOWS DATA NET INCOME Add back Depreciation and Amortization Exps. Other Addbacks to Net Income Other Subtractions from Net Income (Incr.) Decrease in Accts. Receivable - Trade (Incr.) Decrease in Inventories (Incr.) Decr. in Other Curr. Assets (1) (Incr.) Decr. in Other Curr. Assets (2) Incr. (Decr.) in Acct. Payable - Trade Incr. (Decr.) in Other Current Liabilities (1) Incr. (Decr.) in Other Current Liabilities (2) Incr. (Decr.) in Other Non-Current Liabs. (1) Incr. (Decr.) in Other Non-Current Liabs. (2) Other Operating Cash Flows NET CF FROM OPERATIONS Property, Plant, and Equipment Sold Property, Plant, and Equipment Acquired (Increase) Decrease in Marketable Securities Investments Sold Investments Acquired Other Investment Transactions (1) Other Investment Transactions (2) NET CF FROM INVESTING ACTIVITIES Increase in ST Borrowing Decrease in ST Borrowing Increase in LT Borrowing Decrease in LT Borrowing Issue of Capital Stock Share repurchases - Treasury Stock Dividend Payments Other Financing Transactions (1) Other Financing Transactions (2) NET CF FROM FINANCING ACTIVITIES Effects of exchange rate changes on cash NET CHANGE IN CASH -249,589 63 210,372 -2,817 0 0 912 0 1,476 0 0 0 0 0 -39,583 0 -23 0 0 0 0 0 -23 0 0 0 0 0 0 0 13,077 0 13,077 0 -26,529 -69,126 -179,184 76 180 32,034 51,540 -6,713 -15,098 0 0 0 -21,262 -774 -1,416 -591 -1,060 5,751 25,675 0 0 0 0 0 0 0 0 0 0 -39,343 -140,625 0 0 -398 -549 0 0 0 0 -1,650 -1,650 0 -12,143 0 0 -2,048 -14,342 0 0 0 0 0 0 0 0 0 0 0 0 0 0 126,647 280,285 0 0 126,647 280,285 0 0 85,256 125,318 -166,227 246 33,323 -51,144 -3,645 -5,429 1,690 1,294 -7,228 0 0 0 0 0 -197,120 0 -14 0 0 0 0 0 -14 0 0 0 0 0 0 0 121,622 0 121,622 0 -75,512 SUPPLEMENTAL DATA Statutory Tax Rate Average Tax Rate After-tax Effects of Nonrecurring and Unusual Items on Net Income Preferred Stock Dividends (total, if any) Common Shares Outstanding Earnings per Share (basic) Common Dividends per Share Market Price per Share FINANCIAL DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes 0.350 0.000 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0 96 69,431 0 -18,322 17,994 0 -6,784 2014 2015 119,539 0 7,842 13,733 2,633 1,534 145,281 0 381 0 10,063 0 2,826 12,556 171,107 8,525 0 0 16,387 15,394 40,306 89,617 0 386 129,246 259,555 0 0 882,003 0 106,961 0 13,826 18,985 3,152 600 143,524 0 243 0 9,417 0 2,045 18,233 173,462 10,832 0 0 24,226 15,665 50,723 91,512 0 335 160,083 302,653 0 0 966,149 0 0 0 -970,234 -1,094,929 -217 -411 -88,448 -129,191 171,107 173,462 54,202 -20,485 33,717 79,346 50,326 0 0 0 0 -259,344 -95,955 96 -18,575 13,472 0 3,727 38,034 -59,201 0 0 0 2,837 0 -56,364 -56,364 81,756 -27,875 53,881 101,041 51,062 0 0 0 0 -304,206 -98,222 132 -20,180 -1,106 0 -228 1,314 -118,290 0 0 0 3,086 0 -115,204 -115,204 0 -56,364 0 -115,204 -56,364 198 17,830 -55,120 -4,197 12,958 -1,053 2,711 8,811 0 0 0 0 0 -74,226 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 334 0 334 0 -73,892 -115,204 166 23,899 -6,293 -5,984 -5,252 -519 14,662 10,489 0 0 -51 0 0 -84,087 0 -28 0 0 0 0 0 -28 0 0 0 0 0 0 0 72,198 0 72,198 0 -11,917 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 -1,917 0 0 661 Financial Statement Analysis Package (FSAP) Analyst Name: Sandra Chandler Company Name: Amarin Corp PLC/UK DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes In the computations below, a #DIV/0! message indicates that a ratio denominator is zero. PROFITABILITY FACTORS: Year RETURN ON ASSETS (based on reported amounts): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON ASSETS (excluding the effects of nonrecurring items): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON COMMON EQUITY (based on reported amounts): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity OPERATING PERFORMANCE: Gross Profit / Revenues Operating Profit / Revenues Net Income / Revenues Comprehensive Income / Revenues Gross Profit Control Index Operating Profit Contol Index PERSISTENT OPERATING PERFORMANCE (excluding the effects of nonrecurring items): Gross Profit / Revenues Persistent Operating Profit / Revenues Persistent Net Income / Revenues GROWTH: Revenue Growth Net Income Growth Persistent Net Income Growth RISK FACTORS: Year LIQUIDITY: