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Organization and basis of presentation
 6 Months Ended
Jun. 30, 2013
Organization and basis of presentation  
Organization and basis of presentation

1.                                      Organization and basis of presentation

 

OvaScience, Inc., incorporated on April 5, 2011 as a Delaware corporation, is a life science company developing proprietary products to improve the treatment of female infertility based on recent scientific discoveries about the existence of egg precursor cells. The Company’s operations to date have been limited to organizing and staffing the Company, business planning, raising capital, acquiring and developing its technology, identifying potential product candidates, planning and conducting a marketing study in humans for its most advanced product candidate and undertaking preclinical studies of certain product candidates. The Company has commenced its planned principal operations but has not generated any significant revenues to date. Accordingly, the Company is considered to be in the development stage.  As used throughout these unaudited, condensed consolidated financial statements, the terms “OvaScience,” “we,” “us,” and “our” refer to the business of OvaScience, Inc. and its wholly owned subsidiary.

 

Liquidity

 

We have incurred annual net operating losses in each year since our inception. We have not generated any product revenues related to our primary business purpose and have financed our operations primarily through private placements of our preferred stock and common stock. We have not completed development of any product candidate and have devoted substantially all of our financial resources and efforts to raising capital and research and development. We expect to continue to incur significant expenses and increasing operating losses for at least the next several years.

 

We believe that our cash resources and investments of approximately $54.3 million at June 30, 2013 will be sufficient to allow us to fund our current operating plan through 2014. We will be required to obtain additional funding in order to continue to fund our operations after 2014. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to us, or at all.