InSite Vision Other Current Assets Calculation
Technically, the other current assets line may include any asset that will be used up within the next 12 months. However, other current assets never include assets that are listed elsewhere in the current assets section of the balance sheet. For this reason, other current assets are almost never:
Cash
Trade Receivables
Inventory
The assets grouped under other current assets are most commonly:
Prepaid Expenses
Tax Assets
Non-Trade Receivables
Other (too numerous to list)
Some companies can and do choose to report each of these items separately.
Other current assets may be made up largely of Prepaid Expenses - unless these are listed on a separate line of the balance sheet.
Prepaid expenses are exactly what they sound like. If a company pays a $30 million insurance premium on the last day of June that will provide coverage for the entire month of July, the company will record a $30 million prepaid expense to account for the insurance expense it will show in July that it already paid for in June.
Tax assets can be quite complex. It is not common for companies to have both tax assets and tax liabilities. It is important that investors take note of both items when considering future taxes.
Non-Trade receivables are rarely a large item. They include money owed to the company by non-customers. Non-trade receivables can be caused by related party transactions, the sale of a business unit, etc. The notes to the company's financial statements will often provide much more detail on this item if it is truly important.
There are a variety of other current assets like non-trade receivables which are simply too numerous to list. If a company is following correct reporting procedures, it should not lump items that are different from one another and yet individually important to the company together under the line Other Current Assets.
At most companies, other current assets are a small and unimportant part of the total balance sheet.
InSite Vision (InSite Vision) Business Description
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InSite Vision Inc was incorporated in 1986 as a California Corporation and reincorporated in Delaware in 1987. The Company is an ophthalmic product development company committed to advancing ophthalmic pharmaceutical products to address unmet eye care needs. The Company completed its initial public offering on October 18, 1993. The Company's current portfolio of ophthalmic pharmaceutical products is based on its proprietary DuraSite drug delivery technology. The Company's DuraSite sustained drug delivery technology is a proven, patented synthetic polymer-based formulation designed to extend the residence time of a drug relative to conventional topical therapies. It enables topical delivery of a solution, gel or suspension and could be customized for delivering a variety of potential drug candidates. The Company has focused its research, development and commercial support efforts on the following topical products formulated with its DuraSite drug delivery technology. AzaSite or azithromycin ophthalmic solution 1% is a DuraSite formulation of azithromycin developed as a broad spectrum ocular antibiotic and approved by the U.S. Food and Drug Administration in April 2007 to treat bacterial conjunctivitis. Additional indications are being pursued by Inspire Pharmaceuticals for this product. AzaSite was commercially launched in the United States by Inspire Pharmaceuticals in August 2007. DexaSite is a DuraSite formulation of dexamethasone in development for the treatment of ocular inflammation. In November 2011, it initiated a Phase 3 clinical trial for this product candidate in blepharitis and completed patient enrollment in the clinical trial in September 2012. BromSite is a DuraSite formulation of bromfenac in development for the prevention of post-operative inflammation and eye pain. It initiated a Phase 1/2 clinical trial for this product candidate in August 2010 and received positive top-line results from this study in the first quarter of 2011, which demonstrated the efficacy and safety of BromSite. DuraSite 2 is a next-generation enhanced drug delivery system, which is designed to provide a broad platform for developing superior ophthalmic therapeutics. DuraSite 2 is based on the original DuraSite technology, and incorporates a cationic polymer to achieve sustained and enhanced ocular delivery of drugs. ISV-101 is a DuraSite formulation with a low concentration of bromfenac for the treatment of dry eye disease. The Company is subject to regulation by numerous governmental authorities in the United States and other countries.
Executives
| Louis Drapeau |
officer: Vice President and CFO |
C/O BIOMARIN PHARMACEUTICAL INC., 371 BEL MARIN KEYS BLVD., SUITE 210, NOVATO CA 94949 |
| Brian Levy |
director |
|
| Anthony J Yost |
director |
C/O INSITE VISION, INC., 965 ATLANTIC AVENUE, ALAMEDA CA 94501 |
| Timothy Mcinerney |
director |
|
| Craig A Tooman |
director |
|
| Coliseum Capital Management, Llc |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Timothy P Lynch |
director |
919 NW BOND STREET, SUITE 204, BEND OR 97703 |
| Rick D Anderson |
director |
3600 N CAPITAL OF TEXAS HWY, SUITE B180, AUSTIN TX 78746 |
| Jon S Saxe |
director |
FIRST HORIZON PHARMACEUTICAL CORP, 660 HEMBREE PKWY STE 106, ROSWELL GA 30076 |
| Francis Wen-hou Chen |
director |
1821 JONES STREET, SAN FRANCISCO CA 94109 |
| Pinto Tv Gp Co Llc |
10 percent owner |
3600 N CAPITAL OF TEXAS HWY, SUITE B180, AUSTIN TX 78746 |
| Matthew S Crawford |
10 percent owner |
3600 N CAPITAL OF TEXAS HWY, SUITE B180, AUSTIN TX 78746 |
| Pfizer Inc |
10 percent owner |
66 HUDSON BOULEVARD EAST, NEW YORK NY 10001-2192 |
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