Current Ratio Quick Ratio Operating Cash Flow to Current Liabilities ASSET TURNOVER: Accounts Receivable Turnover Days Receivables Held Inventory Turnover Days Inventory Held Accounts Payable Turnover Days Payables Held Net Working Capital Days Revenues / Average Net Fixed Assets Revenues/ Average Cash Days Sales Held in Cash SOLVENCY: Total Liabilities / Total Assets Total Liabilities / Shareholders' Equity LT Debt / LT Capital LT Debt / Shareholders' Equity Operating Cash Flow to Total Liabilities Interest Coverage Ratio (reported amounts) Interest Coverage ratio (recurring amounts) RISK FACTORS: Bankruptcy Predictors: Altman Z Score Bankruptcy Probability Earnings Manipulation Predictors: Beneish Earnings Manipulation Score Earnings Manipulation Probability STOCK MARKET-BASED RATIOS: Stock Returns Price-Earnings Ratio (reported amounts) Price-Earnings Ratio (recurring amounts) Market Value to Book Value Ratio INCOME STATEMENT ITEMS AS A PERCENT OF REVENUES: Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME INCOME STATEMENT ITEMS: GROWTH RATES Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME COMMON SIZE BALANCE SHEET - AS A PERCENT OF TOTAL ASSETS Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS LIABILITIES: Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES BALANCE SHEET ITEMS: GROWTH RATES Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES RETURN ON ASSETS ANALYSIS (excluding the effects of non-recurring items) Level 1 Level 2 Level 3 Revenues Cost of Goods Sold Selling, Gen., & Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Operating Profit Interest Income Other Income, Gains, Expenses, and Losses Income before Tax Income Tax Expense Profit Margin for ROA* * Amounts may not sum due to rounding. RETURN ON COMMON SHAREHOLDERS' EQUITY ANALYSIS (excluding the effects of non-recurring items) RETURN ON COMMON SHA PROFIT MARGIN FOR ROCE ASSET TURNOVER CAPITAL STRUCTURE LEVERAGE s Package (FSAP) 0 0 0 0 0 0 96 69431 0 -18322 17994 0 -6784 0 0 -1917 2011 2012 2013 2014 2015 #DIV/0! 0.0 -85.5% #DIV/0! 0.0 -76.6% -546.5% 0.1 -51.1% -81.7% 0.3 -20.9% -124.9% 0.5 -59.3% #DIV/0! 0.0 -85.5% #DIV/0! 0.0 -76.6% -546.5% 0.1 -51.1% -81.7% 0.3 -20.9% -124.9% 0.5 -59.3% #DIV/0! 0.0 -0.8 66.4% #DIV/0! 0.0 -43.9 3598.4% -630.8% 0.1 -14.9 878.3% -104.0% 0.3 -3.5 92.2% -140.9% 0.5 -1.6 105.9% #DIV/0! 0.0 -0.8 66.4% #DIV/0! 0.0 -43.9 3598.4% -630.8% 0.1 -14.9 878.3% -104.0% 0.3 -3.5 92.2% -140.9% 0.5 -1.6 105.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 145.2% -691.1% 62.2% -177.0% 65.9% -120.1% ator is zero. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -630.8% -630.8% #DIV/0! #DIV/0! -104.0% -104.0% 42.8% 25.6% -140.9% -140.9% 105.9% 67.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 145.2% 891.1% -630.8% 62.2% 301.4% -104.0% 65.9% 251.9% -140.9% #DIV/0! -72.3% -72.3% #DIV/0! 159.2% 159.2% #DIV/0! -7.2% -7.2% 105.7% -66.1% -66.1% 50.8% 104.4% 104.4% rring items): 2011 2012 2013 2014 2015 14.08 13.80 -490.9% 11.34 10.33 -835.7% 7.16 6.37 -705.9% 3.60 3.16 -209.2% 2.83 2.38 -184.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! #DIV/0! 0.0 0.0 #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! 1.9 188 #DIV/0! 0.0 0.0 #DIV/0! 14.5 25 -0.6 -651 -1.0 -364 -262 37.9 0.1 3128.7 9.4 39 1.2 311 1.7 209 141 112.9 0.3 1047.3 7.5 48 1.7 214 3.4 107 156 262.0 0.7 505.6 104.7% -2219.7% 0.0% 0.0% -21.3% -69125.00 44382.00 79.0% -6140.1% 104.9% -2130.4% -74.5% -8.90 6.46 106.3% -792.6% 162.9% -259.1% -76.7% -3.86 8.24 151.7% -293.5% 7666.1% -101.3% -28.1% -2.03 9.73 174.5% -234.3% -242.9% -70.8% -29.9% -4.71 10.15 -0.69 75.49% -0.61 72.83% -0.77 77.82% 0.27 39.38% -0.75 77.43% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -0.38 35.24% -2.78 0.27% #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 2011 2012 2013 2014 2015 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100.0% 45.2% 145.2% 100.0% -37.8% 62.2% 100.0% -34.1% 65.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 469.8% 276.1% 0.0% 0.0% 0.0% 0.0% -1582.2% -691.1% 146.4% 92.8% 0.0% 0.0% 0.0% 0.0% -478.5% -177.0% 123.6% 62.5% 0.0% 0.0% 0.0% 0.0% -372.1% -120.