2018 Q2 Form 10-Q Financial Statement

#000143922218000009 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $40.41M $8.762M $10.51M
YoY Change 256.2% -16.62% -66.41%
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $40.41M $8.762M
YoY Change
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $26.63M $24.55M $14.82M
YoY Change 65.1% 65.65% 36.72%
% of Gross Profit 65.89% 280.19%
Research & Development $86.73M $78.22M $62.73M
YoY Change 8.66% 24.7% 42.45%
% of Gross Profit 214.6% 892.76%
Depreciation & Amortization $1.800M $1.725M $1.591M
YoY Change 12.5% 8.42% 27.69%
% of Gross Profit 4.45% 19.69%
Operating Expenses $113.4M $102.8M $77.56M
YoY Change 18.15% 32.52% 41.33%
Operating Profit -$72.95M -$94.01M -$67.05M
YoY Change -13.77% 40.22% 184.17%
Interest Expense $4.200M $3.190M $880.0K
YoY Change 176.32% 262.5% 120.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$68.75M -$90.83M -$66.17M
YoY Change -17.25% 37.27% 185.22%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$68.75M -$90.83M -$66.17M
YoY Change -17.26% 37.27% 185.22%
Net Earnings / Revenue -170.1% -1036.58% -629.67%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.191M -$1.631M -$1.565M
COMMON SHARES
Basic Shares Outstanding 57.61M shares 57.33M shares 42.23M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $716.9M $782.5M $479.8M
YoY Change 22.34% 63.09% 53.34%
Cash & Equivalents $210.3M $364.5M $200.3M
Short-Term Investments $506.6M $418.0M $279.5M
Other Short-Term Assets $15.50M $15.60M $12.40M
YoY Change 19.23% 25.81% 34.78%
Inventory
Prepaid Expenses
Receivables $1.600M $1.400M
Other Receivables $19.70M $3.500M
Total Short-Term Assets $753.8M $803.0M $506.9M
YoY Change 24.66% 58.42% 53.84%
LONG-TERM ASSETS
Property, Plant & Equipment $24.13M $23.73M $24.14M
YoY Change -2.57% -1.69% 5.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $219.7M $212.3M $23.40M
YoY Change 69.13% 807.26% -45.45%
Other Assets $595.0K $1.104M $2.888M
YoY Change -52.36% -61.77% 244.63%
Total Long-Term Assets $244.5M $237.1M $50.45M
YoY Change 56.78% 370.04% -24.3%
TOTAL ASSETS
Total Short-Term Assets $753.8M $803.0M $506.9M
Total Long-Term Assets $244.5M $237.1M $50.45M
Total Assets $998.2M $1.040B $557.3M
YoY Change 31.24% 86.63% 40.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.32M $17.93M $16.15M
YoY Change -26.01% 11.02% 17.5%
Accrued Expenses $25.79M $17.01M $25.11M
YoY Change -12.98% -32.29% 105.06%
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 $84.87M $74.70M $82.43M
YoY Change -9.37% -9.38% 82.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $90.20M $99.80M $167.5M
YoY Change -42.91% -40.42% 795.72%
Total Long-Term Liabilities $90.20M $99.80M $167.5M
YoY Change -42.91% -40.42% 795.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.87M $74.70M $82.43M
Total Long-Term Liabilities $90.20M $99.80M $167.5M
Total Liabilities $175.1M $174.5M $249.9M
YoY Change -30.41% -30.16% 292.31%
SHAREHOLDERS EQUITY
Retained Earnings -$918.2M -$758.6M -$549.6M
YoY Change 45.13% 38.04% 78.5%
Common Stock $1.744B $1.718B $857.1M
YoY Change 52.65% 100.39% 33.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $823.1M $865.6M $307.4M
YoY Change
Total Liabilities & Shareholders Equity $998.2M $1.040B $557.3M
YoY Change 31.24% 86.63% 40.69%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$68.75M -$90.83M -$66.17M
YoY Change -17.26% 37.27% 185.22%
Depreciation, Depletion And Amortization $1.800M $1.725M $1.591M
YoY Change 12.5% 8.42% 27.69%
Cash From Operating Activities -$67.40M -$99.00M -$74.07M
YoY Change 14.24% 33.65% 289.86%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M $1.432M $293.0K
YoY Change 40.0% 388.74% -88.43%
Acquisitions
YoY Change
Other Investing Activities -$94.90M -$166.1M $109.8M
YoY Change -65.44% -251.28% -992.68%
Cash From Investing Activities -$96.30M -$167.5M $109.6M
YoY Change -65.08% -252.92% -840.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $516.2M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.500M $528.3M $4.046M
YoY Change -96.52% 12956.77% 267.82%
NET CHANGE
Cash From Operating Activities -67.40M -$99.00M -$74.07M
Cash From Investing Activities -96.30M -$167.5M $109.6M
Cash From Financing Activities 9.500M $528.3M $4.046M
Net Change In Cash -154.2M $261.7M $39.52M
YoY Change 150.32% 562.24% -220.87%
FREE CASH FLOW
Cash From Operating Activities -$67.40M -$99.00M -$74.07M
Capital Expenditures -$1.400M $1.432M $293.0K
Free Cash Flow -$66.00M -$100.4M -$74.37M
YoY Change 13.79% 35.05% 245.36%

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CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
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516200000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
516206000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4146000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
12259000 USD
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
136585000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
164871000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24431000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23732000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0 USD
CY2017Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
2776000 USD
CY2018Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
0 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
62732000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
78224000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-798061000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-849430000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-758605000 USD
CY2017Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10508000 USD
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
7345000 USD
CY2017Q1 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0 USD
CY2018Q1 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
132600000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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P9M
CY2017Q1 us-gaap Revenues
Revenues
10508000 USD
CY2018Q1 us-gaap Revenues
Revenues
8762000 USD
CY2017Q1 us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
CY2018Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1417000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
10734000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14522000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2863417 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
48.14
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
102127 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1107220 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5577562 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6104808 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.58
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
56.03
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6104808 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
56.03
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.81
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
88.78
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
77.22
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8152986 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
477847 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
375503000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
865594000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42280525 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
55694603 shares
CY2018Q1 us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018 we adopted ASC 606 under the modified retrospective method. Prior to January 1, 2018 we accounted for the Collaboration Agreements under ASC 605-25, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Multiple Element Arrangements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting under ASC 606</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In adopting ASC 606, </font><font style="font-family:inherit;font-size:10pt;">we applied the practical expedient that permits aggregating the effect of all modifications that occurred prior to January&#160;1, 2018. No other practical expedients were used.</font><font style="font-family:inherit;font-size:10pt;"> Similar to the accounting under ASC 605-25, the 2016 Agreement was determined to be a modification of the 2010 Agreement and the AG-881 Agreements. In determining the appropriate amount of revenue to be recognized under ASC 606, we performed the following steps: (i) identified the promised goods or services in the contract; (ii) determined whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measured the transaction price, including the constraint on variable consideration; (iv) allocated the transaction price to the performance obligations; and (v) recognized revenue when (or as) we satisfy each performance obligation.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As part of the accounting for these arrangements, we must develop assumptions that require judgment to determine the stand-alone selling price, or SSP, for each performance obligation identified in the contract.&#160;We use key assumptions to determine the SSP, which include forecast of revenues, development timelines, reimbursement rates for personnel costs, discount rates and&#160;probabilities of technical and regulatory success.</font></div></div>

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