2014 Q4 Form 10-Q Financial Statement

#000119312514403316 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $14.64M $33.90M $6.268M
YoY Change 117.02% 440.84% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.500M $5.170M $2.530M
YoY Change 75.2% 104.35% 60.13%
% of Gross Profit
Research & Development $34.86M $25.53M $14.80M
YoY Change 128.14% 72.44% 51.08%
% of Gross Profit
Depreciation & Amortization $400.0K $300.0K $400.0K
YoY Change 33.33% -25.0% 0.0%
% of Gross Profit
Operating Expenses $41.36M $30.69M $17.34M
YoY Change 117.8% 77.03% 52.37%
Operating Profit -$26.73M $3.208M -$11.07M
YoY Change 118.32% -128.98% 116.61%
Interest Expense $90.00K $50.00K $10.00K
YoY Change 200.0% 400.0% 0.0%
% of Operating Profit 1.56%
Other Income/Expense, Net
YoY Change
Pretax Income -$26.64M $3.256M -$11.06M
YoY Change 118.18% -129.45% 116.91%
Income Tax $20.00K -$448.0K $121.0K
% Of Pretax Income -13.76%
Net Earnings -$26.66M $3.704M -$11.18M
YoY Change 115.34% -133.14% 140.62%
Net Earnings / Revenue -182.18% 10.93% -178.32%
Basic Earnings Per Share -$0.76 $0.11 -$0.52
Diluted Earnings Per Share -$0.76 $0.10 -$0.52
COMMON SHARES
Basic Shares Outstanding 34.68M shares 34.50M shares 22.74M shares
Diluted Shares Outstanding 36.59M shares 22.74M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.1M $220.0M $195.0M
YoY Change 105.11% 12.81%
Cash & Equivalents $14.03M $70.05M $106.0M
Short-Term Investments $328.0M $149.9M $88.90M
Other Short-Term Assets $8.600M $8.800M $3.800M
YoY Change 244.0% 131.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables $2.334M
Total Short-Term Assets $359.5M $247.6M $198.8M
YoY Change 111.81% 24.52%
LONG-TERM ASSETS
Property, Plant & Equipment $6.386M $3.677M $3.551M
YoY Change 69.93% 3.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $125.4M $17.90M $13.40M
YoY Change 362.73% 33.58%
Other Assets $590.0K $454.0K $11.00K
YoY Change 14650.0% 4027.27%
Total Long-Term Assets $132.4M $22.05M $20.25M
YoY Change 320.75% 8.87%
TOTAL ASSETS
Total Short-Term Assets $359.5M $247.6M $198.8M
Total Long-Term Assets $132.4M $22.05M $20.25M
Total Assets $491.9M $269.6M $219.1M
YoY Change 144.48% 23.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.07M $6.225M $2.140M
YoY Change 200.9% 190.89%
Accrued Expenses $14.02M $10.00M $4.764M
YoY Change 112.88% 109.99%
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 $61.09M $35.08M $37.38M
YoY Change 65.42% -6.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.400M $26.80M $262.0K
YoY Change 106566.67% 10129.01%
Total Long-Term Liabilities $6.400M $26.80M $262.0K
YoY Change 106566.67% 10129.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.09M $35.08M $37.38M
Total Long-Term Liabilities $6.400M $26.80M $262.0K
Total Liabilities $67.50M $61.90M $37.64M
YoY Change 82.75% 64.46%
SHAREHOLDERS EQUITY
Retained Earnings -$166.9M -$140.3M -$101.1M
YoY Change 47.16% 38.81%
Common Stock $591.4M $348.0M $243.6M
YoY Change 141.46% 42.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $424.4M $207.7M $142.6M
YoY Change
Total Liabilities & Shareholders Equity $491.9M $269.6M $219.1M
YoY Change 144.48% 23.07%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$26.66M $3.704M -$11.18M
YoY Change 115.34% -133.14% 140.62%
Depreciation, Depletion And Amortization $400.0K $300.0K $400.0K
YoY Change 33.33% -25.0% 0.0%
Cash From Operating Activities -$7.800M -$23.50M -$15.00M
YoY Change -42.65% 56.67% 31.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$600.0K -$100.0K
YoY Change 650.0% 500.0% -90.91%
Acquisitions
YoY Change
Other Investing Activities -$285.8M -$14.50M -$80.60M
YoY Change 1314.85% -82.01% 16020.0%
Cash From Investing Activities -$287.3M -$15.10M -$80.70M
YoY Change 1308.33% -81.29% 4647.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 239.1M 400.0K 124.2M
YoY Change -59875.0% -99.68%
NET CHANGE
Cash From Operating Activities -7.800M -23.50M -15.00M
Cash From Investing Activities -287.3M -15.10M -80.70M
Cash From Financing Activities 239.1M 400.0K 124.2M
Net Change In Cash -56.00M -38.20M 28.50M
YoY Change 62.79% -234.04% -317.56%
FREE CASH FLOW
Cash From Operating Activities -$7.800M -$23.50M -$15.00M
Capital Expenditures -$1.500M -$600.0K -$100.0K
Free Cash Flow -$6.300M -$22.90M -$14.90M
YoY Change -52.99% 53.69% 44.66%

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<p> In July 2014, the Company amended its collaboration agreement with Celgene. As a result of the amendment, the Company was required to reevaluate the agreement under Financial Accounting Standards Board (&#x201C;FASB&#x201D;) Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2009-13,&#xA0;<i style="FONT-SIZE: 13px; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); LETTER-SPACING: normal; LINE-HEIGHT: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">Multiple-Element Revenue Arrangements</i>&#xA0;(&#x201C;ASU No. 2009-13&#x201D;). The amendment was determined to be a material modification pursuant to ASU&#xA0;<font style="WHITE-SPACE: nowrap; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 13px 'Times New Roman'; LETTER-SPACING: normal; BACKGROUND-COLOR: rgb(255,255,255); TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">No.&#xA0;2009-13,</font>&#xA0;and the Company will recognize revenue for the arrangement under this guidance on a prospective basis, as discussed in Note&#xA0;5.</p>
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