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.3% -129.7% 181.1% 0.0% -4.5% 0.0% -642.9% 0.2% -34.3% 24.9% 0.0% 6.9% 70.2% -109.2% 0.2% -24.7% -1.4% 0.0% -0.3% 1.6% -144.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 12.1% 0.0% -630.8% 0.0% -630.8% 0.0% 0.0% 0.0% 5.2% 0.0% -104.0% 0.0% -104.0% 0.0% 0.0% 0.0% 3.8% 0.0% -140.9% 0.0% -140.9% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT #DIV/0! #DIV/0! #DIV/0! 105.7% #DIV/0! #DIV/0! #DIV/0! -272.0% #DIV/0! #DIV/0! #DIV/0! -11.9% 2015 COMPOUND GROWTH RATE 50.8% #DIV/0! 36.1% #DIV/0! 59.8% #DIV/0! 32.0% -22.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -2.1% -2.1% 156.2% 172.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 164.4% 164.4% 114.2% 23.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 78.5% 56.0% -35.9% -30.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -37.8% -47.3% 27.3% 1.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 17.3% 2.4% 42.7% 12.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 27.5% 16.8% 335.8% -94.7% -100.0% #DIV/0! #DIV/0! -89.0% -73.4% 135.5% ### #DIV/0! #DIV/0! 4170.0% 55.9% 155.3% -36.9% 88.9% #DIV/0! #DIV/0! 178.5% -100.0% -0.4% -72.0% -45.7% -71.8% #DIV/0! -413.5% #DIV/0! -65.1% 37.5% 8.6% -108.2% #DIV/0! -106.1% -96.5% 99.8% 20.0% 302.9% -253.4% #DIV/0! #DIV/0! -136.4% -13.9% #DIV/0! #DIV/0! #DIV/0! -602.2% #DIV/0! -72.3% #DIV/0! -72.3% #DIV/0! #DIV/0! #DIV/0! 262.3% #DIV/0! 159.2% #DIV/0! 159.2% #DIV/0! #DIV/0! #DIV/0! -135.0% #DIV/0! -7.2% #DIV/0! -7.2% #DIV/0! #DIV/0! #DIV/0! -11.2% #DIV/0! -66.1% #DIV/0! -66.1% #DIV/0! #DIV/0! #DIV/0! 8.8% #DIV/0! 104.4% #DIV/0! 104.4% #DIV/0! #DIV/0! #DIV/0! 43.9% #DIV/0! -14.3% #DIV/0! -14.3% 2011 2012 2013 2014 2015 92.3% 0.0% 0.0% 0.0% 1.5% 0.4% 94.1% 0.0% 0.3% 0.0% 0.0% 0.0% 1.8% 3.7% 100.0% 83.7% 0.0% 0.0% 6.8% 1.0% 0.3% 91.9% 0.0% 0.3% 0.0% 3.7% 0.0% 1.6% 2.6% 100.0% 75.9% 0.0% 1.4% 8.4% 0.6% 0.6% 86.9% 0.0% 0.2% 0.0% 4.2% 0.0% 1.7% 6.9% 100.0% 69.9% 0.0% 4.6% 8.0% 1.5% 0.9% 84.9% 0.0% 0.2% 0.0% 5.9% 0.0% 1.7% 7.3% 100.0% 61.7% 0.0% 8.0% 10.9% 1.8% 0.3% 82.7% 0.0% 0.1% 0.0% 5.4% 0.0% 1.2% 10.5% 100.0% 3.5% 0.0% 0.0% 3.2% 0.0% 6.7% 0.0% 0.0% 0.6% 97.4% 104.7% 7.2% 0.0% 0.0% 3.2% 0.0% 10.4% 35.3% 0.0% 0.3% 55.6% 101.7% 2.7% 0.0% 0.0% 10.4% 0.0% 13.1% 37.4% 0.0% 0.3% 63.7% 114.4% 5.0% 0.0% 0.0% 9.6% 9.0% 23.6% 52.4% 0.0% 0.2% 75.5% 151.7% 6.2% 0.0% 0.0% 14.0% 9.0% 29.2% 52.8% 0.0% 0.2% 92.3% 174.5% 0.0% 0.0% 445.3% 0.0% 0.0% -449.8% -0.2% -4.7% 100.0% 0.0% 0.0% 308.1% 0.0% 0.0% -309.7% -0.1% -1.7% 100.0% 0.0% 0.0% 375.4% 0.0% 0.0% -389.7% -0.1% -14.4% 100.0% 0.0% 0.0% 515.5% 0.0% 0.0% -567.0% -0.1% -51.7% 100.0% 0.0% 0.0% 557.0% 0.0% 0.0% -631.2% -0.2% -74.5% 100.0% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT 270.8% 123.2% -26.4% -37.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 115.1% #DIV/0! #DIV/0! -0.2% -35.2% 72.8% 77.1% -52.0% 68.5% -12.3% 75.8% 57.0% 4.3% 259.3% 140.1% -23.2% -33.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 390.9% 87.7% -28.6% -34.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -5.7% -6.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 120.9% -11.9% -35.2% 118.6% 69.9% 116.6% -27.9% 257.3% 146.0% -18.8% -32.2% 2015 COMPOUND GROWTH RATE -10.5% 27.7% #DIV/0! #DIV/0! 76.3% #DIV/0! 38.2% #DIV/0! 19.7% 24.3% -60.9% -0.3% -1.2% 34.1% #DIV/0! #DIV/0! -36.2% 22.5% #DIV/0! #DIV/0! -6.4% #DIV/0! #DIV/0! #DIV/0! -27.6% #DIV/0! 45.2% 53.1% 1.4% 37.4% -0.7% #DIV/0! #DIV/0! 28.9% #DIV/0! 11.5% #DIV/0! #DIV/0! 768.2% -46.5% -44.3% 295.1% #DIV/0! #DIV/0! 92.0% #DIV/0! 198.2% #DIV/0! #DIV/0! 6.8% 9.0% 85.4% -63.5% #DIV/0! #DIV/0! 213.4% #DIV/0! 21.6% 3.0% #DIV/0! -19.4% 11.2% 9.3% 33.7% #DIV/0! #DIV/0! -32.5% #DIV/0! 31.5% 2.2% #DIV/0! -41.3% -13.4% -3.3% 27.1% #DIV/0! #DIV/0! 47.8% 1.8% 25.8% 2.1% #DIV/0! -13.2% 23.9% 16.6% 19.5% #DIV/0! #DIV/0! 50.6% #DIV/0! 46.3% #DIV/0! #DIV/0! 30.7% -7.0% 4.9% #DIV/0! #DIV/0! 89.3% #DIV/0! #DIV/0! 13.8% 0.0% -97.1% 257.3% #DIV/0! #DIV/0! 32.2% #DIV/0! #DIV/0! 31.5% 0.0% -33.0% 91.0% #DIV/0! #DIV/0! 18.3% #DIV/0! #DIV/0! 22.2% 0.0% 747.0% -2.9% #DIV/0! #DIV/0! 0.2% #DIV/0! #DIV/0! 6.2% 0.0% 161.2% -27.0% #DIV/0! #DIV/0! 9.5% #DIV/0! #DIV/0! 12.9% 89.4% 46.1% 1.4% #DIV/0! #DIV/0! 26.6% #DIV/0! #DIV/0! 