Financial report _ Due Sunday

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Sheet: asreported

Organovo Holdings Inc (ASE: ONVO)

Exchange rate used is that of the Year End reported date

As Reported Annual Balance Sheet

Report Date

03/31/2014

03/31/2013

12/31/2012

12/31/2011

06/30/2011

06/30/2010

Currency

USD

Audit Status

Not Qualified

Qualified

Consolidated

Yes

Cash & cash equivalents

4.8167E7

1.5628E7

1.4817E7

340000.0

Cash

1775.0

141125.0

Grant receivable

101000.0

162000.0

Inventory

63000.0

88000.0

360000.0

292000.0

Deferred financing costs

40000.0

319000.0

Prepaid expenses

2500.0

Prepaid expenses & other current assets

891000.0

327000.0

527000.0

80000.0

Total current assets

4.9161E7

1.6144E7

1.5866E7

1031000.0

4275.0

143625.0

Lab equipment

1207000.0

1168000.0

759000.0

345000.0

Leasehold improvements

34000.0

Computer software & equipment

191000.0

114000.0

28000.0

Furniture & fixtures

33000.0

19000.0

Fixed assets - gross

1431000.0

1315000.0

906000.0

426000.0

Less: accumulated depreciation & amortization

574000.0

270000.0

192000.0

148000.0

Fixed assets - net

857000.0

1045000.0

714000.0

278000.0

Restricted cash

79000.0

88000.0

Other assets - net

89000.0

98000.0

81000.0

100000.0

Total assets

5.0186E7

1.7375E7

1.6749E7

1409000.0

4275.0

143625.0

Accounts payable

326000.0

641000.0

425000.0

658000.0

10692.0

7500.0

Accrued compensation

505000.0

386000.0

720000.0

317000.0

Deferred rent

345000.0

270000.0

188000.0

29000.0

Accrued legal & professional fees

283000.0

Other accrued expenses

34000.0

124000.0

73000.0

92000.0

Accrued expenses

1167000.0

780000.0

981000.0

438000.0

Deferred revenue

13000.0

53000.0

153000.0

Capital lease obligation, current portion

10000.0

Accrued interest payable

24000.0

Convertible notes payable, current portion

704000.0

Warrant liabilities, current

377000.0

6898000.0

2.0619E7

Total current liabilities

1893000.0

8382000.0

2.2035E7

1977000.0

10692.0

7500.0

Warrant liabilities, non-current

1267000.0

Deferred revenue, net of current portion

4000.0

9000.0

Capital lease obligations, net of current portion

5000.0

15000.0

17000.0

Total liabilities

1902000.0

8406000.0

2.2052E7

3244000.0

10692.0

7500.0

Common stock

78000.0

65000.0

59000.0

22000.0

680.0

678.0

Additional paid-in capital

1.40419E8

7.5269E7

4.4883E7

4835000.0

178645.0

173372.0

Retained earnings (accumulated deficit) during development stage

-9.2213E7

-6.6365E7

-5.0245E7

-6692000.0

-185742.0

-37925.0

Total stockholders' equity (deficiency)

4.8284E7

8969000.0

-5303000.0

-1835000.0

-6417.0

136125.0

As Reported Annual Income Statement

Report Date

03/31/2014

03/31/2013

12/31/2012

12/31/2011

06/30/2011

06/30/2010

Currency

USD

Audit Status

Not Qualified

Qualified

Consolidated

Yes

Product revenue

224000.0

Collaborations revenue

248000.0

98000.0

1035000.0

688000.0

Grants revenue

131000.0

117000.0

162000.0

57000.0

Total revenue

379000.0

215000.0

1197000.0

969000.0

Cost of product revenue

121000.0

Professional fees

98680.0

24725.0

General & administrative expenses

21414.0

13200.0

Selling, general & administrative expenses

1.3054E7

2792000.0

7080000.0

1733000.0

Research & development expenses

7974000.0

1448000.0

3436000.0

1420000.0

Impairment of licensing rights

27723.0

Total operating expenses

147817.0

37925.0

Income (loss) from operations

-2.0649E7

-4025000.0

-9319000.0

-2305000.0

Fair value of warrant liabilities in excess of proceeds received

-1.9019E7

Change in fair value of warrant liabilities

-5120000.0

-1.2034E7

-9931000.0

-7000.0

Financing transaction costs in excess of proceeds received

2130000.0

Loss on inducement to exercise warrants

1904000.0

Gain (loss) on disposal of fixed assets

-84000.0

-158000.0

Interest expense

13000.0

65000.0

1088000.0

2067000.0

Interest income

18000.0

4000.0

5000.0

Other expense

9000.0

4000.0

Total other income (expense)

-5199000.0

-1.2095E7

-3.4234E7

-2078000.0

Income (loss) before income taxes

-147817.0

-37925.0

Net income (loss)

