$AKBA
Akebia Therapeutics, Inc.

2015 Q1 Form 10-Q Financial Statement

#000156459015003820 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.400M $3.800M
YoY Change -10.53% 442.86%
% of Gross Profit
Research & Development $7.500M $6.158M
YoY Change 21.79% 224.48%
% of Gross Profit
Depreciation & Amortization $19.00K $8.000K
YoY Change 137.5%
% of Gross Profit
Operating Expenses $10.90M $9.909M
YoY Change 9.96% 284.52%
Operating Profit -$10.90M -$9.909M
YoY Change 9.96% 284.52%
Interest Expense $100.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $201.0K $212.0K
YoY Change -5.19% -89.16%
Pretax Income -$10.70M -$9.700M
YoY Change 10.31% 1516.67%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.70M -$9.697M
YoY Change 10.29% 1461.51%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$535.0K -$4.409M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.23M $132.2M
YoY Change -49.15%
Cash & Equivalents $27.89M $126.3M
Short-Term Investments $39.34M $5.800M
Other Short-Term Assets $2.300M $1.500M
YoY Change 53.33%
Inventory
Prepaid Expenses
Receivables $100.0K $119.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $102.7M $133.7M
YoY Change -23.21%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $164.2K
YoY Change 143.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $125.3K
YoY Change 219.12%
Total Long-Term Assets $800.0K $289.5K
YoY Change 176.29%
TOTAL ASSETS
Total Short-Term Assets $102.7M $133.7M
Total Long-Term Assets $800.0K $289.5K
Total Assets $103.5M $134.0M
YoY Change -22.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.300M $2.077M
YoY Change 107.0%
Accrued Expenses $4.500M $4.042M
YoY Change 11.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $8.800M $6.123M
YoY Change 43.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $30.43K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $30.43K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.800M $6.123M
Total Long-Term Liabilities $0.00 $30.43K
Total Liabilities $8.900M $6.161M
YoY Change 44.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $202.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.60M $127.9M
YoY Change
Total Liabilities & Shareholders Equity $103.5M $134.0M
YoY Change -22.78%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$10.70M -$9.697M
YoY Change 10.29% 1461.51%
Depreciation, Depletion And Amortization $19.00K $8.000K
YoY Change 137.5%
Cash From Operating Activities -$8.350M -$6.010M
YoY Change 38.94% 292.81%
INVESTING ACTIVITIES
Capital Expenditures $200.0K $142.0K
YoY Change 40.89%
Acquisitions
YoY Change
Other Investing Activities $3.610M $5.500M
YoY Change -34.36%
Cash From Investing Activities $3.410M $5.360M
YoY Change -36.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00K $115.0M
YoY Change -99.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00K 105.8M
YoY Change -99.95% 4164.11%
NET CHANGE
Cash From Operating Activities -8.350M -6.010M
Cash From Investing Activities 3.410M 5.360M
Cash From Financing Activities 50.00K 105.8M
Net Change In Cash -4.890M 105.1M
YoY Change -104.65% 10963.16%
FREE CASH FLOW
Cash From Operating Activities -$8.350M -$6.010M
Capital Expenditures $200.0K $142.0K
Free Cash Flow -$8.550M -$6.152M
YoY Change 38.98%

Facts In Submission

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CY2014Q1 us-gaap Depreciation
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2015Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: stock-based compensation expense, fair value of common stock and preferred stock and the Company&#8217;s other equity instruments (in periods prior to the IPO), accrued expenses, prepaid expenses and income taxes. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the Board of Directors contemporaneously at the date such grants were made, with input from management. For periods prior to March&#160;2014, the fair value of common stock at the grant date was adjusted in connection with the Company&#8217;s retrospective fair value assessment for financial reporting purposes. Prior to the Company&#8217;s IPO, the Board of Directors determined the estimated fair value of the Company&#8217;s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#8217;s common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, <font style="font-style:italic;">Valuation of Privately-Held Company Equity Securities Issued as Compensation</font>, to estimate the fair value of its common stock in periods prior to March&#160;2014. The methodologies included a probability analysis including both a potential public trading scenario and potential sale scenario. In both scenarios, value is estimated using the guideline public company method. The sale scenario includes an adjustment for a market participant acquisition premium. Value is allocated among the preferred and common shares according to the rights associated with each type of security. Valuation methodologies include estimates and assumptions that require the Company&#8217;s judgment. These estimates include assumptions regarding future performance, including the successful completion of a public offering. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. </p></div>
CY2015Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Off-Balance Sheet Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, investments and accounts receivable are the only financial instruments that potentially subject the Company to concentrations of credit risk. At March 31, 2015 and December 31, 2014, all of the Company&#8217;s cash was deposited in accounts at two principal financial institutions. The Company maintains its cash with high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. </p></div>
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CY2015Q1 dei Entity Incorporation Date Of Incorporation
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CY2015Q1 us-gaap Payments For Restructuring
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CY2015Q1 akba Severance Agreement Description
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In August 2014, the Company entered into a separation agreement with an employee, which became effective on August 13, 2014. The Company will record the expense and liability associated with the separation agreement ratably over the period from August 5, 2014 through December 31, 2015 because the severance payments are subject to continued service and forfeiture until December 31, 2015. During the third quarter of 2014, the Company recorded severance expense in the amount of $46,682, which was recorded to research and development expense and will be paid out beginning January 2015 through December 2015.
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CY2015Q1 us-gaap Contractual Obligation Due In Second Year
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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2972500
CY2015Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2014Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2015Q1 akba Defined Contribution Plan Employees Age To Be Eligible Under Plan
DefinedContributionPlanEmployeesAgeToBeEligibleUnderPlan
21
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2307993
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1834629

Files In Submission

Name View Source Status
0001564590-15-003820-index-headers.html Edgar Link pending
0001564590-15-003820-index.html Edgar Link pending
0001564590-15-003820.txt Edgar Link pending
0001564590-15-003820-xbrl.zip Edgar Link pending
akba-10q_20150331.htm Edgar Link pending
akba-20150331.xml Edgar Link completed
akba-20150331.xsd Edgar Link pending
akba-20150331_cal.xml Edgar Link unprocessable
akba-20150331_def.xml Edgar Link unprocessable
akba-20150331_lab.xml Edgar Link unprocessable
akba-20150331_pre.xml Edgar Link unprocessable
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