17.0% 13.6% -8.6% 37.4% RETURN ON ASSETS 2013 2014 2015 -51.1% -20.9% -59.3% PROFIT MARGIN FOR ROA 2013 2014 2015 -546.5% -81.7% -124.9% 2013 100.0% 45.2% 469.8% 276.1% 0.0% 0.0% 891.1% 1.3% 176.5% 1068.9% -1615.4% 2014 100.0% -37.8% 146.4% 92.8% 0.0% 0.0% 301.4% 0.2% 31.7% 333.4% -415.1% 2015 100.0% -34.1% 123.6% 62.5% 0.0% 0.0% 251.9% 0.2% -1.6% 250.5% -375.3% -546.5% -81.7% -124.9% ASSET TURNOVER 2013 2014 0.1 0.3 2015 0.5 2013 14.5 -0.6 37.9 2015 7.5 Receivables 1.7 Inventory 262.0 Fixed Assets effects of non-recurring items) RETURN ON COMMON SHAREHOLDERS' EQUITY 2013 2014 2015 878.3% 92.2% 105.9% 2013 -630.8% 0.1 -14.9 2014 -104.0% 0.3 -3.5 2015 -140.9% 0.5 -1.6 2014 9.4 1.2 112.9 Financial Statement Analysis Package (FSAP) A Comment on Entering Financial Statement Data: Analyst Name: Sandra Chandler Company Name:Neuralstem, Inc. Year (Most recent in far right column.) BALANCE SHEET DATA Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings 2010 2011 2012 31,442 0 0 0 1,063 608 33,113 0 88 0 0 0 0 2,166 35,367 4,449 0 0 0 3,128 7,577 0 0 88 230,069 237,734 0 0 297,183 0 116,602 0 0 0 1,837 533 118,972 0 432 0 0 0 0 6,975 126,379 4,419 0 0 0 4,033 8,452 0 0 764 123,125 132,341 0 0 562,714 0 260,242 0 0 21,262 3,253 937 285,694 0 811 0 11,355 0 4,951 8,044 310,855 17,458 0 0 5,224 2,520 25,202 85,153 0 816 134,250 314,852 0 0 743,863 0 Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES 0 -499,333 -217 -202,367 35,367 0 -568,459 -217 -5,962 126,379 0 0 0 743,863 1,058,715 INCOME STATEMENT DATA Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Net Income (enter reported amount as a check) Other Comprehensive Income Items COMPREHENSIVE INCOME 733,438 390,625 407,708 0 0 0 733,438 390,625 407,708 6,623,758 5,839,188 4,247,037 9,163,810 7,354,857 6,105,984 130,751 187,050 211,143 0 0 0 0 0 0 0 0 0 -15,184,881 -12,990,470 -10,156,456 1,466,876 781,250 815,416 59,277 60,955 34,154 -2,662 -821 -2,699 0 0 0 -1,352,234 161,809 0 -1,906,800 0 0 -3,302,419 471,943 34,939 -5,037,962 1,475,136 881,810 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -5,037,962 1,475,136 881,810 -5,037,962 1,475,136 881,810 0 -5,037,962 0 1,475,136 0 881,810 STATEMENT OF CASH FLOWS DATA NET INCOME Add back Depreciation and Amortization Exps. Other Addbacks to Net Income Other Subtractions from Net Income (Incr.) Decrease in Accts. Receivable - Trade (Incr.) Decrease in Inventories (Incr.) Decr. in Other Curr. Assets (1) (Incr.) Decr. in Other Curr. Assets (2) Incr. (Decr.) in Acct. Payable - Trade Incr. (Decr.) in Other Current Liabilities (1) Incr. (Decr.) in Other Current Liabilities (2) Incr. (Decr.) in Other Non-Current Liabs. (1) Incr. (Decr.) in Other Non-Current Liabs. (2) Other Operating Cash Flows NET CF FROM OPERATIONS Property, Plant, and Equipment Sold Property, Plant, and Equipment Acquired (Increase) Decrease in Marketable Securities Investments Sold Investments Acquired Other Investment Transactions (1) Other Investment Transactions (2) NET CF FROM INVESTING ACTIVITIES Increase in ST Borrowing Decrease in ST Borrowing Increase in LT Borrowing Decrease in LT Borrowing Issue of Capital Stock Share repurchases - Treasury Stock Dividend Payments Other Financing Transactions (1) Other Financing Transactions (2) NET CF FROM FINANCING ACTIVITIES Effects of exchange rate changes on cash NET CHANGE IN CASH -5,037,962 130,751 8,499,916 0 0 0 -327,286 -43,286 213,570 -67,609 0 0 0 0 3,368,094 0 -76,322 0 0 0 -256,353 0 -332,675 0 0 0 0 0 0 0 17,265,378 0 17,265,378 0 20,300,797 1,475,136 187,050 3,333,099 -161,809 0 0 322,127 -276,143 888,252 129,435 0 0 0 0 5,897,147 0 -196,412 0 0 0 -284,438 0 -480,850 0 0 0 0 0 0 0 1,668,326 0 1,668,326 0 7,084,623 881,810 211,143 1,610,845 0 231,042 0 0 179,943 -644,022 30,557 24,309 0 0 0 2,525,627 0 -39,220 0 0 0 -215,638 0 -254,858 0 0 0 0 0 0 0 13,824,318 0 13,824,318 0 16,095,087 SUPPLEMENTAL DATA Statutory Tax Rate Average Tax Rate After-tax Effects of Nonrecurring and Unusual Items on Net Income Preferred Stock Dividends (total, if any) Common Shares Outstanding Earnings per Share (basic) Common Dividends per Share Market Price per Share FINANCIAL DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0 6,999,463 -747,860 0 15,951,447 (FSAP) 2013 2014 2015 191,514 0 3,645 21,209 1,563 5,116 219,402 