-2.5848E7

-1.612E7

-4.3553E7

-4383000.0

-147817.0

-37925.0

Weighted average shares outstanding - basic

7.3139618E7

6.1750157E7

4.3149657E7

2.2925694E7

7.20192206E7

6.2267436323E7

Weighted average shares outstanding - diluted

7.3139618E7

6.1750157E7

4.3149657E7

2.2925694E7

7.20192206E7

6.2267436323E7

Year end shares outstanding

7.8113639E7

6.4686919E7

5.8535411E7

2.2445254E7

7.2047658375E7

7.1835831375E7

Net income (loss) per share - basic

-0.35

-0.26

-1.01

-0.19

-0.002

-0.001

Net income (loss) per share - diluted

-0.35

-0.26

-1.01

-0.19

-0.002

-0.001

Number of full time employees

48.0

31.0

Number of part time employees

4.0

6.0

Total number of employees

52.0

37.0

0.0

Number of common stockholders

146.0

236.0

259.0

36.0

Number of beneficiary stockholders

61161.0

17000.0

As Reported Annual Retained Earnings

Report Date

03/31/2014

03/31/2013

12/31/2012

12/31/2011

06/30/2011

06/30/2010

Currency

USD

Audit Status

Not Qualified

Qualified

Consolidated

Yes

Previous retained earnings (accumulated deficit) during development stage

-6.6365E7

-5.0245E7

-6692000.0

-2309000.0

-37925.0

Retained earnings (accumulated deficit) during development stage

-9.2213E7

-6.6365E7

-5.0245E7

-6692000.0

-185742.0

-37925.0

As Reported Annual Cash Flow

Report Date

03/31/2014

03/31/2013

12/31/2012

12/31/2011

06/30/2011

06/30/2010

Currency

USD

Audit Status

Not Qualified

Qualified

Consolidated

Yes

Net income (loss)

-2.5848E7

-1.612E7

-4.3553E7

-4383000.0

-147817.0

-37925.0

Amortization of deferred financing costs

319000.0

119000.0

Amortization of warrants issued for services

323000.0

261000.0

556000.0

Depreciation & amortization

387000.0

80000.0

195000.0

68000.0

Loss on disposal of fixed assets

84000.0

158000.0

Amortization of debt discount

896000.0

1188000.0

Interest accrued on convertible notes payable

12000.0

232000.0

Fair value of warrant liabilities in excess of proceeds

1.9019E7

Change in fair value of warrant liabilities

5120000.0

1.2034E7

9931000.0

7000.0

Loss on inducement to exercise warrants

1904000.0

Expense associated with warrant modification

12000.0

65000.0

Warrant issued in connection with exchange agreement

528000.0

Stock-based compensation

4600000.0

848000.0

1435000.0

9000.0

Grants receivable

101000.0

61000.0

-162000.0

60000.0

Inventory

25000.0

-459000.0

-224000.0

Prepaid expenses & current assets

-392000.0

-61000.0

-101000.0

-69000.0

Accounts payable

-315000.0

216000.0

-233000.0

373000.0

Accrued expenses

387000.0

-201000.0

543000.0

132000.0

Deferred revenue

-45000.0

62000.0

-153000.0

46000.0

In-kind contribution of services

5200.0

2800.0

Shares issued to founder for services

400.0

Amortization of licensing fee

2277.0

Impairment of licensing fee

27723.0

Prepaid expenses

-2500.0

Accounts payable & accrued expenses

3192.0

7500.0

Net cash flows from operating activities

-1.5561E7

-2755000.0

-9693000.0

-1914000.0

-109425.0

-29725.0

Purchase of licensing right

-30000.0

Restricted cash deposits

-88000.0

Deposits released from restriction

9000.0

Purchases of fixed assets

-277000.0

-137000.0

-357000.0

-46000.0

Purchase of intangible assets

-19000.0

-65000.0

Net cash flows from investing activities

-268000.0

-156000.0

-445000.0

-111000.0

-30000.0

Proceeds from issuance of common stock, net of offering costs

75.0

170850.0

Proceeds from issuance of convertible notes payable

2543000.0

Proceeds from issuance of common stock & exercise of warrants, net

4.8016E7

3724000.0

2.4714E7

Proceeds from exercise of stock options

402000.0

18000.0

Proceeds from issuance of related party notes payable

225000.0

Repayment of related party notes payable

-250000.0

Principal payments on capital lease obligations

-10000.0

-2000.0

-7000.0

Repayment of convertible notes & interest payable

-110000.0

Deferred financing costs

-40000.0

-438000.0

Net cash flows from financing activities

4.8368E7

3722000.0

2.4615E7

2080000.0

75.0

170850.0

Net increase (decrease) in cash & cash equivalents

3.2539E7

811000.0

1.4477E7

55000.0

-139350.0

141125.0

Cash & cash equivalents at beginning of period

1.5628E7

1.4817E7

340000.0

285000.0

141125.0

Cash & cash equivalents at end of period

4.8167E7

1.5628E7

1.4817E7

340000.0

1775.0

141125.0

Interest expense paid

10000.0

Income taxes paid

1000.0