2017 Q1 Form 10-Q Financial Statement
#000156459017009889 Filed on May 09, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $15.29M | $4.000K |
| YoY Change | 382050.0% | 0.0% |
| Cost Of Revenue | $2.263M | |
| YoY Change | ||
| Gross Profit | $13.02M | |
| YoY Change | ||
| Gross Profit Margin | 85.2% | |
| Selling, General & Admin | $65.66M | $27.50M |
| YoY Change | 138.76% | 13.17% |
| % of Gross Profit | 504.18% | |
| Research & Development | $35.41M | $22.78M |
| YoY Change | 55.47% | 39.77% |
| % of Gross Profit | 271.9% | |
| Depreciation & Amortization | $270.0K | $138.0K |
| YoY Change | 95.65% | 13.11% |
| % of Gross Profit | 2.07% | |
| Operating Expenses | $101.1M | $50.27M |
| YoY Change | 101.07% | 23.94% |
| Operating Profit | -$88.72M | -$50.26M |
| YoY Change | 76.52% | 23.94% |
| Interest Expense | $963.0K | $500.0K |
| YoY Change | 92.6% | 182.49% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$87.76M | -$49.80M |
| YoY Change | 76.22% | 23.27% |
| Income Tax | $85.00K | |
| % Of Pretax Income | ||
| Net Earnings | -$87.84M | -$49.76M |
| YoY Change | 76.53% | 23.25% |
| Net Earnings / Revenue | -574.66% | -1244050.0% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$721.4K | -$447.4K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 121.4M | 112.6M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $469.5M | $457.2M |
| YoY Change | 2.68% | 53.49% |
| Cash & Equivalents | $157.4M | $175.2M |
| Short-Term Investments | $312.1M | $282.0M |
| Other Short-Term Assets | $6.900M | $4.300M |
| YoY Change | 60.47% | 230.77% |
| Inventory | $3.900M | |
| Prepaid Expenses | ||
| Receivables | $7.700M | |
| Other Receivables | $1.800M | |
| Total Short-Term Assets | $489.8M | $462.4M |
| YoY Change | 5.94% | 54.17% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $3.500M | $2.623M |
| YoY Change | 33.43% | 46.86% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $3.100M | $1.240M |
| YoY Change | 150.0% | 346.04% |
| Total Long-Term Assets | $13.20M | $4.238M |
| YoY Change | 211.47% | 105.33% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $489.8M | $462.4M |
| Total Long-Term Assets | $13.20M | $4.238M |
| Total Assets | $503.0M | $466.6M |
| YoY Change | 7.8% | 54.52% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $2.200M | $1.307M |
| YoY Change | 68.32% | -48.09% |
| Accrued Expenses | $39.00M | $19.82M |
| YoY Change | 96.82% | 40.2% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $45.27M | $21.12M |
| YoY Change | 114.3% | 26.85% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $200.0K | $200.0K |
| YoY Change | 0.0% | 0.0% |
| Total Long-Term Liabilities | $224.0K | $217.0K |
| YoY Change | 3.23% | -0.46% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $45.27M | $21.12M |
| Total Long-Term Liabilities | $224.0K | $217.0K |
| Total Liabilities | $45.49M | $21.34M |
| YoY Change | 113.17% | 26.5% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$1.022B | -$712.3M |
| YoY Change | 43.48% | 32.28% |
| Common Stock | $12.00K | $11.00K |
| YoY Change | 9.09% | 10.0% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $457.5M | $445.3M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $503.0M | $466.6M |
| YoY Change | 7.81% | 54.52% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$87.84M | -$49.76M |
| YoY Change | 76.53% | 23.25% |
| Depreciation, Depletion And Amortization | $270.0K | $138.0K |
| YoY Change | 95.65% | 13.11% |
| Cash From Operating Activities | -$70.66M | -$41.21M |
| YoY Change | 71.46% | 62.56% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $485.0K | $207.0K |
| YoY Change | 134.3% | -79.05% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $53.42M | -$168.5M |
| YoY Change | -131.71% | -526.99% |
| Cash From Investing Activities | $52.94M | -$168.7M |
| YoY Change | -131.38% | -538.52% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $11.49M | $281.6M |
| YoY Change | -95.92% | 19469.15% |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 11.49M | 283.0M |
| YoY Change | -95.94% | 19552.08% |
| NET CHANGE | ||
| Cash From Operating Activities | -70.66M | -41.21M |
| Cash From Investing Activities | 52.94M | -168.7M |
| Cash From Financing Activities | 11.49M | 283.0M |
| Net Change In Cash | -6.137M | 73.08M |
| YoY Change | -108.4% | 401.92% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$70.66M | -$41.21M |
| Capital Expenditures | $485.0K | $207.0K |
| Free Cash Flow | -$71.15M | -$41.42M |
| YoY Change | 71.78% | 57.25% |
Facts In Submission
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Revenues
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4000 | |
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Liabilities
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Commitments And Contingencies
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Commitments And Contingencies
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224000 | |
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42585000 | |
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Increase Decrease In Deferred Revenue
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207000 | |
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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|
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Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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356000 | |