0 579 0 10,709 0 4,360 17,426 252,476 6,375 0 0 9,594 14,677 37,540 87,717 0 658 149,317 286,332 0 0 880,231 0 119,539 0 7,842 13,733 2,633 1,534 145,281 0 381 0 10,063 0 0 15,382 171,107 8,525 0 0 16,387 15,394 40,306 89,617 0 386 129,246 259,555 0 0 143,113 0 106,961 0 13,826 18,985 3,152 600 143,524 0 243 0 9,417 0 0 20,278 173,462 10,832 0 0 24,226 15,665 50,723 91,512 0 335 160,083 302,653 0 24,364 149,978 0 0 0 0 880,231 1,166,563 0 0 0 143,113 402,668 0 0 0 174,342 476,995 110,000 18,833 10,417 0 0 0 110,000 18,833 10,417 5,348,189 9,093,123 6,529,667 7,285,752 8,631,559 12,637,278 0 0 0 0 0 0 0 0 0 0 0 0 -12,523,941 -17,435,849 -19,156,528 220,000 307,666 20,834 68,000 67,651 69,549 -1,394,274 -1,620,776 -1,816,206 838 250,000 0 0 0 0 -5,017,156 -445,787 -716 -8,273,250 -5,527,028 -1,747,373 -14,395,842 -6,968,274 -3,473,912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -14,395,842 -6,968,274 -3,473,912 -14,395,842 -6,968,274 -3,473,912 0 -14,395,842 0 -6,968,274 0 -3,473,912 -14,395,842 -6,968,274 244,725 348,630 9,008,061 9,039,475 0 0 -6,667 -215,524 0 0 -5,183 6,141 125,470 191,263 -116,750 1,382,447 2,469 -2,206 3 181,092 -11,883 -9,262 0 0 0 0 -5,155,597 3,953,782 0 0 -125,362 -207,893 0 0 0 0 0 -25,007,478 -411,688 9,651,545 0 0 -537,050 -15,563,826 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20,524,702 22,944,425 0 0 20,524,702 22,944,425 6,244 -983 14,838,299 11,333,398 -3,473,912 345,460 3,821,897 0 188,208 0 -13,998 -840,772 -1,045,765 253,427 -485,598 -250,624 0 0 -1,501,677 0 -176,272 0 0 -7,517,453 14,940,166 0 7,246,441 0 0 0 0 0 0 0 3,887,187 0 3,887,187 -4,409 9,627,542 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 -914,087 0 14,907,027 -231,561 0 11,405,373 -303,533 0 9,640,120 Financial Statement Analysis Package (FSAP) Analyst Name: Sandra Chandler Company Name:Neuralstem, Inc. DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes In the computations below, a #DIV/0! message indicates that a ratio denominator is zero. PROFITABILITY FACTORS: Year RETURN ON ASSETS (based on reported amounts): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON ASSETS (excluding the effects of nonrecurring items): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON COMMON EQUITY (based on reported amounts): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity OPERATING PERFORMANCE: Gross Profit / Revenues Operating Profit / Revenues Net Income / Revenues Comprehensive Income / Revenues Gross Profit Control Index Operating Profit Contol Index PERSISTENT OPERATING PERFORMANCE (excluding the effects of nonrecurring items): Gross Profit / Revenues Persistent Operating Profit / Revenues Persistent Net Income / Revenues GROWTH: Revenue Growth Net Income Growth Persistent Net Income Growth RISK FACTORS: Year LIQUIDITY: Current Ratio Quick Ratio Operating Cash Flow to Current Liabilities ASSET TURNOVER: Accounts Receivable Turnover Days Receivables Held Inventory Turnover Days Inventory Held Accounts Payable Turnover Days Payables Held Net Working Capital Days Revenues / Average Net Fixed Assets Revenues/ Average Cash Days Sales Held in Cash SOLVENCY: Total Liabilities / Total Assets Total Liabilities / Shareholders' Equity LT Debt / LT Capital LT Debt / Shareholders' Equity Operating Cash Flow to Total Liabilities Interest Coverage Ratio (reported amounts) Interest Coverage ratio (recurring amounts) RISK FACTORS: Bankruptcy Predictors: Altman Z Score Bankruptcy Probability Earnings Manipulation Predictors: Beneish Earnings Manipulation Score Earnings Manipulation Probability STOCK MARKET-BASED RATIOS: Stock Returns Price-Earnings Ratio (reported amounts) Price-Earnings Ratio (recurring amounts) Market Value to Book Value Ratio INCOME STATEMENT ITEMS AS A PERCENT OF REVENUES: Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME INCOME STATEMENT ITEMS: GROWTH RATES Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME COMMON SIZE BALANCE SHEET - AS A PERCENT OF TOTAL ASSETS Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS LIABILITIES: Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES BALANCE SHEET ITEMS: GROWTH RATES Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES RETURN ON ASSETS ANALYSIS (excluding