2016 Q4 Form 10-Q Financial Statement
#000156459016027956 Filed on November 07, 2016
Income Statement
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
|---|---|---|---|
| Revenue | $11.96M | $5.268M | $17.00K |
| YoY Change | 70264.71% | 13407.69% | -63.83% |
| Cost Of Revenue | $2.300M | $845.0K | $2.500M |
| YoY Change | -8.0% | ||
| Gross Profit | $10.26M | $4.423M | -$2.500M |
| YoY Change | -510.32% | ||
| Gross Profit Margin | 85.75% | 83.96% | -14705.88% |
| Selling, General & Admin | $57.70M | $50.50M | $22.60M |
| YoY Change | 155.31% | 148.77% | 117.31% |
| % of Gross Profit | 562.49% | 1141.76% | |
| Research & Development | $30.20M | $25.81M | $20.50M |
| YoY Change | 47.32% | 37.82% | 12.64% |
| % of Gross Profit | 294.4% | 583.61% | |
| Depreciation & Amortization | $630.0K | $610.0K | $130.0K |
| YoY Change | 384.62% | 408.33% | 116.67% |
| % of Gross Profit | 6.14% | 13.79% | |
| Operating Expenses | $87.90M | $25.81M | $43.10M |
| YoY Change | 103.94% | -33.88% | 50.7% |
| Operating Profit | -$77.64M | -$72.40M | -$45.60M |
| YoY Change | 70.27% | 85.65% | |
| Interest Expense | $900.0K | $786.0K | $100.0K |
| YoY Change | 800.0% | 754.35% | -50.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$77.40M | -$71.60M | -$45.50M |
| YoY Change | 70.11% | 84.06% | 60.21% |
| Income Tax | $1.300M | $300.0K | |
| % Of Pretax Income | |||
| Net Earnings | -$78.70M | -$71.61M | -$45.78M |
| YoY Change | 71.89% | 84.07% | 61.4% |
| Net Earnings / Revenue | -657.88% | -1359.4% | -269317.65% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$649.3K | -$609.4K | -$452.6K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 121.1M | 100.9M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $529.0M | $588.9M | $215.1M |
| YoY Change | 145.91% | 144.67% | -33.29% |
| Cash & Equivalents | $163.6M | $153.7M | $102.1M |
| Short-Term Investments | $365.4M | $435.2M | $113.0M |
| Other Short-Term Assets | $7.500M | $5.100M | $2.200M |
| YoY Change | 240.91% | 155.0% | 83.33% |
| Inventory | $4.175M | $4.300M | |
| Prepaid Expenses | $7.546M | ||
| Receivables | $5.903M | $3.800M | |
| Other Receivables | $1.200M | $1.400M | |
| Total Short-Term Assets | $547.9M | $603.5M | $219.0M |
| YoY Change | 150.19% | 148.51% | -32.54% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.081M | $3.200M | $2.203M |
| YoY Change | 39.85% | 54.74% | 298.37% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | $7.015M | $7.385M | |
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $785.0K | $3.400M | $329.0K |
| YoY Change | 138.6% | 739.51% | 14.63% |
| Total Long-Term Assets | $13.26M | $13.90M | $2.907M |
| YoY Change | 356.0% | 462.07% | 246.07% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $547.9M | $603.5M | $219.0M |
| Total Long-Term Assets | $13.26M | $13.90M | $2.907M |
| Total Assets | $561.2M | $617.4M | $221.9M |
| YoY Change | 152.89% | 151.67% | -31.82% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.912M | $2.800M | $1.672M |
| YoY Change | 133.97% | 27.04% | -17.06% |
| Accrued Expenses | $36.03M | $34.40M | $20.23M |
| YoY Change | 78.1% | 121.49% | 46.4% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $42.59M | $39.10M | $21.90M |
| YoY Change | 94.43% | 120.47% | 38.32% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $200.0K | $200.0K | $200.0K |
| YoY Change | 0.0% | 0.0% | 100.0% |
| Total Long-Term Liabilities | $157.0K | $200.0K | $232.0K |
| YoY Change | -32.33% | -16.32% | 71.85% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $42.59M | $39.10M | $21.90M |
| Total Long-Term Liabilities | $157.0K | $200.0K | $232.0K |
| Total Liabilities | $42.74M | $39.30M | $22.13M |
| YoY Change | 93.11% | 118.65% | 38.61% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$934.0M | -$662.6M | |
| YoY Change | 40.96% | 33.01% | |
| Common Stock | $1.452B | $10.00K | |
| YoY Change | 14522740.0% | 0.0% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $518.4M | $578.1M | $199.8M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $561.2M | $617.4M | $221.9M |
| YoY Change | 152.89% | 151.67% | -31.82% |
Cashflow Statement
| Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$78.70M | -$71.61M | -$45.78M |
| YoY Change | 71.89% | 84.07% | 61.4% |
| Depreciation, Depletion And Amortization | $630.0K | $610.0K | $130.0K |
| YoY Change | 384.62% | 408.33% | 116.67% |
| Cash From Operating Activities | -$61.19M | -$49.26M | -$34.73M |
| YoY Change | 76.19% | 54.66% | 95.11% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$250.0K | -$470.0K | -$290.0K |
| YoY Change | -13.79% | 147.37% | 222.22% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $69.39M | -$154.4M | $57.02M |
| YoY Change | 21.69% | -1919.08% | 40.55% |
| Cash From Investing Activities | $69.14M | -$154.9M | $56.72M |
| YoY Change | 21.9% | -1964.02% | 40.12% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $215.9M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 3.980M | 226.1M | 9.330M |
| YoY Change | -57.34% | 19907.08% | 232.03% |
| NET CHANGE | |||
| Cash From Operating Activities | -61.19M | -49.26M | -34.73M |
| Cash From Investing Activities | 69.14M | -154.9M | 56.72M |
| Cash From Financing Activities | 3.980M | 226.1M | 9.330M |
| Net Change In Cash | 11.93M | 21.92M | 31.32M |
| YoY Change | -61.91% | -197.81% | 22.87% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$61.19M | -$49.26M | -$34.73M |
| Capital Expenditures | -$250.0K | -$470.0K | -$290.0K |
