Business Context and Reporting Period
This Form 8-K is a current report filed by Rexahn Pharmaceuticals, Inc. (not Opus Genetics, Inc.) on October 3, 2014, regarding an event that occurred on October 1, 2014. The filing addresses a change in the company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on auditor changes and does not contain financial statement data.
Material Changes
- Accountant Resignation: ParenteBeard LLC resigned as the Company's independent auditor on October 1, 2014.
- Reason for Change: The resignation resulted from the combination of ParenteBeard's audit practice with Baker Tilly Virchow Krause LLP.
- New Auditor Engagement: Baker Tilly Virchow Krause LLP was engaged as the new independent registered public accounting firm with the approval of the Audit Committee.
Guidance, Outlook, and Risks
Management Commentary and Auditor Relations:
- The Company confirmed no consultations with Baker Tilly regarding accounting principles, audit opinions, or reportable events prior to engagement.
- There were no "disagreements" or "reportable events" between the Company and ParenteBeard during the fiscal years ended December 31, 2013 and 2012, or the interim period through October 1, 2014.
- ParenteBeard's audit reports for 2012 and 2013 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
Risks and Contingencies: The filing does not disclose new material risks or contingencies beyond the standard transition of audit services.
Investor Verification Checklist
- Verify the identity of the registrant as Rexahn Pharmaceuticals, Inc., noting the discrepancy with the requested company name (Opus Genetics, Inc.).
- Confirm the effective date of the auditor transition (October 1, 2014).
- Review the accompanying letter from ParenteBeard LLC (Exhibit 16.1) to ensure they concur with the Company's statements regarding the absence of disagreements.
- Monitor future filings for the first audit report issued by Baker Tilly Virchow Krause LLP.