the effects of non-recurring items) Level 1 Level 2 Level 3 Revenues Cost of Goods Sold Selling, Gen., & Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Operating Profit Interest Income Other Income, Gains, Expenses, and Losses Income before Tax Income Tax Expense Profit Margin for ROA* * Amounts may not sum due to rounding. RETURN ON COMMON SHAREHOLDERS' EQUITY ANALYSIS (excluding the effects of non-recurring items) RETURN ON COMMON SHA PROFIT MARGIN FOR ROCE ASSET TURNOVER CAPITAL STRUCTURE LEVERAGE s Package (FSAP) 0 0 0 0 0 -747860 -914087 -231561 0 0 0 0 6999463 15951447 14907027 11405373 ator is zero. 2011 2012 2013 2014 2015 377.8% 4.8 1824.7% 216.7% -12263.2% -31406.4% -22015.7% 1.9 0.4 0.1 0.1 404.2% -4789.2% -2792.7% -1331.2% 377.8% 4.8 1824.7% 216.7% -12263.2% -31406.4% -22015.7% 1.9 0.4 0.1 0.1 404.2% -4789.2% -2792.7% -1331.2% 377.6% 4.8 -0.8 -1416.2% 216.3% -13087.1% -37000.3% -33348.5% 1.9 0.4 0.1 0.1 0.6 0.3 0.4 1.2 239.0% -1772.8% -1361.9% -2370.5% 377.6% 4.8 -0.8 -1416.2% 216.3% -13087.1% -37000.3% -33348.5% 1.9 0.4 0.1 0.1 0.6 0.3 0.4 1.2 239.0% -1772.8% -1361.9% -2370.5% 100.0% 200.0% 100.0% 200.0% 100.0% 200.0% 100.0% 1633.7% 100.0% 200.0% 377.6% 377.6% 100.0% 100.0% 216.3% -13087.1% -37000.3% -33348.5% 216.3% -13087.1% -37000.3% -33348.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 816.8% 12.2% 100.0% 3525.6% 377.6% 100.0% 100.0% 100.0% 100.0% 2691.1% 11585.4% 94215.0% 184096.8% 216.3% -13087.1% -37000.3% -33348.5% rring items): -46.7% -129.3% -129.3% 4.4% -40.2% -40.2% -73.0% -1732.5% -1732.5% -82.9% -51.6% -51.6% -44.7% -50.1% -50.1% 2011 2012 2013 2014 2015 14.08 11.34 5.84 3.60 13.80 10.33 5.20 3.16 73581.0% 15009.4% -16434.3% 10158.0% 2.83 2.38 -3299.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! #DIV/0! 1502.4 5.3 69.2 #DIV/0! #DIV/0! 0.0 #DIV/0! 1.9 188 #DIV/0! 656.0 2.2 168.7 60.4 6 0.0 #DIV/0! 0.0 -82066 #DIV/0! 158.3 0.5 749.5 3.3 111 0.0 #DIV/0! -1.0 -364 #DIV/0! 39.2 0.1 3014.2 1.0 380 0.0 #DIV/0! 0.5 673 #DIV/0! 33.4 0.1 3968.2 104.7% -2219.7% 0.0% 0.0% 3187.0% 1797.76 16848.57 101.3% 42.3% 10.3% 11.4% 1129.5% 327.72 4077.82 113.4% 32.5% 9.1% 10.0% -1715.1% -9.32 5.59 151.7% 181.4% 38.5% 62.6% 1448.6% -3.30 10.87 174.5% 173.6% 34.4% 52.5% -534.2% -0.91 10.60 42.68 0.00% 11.71 0.00% -168.64 100.00% -102.29 100.00% -30.83 100.00% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -292.80 0.00% -53.93 0.00% #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 2011 2012 2013 2014 2015 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 1494.8% 1882.8% 47.9% 0.0% 0.0% 0.0% -3325.6% 200.0% 1041.7% 4862.0% 48282.9% 62682.8% 1497.6% 6623.4% 45832.1% 121314.0% 51.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -2491.1% -11385.4% -92581.4% ### 200.0% 200.0% 1633.7% 200.0% 15.6% -0.2% 0.0% 41.4% 0.0% 120.8% 377.6% 8.4% 61.8% 359.2% 667.6% -0.7% -1267.5% -8606.0% -17435.0% 0.0% 0.8% 1327.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -4561.1% -2367.1% -6.9% 8.6% -7521.1% -29347.6% -16774.2% 216.3% -13087.1% -37000.3% -33348.5% 0.0% 0.0% 0.0% 0.0% 0.0% 377.6% 0.0% 377.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 216.3% -13087.1% -37000.3% -33348.5% 0.0% 0.0% 0.0% 0.0% 216.3% -13087.1% -37000.3% -33348.5% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT -46.7% 4.4% -73.0% -82.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -46.7% 4.4% -73.0% -82.9% -11.8% -19.7% 43.1% #DIV/0! #DIV/0! #DIV/0! -14.5% -46.7% 2.8% -69.2% #DIV/0! -112.0% -100.0% -114.3% -129.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -129.3% #DIV/0! -129.3% -27.3% -17.0% 12.9% #DIV/0! #DIV/0! #DIV/0! -21.8% 4.4% 70.0% 18.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 39.2% 39.8% -28.2% 46.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9.9% -93.2% -0.3% 6.6% -100.0% #DIV/0! #DIV/0! #DIV/0! 4.8% -57.3% -44.0% 99.1% -0.5% 228.7% 51558.9% 16.2% #DIV/0! #DIV/0! 29732.9% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -91.1% -92.6% -23779.1% -33.2% -40.2% -1732.5% -51.6% 2.8% 12.1% -100.0% #DIV/0! -99.8% -68.4% -50.1% 3.2% 268.8% #DIV/0! -100.0% -79.3% -12.0% -7.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -50.1% #DIV/0! -50.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -7.2% #DIV/0! -7.