| Free Cash Flow | -$60.94M | -$48.79M | -$34.44M |
| YoY Change | 76.95% | 54.11% | 94.47% |
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Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Recent Accounting Pronouncements</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In June 2016, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to accounting for credit losses on financial instruments that changes the impairment model for most financial assets and certain other instruments. For trade receivables and other instruments, entities will be required to use a new forward-looking expected loss model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years, with early adoption permitted only as of annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March, April, and May 2016, the FASB issued updates to its authoritative guidance for revenue from contracts with customers. The updates clarify certain aspects of the revenue guidance, including but not limited to, the implementation guidance on principal versus agent considerations, the licensing implementation guidance, identification of performance obligations, assessment of the collectability criterion, presentation of sales taxes and other similar taxes, and measurement of noncash consideration. The authoritative guidance for revenue from contracts with customers to which these updates apply is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted only as of annual reporting periods beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is continuing to evaluate which transition approach to use and its impact, if any, on its consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued authoritative guidance related to accounting for employee share-based compensation which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and accounting for forfeitures. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued authoritative guidance related to accounting for leases. This accounting guidance will require a lessee to recognize a lease liability and a right-of-use asset for all leases with lease terms of more than 12 months. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2014, the FASB issued authoritative accounting guidance related to an entity’s ability to continue as a going concern. This guidance explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The new standard is effective for annual reporting periods ending after December 15, 2016, and for annual periods and interim periods thereafter, with early adoption permitted. The Company early adopted this guidance in the first quarter of 2016 with no impact to its consolidated financial statements or related disclosures.</p></div> | ||
| CY2016Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
3170000 | |
| CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1195000 | |
| CY2016Q3 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
434658000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
31292000 | ||
| CY2016Q2 | acad |
Regulatory Milestone Payment
RegulatoryMilestonePayment
|
8000000 | |
| CY2016Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
8000000 | |
| CY2016Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
369000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
369000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
1500000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
1500000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
1500000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
1500000 | |
| CY2016Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
1100000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14463000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
12309000 | ||
| CY2016Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
14009000 | |
| CY2015Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
9265000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
39847000 | ||
| CY2016Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
134900000 | |
| us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P3Y | ||
| CY2016Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
2157000 | |
| CY2016Q3 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
2144000 | |
| CY2016Q3 | acad |
Accrued Clinical Development Services
AccruedClinicalDevelopmentServices
|
9866000 | |
| CY2015Q4 | acad |
Accrued Clinical Development Services
AccruedClinicalDevelopmentServices
|
8805000 | |
| CY2016Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
11921000 | |
| CY2016Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
562000 | |
| CY2016Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
40000 | |
| CY2015Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
112996000 | |
| CY2015Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
12000 | |
| CY2015Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
14000 | |
| CY2015Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
213059000 | |
| CY2016Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
215900000 | |
| CY2016Q3 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
6969696 | |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
281600000 | |
| CY2016Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
10344827 | |
| CY2016Q2 | us-gaap |
Proceeds From Contributed Capital
ProceedsFromContributedCapital
|
14300000 | |
| CY2016Q2 | acad |
Prior Stockholders Percentage Of Equity Holding
PriorStockholdersPercentageOfEquityHolding
|
0.10 |
