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Organization and Operations | 12 Months Ended
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Dec. 31, 2013
Organization and Operations [Abstract] |
Organization and Operations |
1. | Organization and Operations
The Company Cytori (NASDAQ: CYTX) is developing cell therapies for cardiovascular disease and for the repair of soft tissue injuries and burns. Cytori’s Cell Therapy utilizes a patient’s own adipose derived stem and regenerative cells, uniquely optimized and formulated for specific therapeutic applications. Principles of Consolidation The accompanying consolidated financial statements include our accounts and those of our subsidiaries. All significant intercompany transactions and balances have been eliminated. Management evaluates its investments on an individual basis for purposes of determining whether or not consolidation is appropriate. In instances where we do not demonstrate control through decision-making ability and/or a greater than 50% ownership interest, we account for the related investments under the cost or equity method, depending upon management’s evaluation of our ability to exercise and retain significant influence over the investee. Our investment in the Olympus-Cytori, Inc. joint venture has been accounted for under the equity method of accounting (see note 4 for further details). We have four subsidiaries located in Japan, Switzerland, India and Spain that have been established primarily to support our sales and marketing activities in these regions. Certain Risks and Uncertainties Our prospects are subject to the risks and uncertainties frequently encountered by companies in the early stages of development and commercialization, especially those companies in rapidly evolving and technologically advanced industries such as the biotech/medical device field. Our future viability largely depends on our ability to complete development of new products and receive regulatory approvals for those products. No assurance can be given that our new products will be successfully developed, regulatory approvals will be granted, or acceptance of these products will be achieved. The development of medical devices for specific therapeutic applications is subject to a number of risks, including research, regulatory and marketing risks. There can be no assurance that our development stage products will overcome these hurdles and become commercially viable and/or gain commercial acceptance. Capital Availability We incurred net losses of $26,177,000, $32,279,000 and $32,451,000 for the years ended December 31, 2013, 2012 and 2011, respectively. We have an accumulated deficit of $300,905,000 as of December 31, 2013. Additionally, we have used net cash of $34,563,000, $32,193,000 and $35,323,000 to fund our operating activities for years ended December 31, 2013, 2012 and 2011, respectively. To date, these operating losses have been funded primarily from outside sources of invested capital and gross profits. During 2013 and 2012, we expanded our commercialization activities while simultaneously pursuing available financing sources to support operations and growth. We have had, and we will likely continue to have, an ongoing need to raise additional cash from outside sources to fund our future operations. W e b e li e v e our pl a n s t o r a i se a dditi o n a l cas h f r om o ut s id e so ur ces a nd, if n ecessa r y, o ur cos t co nt a inm e nt ef f o rt s a r e s uf f i c i e nt t o a ll o w u s t o co ntinu e o p e r a tion s f o r th e n e x t twe l ve m o nth s. Thi s in c lud es minimum liquidit y re quir e m e nt s of th e L o an a nd S ec urit y A g r ee m e nt th a t r eq uir e u s t o m a k e prin c ip a l a nd int e r es t paym e nt s o f $868,0 0 0 p e r m o nth b eg inning in Augu s t 2 014 a nd m a int a in a t l e a s t thr ee m o nth s o f cas h o n h a nd t o a vo id an e v e nt o f d e f a ult und e r th e l oa n ag r ee m e nt. Our pl a n s in c lud e pur s uin g a dditi o n a l cas h th ro u g h s trat eg i c c orp o rat e partn e r s hip s a nd m a y e n gage in f utur e sa l es of e quit y, as w e ll a s o ur g ross profit s. Whil e we h ave a n es t a bli s h e d hi s t o r y of ra i s in g ca pit a l thr o u g h t h ese pl a tf o rm s, a nd w e a r e c urr e ntl y inv o lv e d in n ego ti a ti o n s w ith multipl e p a rti es, th e r e i s n o gu a r a nt ee th a t a d e qu a t e fund s w ill b e ava il a bl e wh e n n ee d e d f ro m a dditi o n a l d e bt o r e qui ty fin a n c in g, d eve l o p me nt and co mm e r c i a li za ti o n p ar tn e r s hip s, in c r e a sed r es ult s o f o p e r a ti o n s, o r f ro m o th e r so u rces, o r o n t e rm s acce pt a bl e t o u s. I f o ur e ff or t s t o o bt a in s uffi c ient a ddit i on a l fund s a r e not s u ccess ful, w e w o uld b e r e quir e d t o d e l ay, sca l e ba c k, o r e limin a t e so m e o r a ll of o ur r esea r c h or pr o du c t d eve lopm e nt, m a nufa c tu r ing o p e r a ti o n s, admini st r a ti ve o p e rati o n s, in c ludin g o ur e mpl o y ee b as e, a nd c lini ca l o r r eg ulatory ac tivit ies, whi c h co u l d n eg at ive l y a ff ec t o ur a bility t o ac hi eve ce rt a in co rp o r a t e goa l s. The Company continues to seek additional capital through product revenues, strategic transactions, including extension opportunities under the awarded BARDA contract, and from other financing alternatives.

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