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -40.2% #DIV/0! -40.2% 25.9% 19.3% -100.0% #DIV/0! #DIV/0! #DIV/0! 23.3% -73.0% 2015 COMPOUND GROWTH RATE -44.7% -57.3% #DIV/0! #DIV/0! -44.7% -57.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -1732.5% #DIV/0! -1732.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -51.6% #DIV/0! -51.6% 2011 2012 2013 2014 2015 92.3% 0.0% 0.0% 0.0% 1.5% 0.4% 94.1% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0% 5.5% 100.0% 83.7% 0.0% 0.0% 6.8% 1.0% 0.3% 91.9% 0.0% 0.3% 0.0% 3.7% 0.0% 1.6% 2.6% 100.0% 75.9% 0.0% 1.4% 8.4% 0.6% 2.0% 86.9% 0.0% 0.2% 0.0% 4.2% 0.0% 1.7% 6.9% 100.0% 69.9% 0.0% 4.6% 8.0% 1.5% 0.9% 84.9% 0.0% 0.2% 0.0% 5.9% 0.0% 0.0% 9.0% 100.0% 61.7% 0.0% 8.0% 10.9% 1.8% 0.3% 82.7% 0.0% 0.1% 0.0% 5.4% 0.0% 0.0% 11.7% 100.0% 3.5% 0.0% 0.0% 0.0% 3.2% 6.7% 0.0% 0.0% 0.6% 97.4% 104.7% 1.6% 0.0% 0.0% 0.5% 0.2% 2.4% 8.0% 0.0% 0.1% 12.7% 29.7% 0.5% 0.0% 0.0% 0.8% 1.3% 3.2% 7.5% 0.0% 0.1% 12.8% 24.5% 2.1% 0.0% 0.0% 4.1% 3.8% 10.0% 22.3% 0.0% 0.1% 32.1% 64.5% 2.3% 0.0% 0.0% 5.1% 3.3% 10.6% 19.2% 0.0% 0.1% 33.6% 63.4% 0.0% 0.0% 445.3% 0.0% 0.0% -449.8% -0.2% -4.7% 100.0% 0.0% 0.0% 70.3% 0.0% 0.0% 0.0% 0.0% 70.3% 100.0% 0.0% 0.0% 75.5% 0.0% 0.0% 0.0% 0.0% 75.5% 100.0% 0.0% 0.0% 35.5% 0.0% 0.0% 0.0% 0.0% 35.5% 100.0% 0.0% 5.1% 31.4% 0.0% 0.0% 0.0% 0.0% 36.6% 100.0% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT 270.8% 123.2% -26.4% -37.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 115.1% #DIV/0! #DIV/0! -0.2% -35.2% 72.8% 77.1% -52.0% 68.5% -12.3% 75.8% 446.0% -70.0% 259.3% 140.1% -23.2% -33.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 390.9% 87.7% -28.6% -34.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -5.7% -6.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -11.9% -100.0% 222.0% 15.3% 116.6% -11.7% 257.3% 146.0% -18.8% -32.2% -0.7% #DIV/0! #DIV/0! #DIV/0! 28.9% 11.5% #DIV/0! #DIV/0! 768.2% -46.5% -44.3% 2015 COMPOUND GROWTH RATE -10.5% 27.7% #DIV/0! #DIV/0! 76.3% #DIV/0! 38.2% #DIV/0! 19.7% 24.3% -60.9% -0.3% -1.2% 34.1% #DIV/0! #DIV/0! -36.2% 22.5% #DIV/0! #DIV/0! -6.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 31.8% 56.4% 1.4% 37.4% 295.1% #DIV/0! #DIV/0! #DIV/0! -37.5% 198.2% #DIV/0! #DIV/0! 6.8% 9.0% 137.9% -63.5% #DIV/0! #DIV/0! 83.7% 482.4% 49.0% 3.0% #DIV/0! -19.4% 11.2% -9.1% 33.7% #DIV/0! #DIV/0! 70.8% 4.9% 7.4% 2.2% #DIV/0! -41.3% -13.4% -9.4% 27.1% #DIV/0! #DIV/0! 47.8% 1.8% 25.8% 2.1% #DIV/0! -13.2% 23.9% 16.6% 19.5% #DIV/0! #DIV/0! #DIV/0! 38.0% 46.3% #DIV/0! #DIV/0! 30.7% -7.0% 4.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 89.3% 32.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13.8% -100.0% 0.0% -100.0% -97.1% -12576.7% 257.3% 737.7% #DIV/0! #DIV/0! 18.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 18.3% 10.2% #DIV/0! #DIV/0! -83.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -83.7% -65.5% #DIV/0! #DIV/0! 4.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 21.8% 18.5% #DIV/0! #DIV/0! -12.8% #DIV/0! #DIV/0! -100.0% -100.0% -197.1% 68.3% RETURN ON ASSETS 2013 2014 2015 -4789.2% -2792.7% -1331.2% PROFIT MARGIN FOR ROA 2013 2014 2015 -12263.2% -31406.4% -22015.7% ASSET TURNOVER 2013 2014 0.4 0.1 2015 0.1 2013 100.0% 0.0% 4862.0% 6623.4% 0.0% 0.0% 11585.4% 61.8% -4560.3% 7086.9% -19350.2% 2013 60.4 0.0 158.3 2015 1.0 Receivables 0.0 Inventory 33.4 Fixed Assets 2014 100.0% 0.0% 48282.9% 45832.1% 0.0% 0.0% 94215.0% 359.2% -1039.6% 93534.6% ### 2015 100.0% 0.0% 62682.8% 121314.0% 0.0% 0.0% 184096.8% 667.6% -6.9% 184757.6% ### -12263.2% -31406.4% -22015.7% effects of non-recurring items) RETURN ON COMMON SHAREHOLDERS' EQUITY 2013 2014 2015 -1772.8% -1361.9% -2370.5% 2013 2014 2015 -13087.1% -37000.3% -33348.5% 0.4 0.1 0.1 0.3 0.4 1.2 2014 3.3 0.0 39.2 1. In terms of the recent positions within the industry. In terms of asset turnover the Neuralstem Company has shown a declining trend in the utilization of its assets to generate sales however Amarin Company has consistently registered an increasing trend in terms of utilization of its assets. This implies that Amarin Company is more efficient as compared to Neuralstem. On the basis of the liquidity as measured by the current ratio the two companies