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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 November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, <font style="font-style:italic;">Statement of Cash Flows: Restricted Cash</font>, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating when it will adopt this guidance. The adoption of this ASU will modify the Company’s current classification within the consolidated statement of cash flows but is not expected to materially impact 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 June 2016, the FASB issued ASU 2016-13, <font style="font-style:italic;">Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments</font>, which 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 timing and 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 2016, the FASB issued ASU 2016-09, <font style="font-style:italic;">Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting</font>, 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 was effective for annual reporting periods beginning after December 15, 2016, including interim periods within those years. The Company adopted this guidance in the first quarter of 2017 using the modified retrospective transition method. Accordingly, the Company increased its deferred tax assets by $36.8 million, with a corresponding increase to its valuation allowance, to record previously unrecognized excess tax benefits. Additionally, the Company elected to make an accounting policy change to recognize forfeitures as they occur. As a result, the Company recorded an increase to additional paid-in capital and a corresponding reduction to retained earnings of $0.3 million, respectively, to reflect the incremental stock-based compensation expense that would have been recognized in prior years pursuant to the modified guidance. Additionally, the Company increased its deferred tax assets by $0.1 million, with a corresponding increase to its valuation allowance, to record the excess tax benefit from the change.</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 ASU 2016-02, <font style="font-style:italic;">Leases</font>, which requires 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. Companies are required to adopt this guidance using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. While the Company is still evaluating the timing and impact of the adoption of this guidance on its consolidated financial statements, it anticipates that the adoption could result in an increase in the assets and liabilities recorded on its consolidated balance sheet.</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 May 2014, the FASB issued ASU 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers</font>, which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles. This ASU, as amended, is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The original guidance was effective for annual reporting periods beginning after December 15, 2016. However, in July 2015, the FASB agreed to delay the effective date by one year, with early adoption permitted, but not before the original effective date of the standard. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company anticipates adopting ASU 2014-09 on January 1, 2018 on a full-retrospective basis. Although the Company’s evaluation of the guidance is ongoing, including the evaluation of the Company’s contracts with its customers and the evaluation of information necessary to restate prior period financial statements, the Company expects the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. Specifically, as disclosed above in Note 2, <font style="font-style:italic;">Basis of Presentation and Significant Accounting Policies – Revenue Recognition</font>, the Company recognized revenue using the sell-through approach through March 31, 2017. Under ASU 2014-09, the Company will be required to estimate its sales allowances at the time of sale, resulting in earlier recognition of revenue.</p></div> | |
| CY2017Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
0 | |
| CY2016Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
0 | |
| CY2016Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
8000000 | |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
1100000 | |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
1500000 | |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
1500000 | |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
1500000 | |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
1000000 | |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
16832000 | |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14507000 | |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
15571000 | |
| CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
11955000 | |
| CY2017Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
2061000 | |
| CY2016Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
2355000 | |
| CY2017Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
1820000 | |
| CY2016Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
1820000 | |
| CY2017Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
13582000 | |
| CY2017Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
11509000 | |
| CY2016Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
14382000 | |
| CY2017Q1 | acad |
Accrued Clinical Development Services Current
AccruedClinicalDevelopmentServicesCurrent
|
7570000 | |
| CY2016Q4 | acad |
Accrued Clinical Development Services Current
AccruedClinicalDevelopmentServicesCurrent
|
8551000 | |
| CY2017Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
6306000 | |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
3608000 | |
| CY2017Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
312017000 | |
| CY2017Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
162000 | |
| CY2017Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
81000 | |
| CY2016Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
365324000 | |
| CY2016Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
172000 | |
| CY2016Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
80000 | |
| CY2017Q1 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
465074000 | |
| CY2016Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
523433000 | |
| 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 |