have same proportion of the current assets and current liabilities. This has been indicated by the same ratio over the years of 2014 and 2015.Both of the two companies are financially sound because the ratios have surpassed the minimum threshold of 2:1 as proposed by the financial analyst. The same trend has been postulated by the quick ratio which also remains unchanged over the financial periods 2014 and 2015. In terms of the receivables turnover Neuralstem has registered a lower turnover in the years ended 2014 and 2015 respectively while its counterpart Amarin has persistently registered an increasing trend in the receivables turnover. This indicates that in terms of operational efficiency Amar in is more efficient in collecting its debt from the receivables than it is for the Neuralstem. On the basis of the average payment period to the creditors Amarin has consistently shown that it takes a shorter period to pay of its liabilities as compared to Neuralstem.Interms. This implies that Amarin more liquidity as compared to Neuralstem. Moreover in terms of the net working capital days neuralstem takes comparatively shorter period implying that the company is more efficient than its counterpart. The two companies hold an equal proportion of current assets as well as non-current liabilities. However Amarin holds much of its liabilities in the short term as compared to Neuralstem which holds less of it. On the other hand Amarin offers a higher return to its shareholders as compared to Neuralstem which from the company analysis done seems to be making losses. A closer analysis of the cash flows of the two companies, it can be deduced that Neuralstem has consistently registered negative cash flows from its financing activities overtime.Amarin also has consistently registered negative cash flows from financing activities over time even though the cash flows were not as significant as with its counterpart. 2. The recent developments. The recent development in the industry is that Neuralstem issued preferred stock for its first time in the market. This has been indicated by the rise in the preferred stock from 0 to 24364.The two companies issued new equity shares over the years of 2014 and 2015.Amarin registered a higher value in its paid up capital indicating that the company issued more shares as compared to Neuralstem. By the virtue of Amarim issued more shares this implies that the company faces lower risk and therefore the investors are guaranteed the value of their investment. 3. Fluctuations in stock prices relative the market industry. From a close analysis of the capital structure leverage, Amarin Company seems to less leverage as compared to the Neuralstem which has relatively a huge amount of debt in its capital structure. 4. Other relevant factors for analysis The nature of completion the two firms are exposed to i.e. whether the two firms are either in a perfect competitive markets, Monopolistic competition etc. The auditor's report issued. Possibility of an adverse opinion in the auditor's report could influence the investment decisions. The degree of compliance to the rules and regulations enacted by the regulators consider the extend of compliance. The degree of compliance with the accounting principles such as the generally accepted principles and their adequacy of their disclosure in the financial statements. Possibility of non-adjusting event which as per the standards could have a substantial impact in the financial position and it has not been disclosed adequately. Any possibility of window dressing activities amongst third party transaction which could inevitably affect the financial position of the concerned entities. There is the possibility of the entities to continue operating as going concerns in the foreseeable future. References: Haubenwallner, S., Katschnig, M., Fasching, U., Patz, S., Trattnig, C., Andraschek, N., ... & Balika, W. (2014). Effects of the polymeric niche on neural stem cell characteristics during primary culturing. Journal of Materials Science: Materials in Medicine, 25(5), 1339-1355. Lyu, J., Yu, X., He, L., Cheng, T., Zhou, J., Cheng, C., ... & Zhou, W. (2015). primary business activities for Neuralstem company