$AKBA
Akebia Therapeutics, Inc.

2016 Q2 Form 10-Q Financial Statement

#000156459016023285 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q2
Revenue $0.00 $0.00 $84.00K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.300M $7.500M $3.700M
YoY Change 43.24% 114.29% 60.87%
% of Gross Profit
Research & Development $30.90M $12.50M $7.182M
YoY Change 330.24% 76.06% 29.99%
% of Gross Profit
Depreciation & Amortization $46.00K $10.00K $32.00K
YoY Change 43.75% -50.0% 167.25%
% of Gross Profit
Operating Expenses $36.19M $20.05M $10.89M
YoY Change 232.34% 89.03% 38.89%
Operating Profit -$36.19M -$20.05M -$10.89M
YoY Change 232.34% 89.03% 38.89%
Interest Expense $300.0K $200.0K $100.0K
YoY Change 200.0% 100.0%
% of Operating Profit
Other Income/Expense, Net $409.0K $193.0K $200.0K
YoY Change 104.5% -18.57% -9.91%
Pretax Income -$35.80M -$19.90M -$10.70M
YoY Change 234.58% 91.35% 40.79%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.78M -$19.86M -$10.69M
YoY Change 234.73% 91.49% 40.31%
Net Earnings / Revenue -12725.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$947.1K -$654.6K -$402.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.1M $88.85M $114.0M
YoY Change 41.25% 28.65% 8.31%
Cash & Equivalents $46.18M $49.78M $76.25M
Short-Term Investments $114.9M $39.08M $37.79M
Other Short-Term Assets $3.900M $2.600M $2.100M
YoY Change 85.71% 73.33% 23.53%
Inventory
Prepaid Expenses
Receivables $48.00K
Other Receivables $0.00
Total Short-Term Assets $192.5M $141.0M $155.0M
YoY Change 24.24% 27.64% 22.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.832M $540.0K $398.0K
YoY Change 360.3% 157.14% 119.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.281M $1.281M $305.0K
YoY Change 320.0% 320.0% 143.33%
Total Long-Term Assets $3.113M $1.923M $703.0K
YoY Change 342.82% 273.4% 129.46%
TOTAL ASSETS
Total Short-Term Assets $192.5M $141.0M $155.0M
Total Long-Term Assets $3.113M $1.923M $703.0K
Total Assets $195.6M $142.9M $155.7M
YoY Change 25.68% 28.78% 23.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.143M $2.313M $2.412M
YoY Change 113.23% 14.45% 62.08%
Accrued Expenses $15.79M $9.555M $3.491M
YoY Change 352.28% 96.44% 6.51%
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 $20.93M $11.87M $5.903M
YoY Change 254.6% 72.37% 23.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.000K $5.000K $10.00K
YoY Change -10.0% -84.38% -66.14%
Total Long-Term Liabilities $9.000K $5.000K $10.00K
YoY Change -10.0% -84.38% -66.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.93M $11.87M $5.903M
Total Long-Term Liabilities $9.000K $5.000K $10.00K
Total Liabilities $62.35M $11.94M $5.913M
YoY Change 954.41% 72.65% 23.04%
SHAREHOLDERS EQUITY
Retained Earnings -$161.4M -$122.1M
YoY Change 60.31% 50.77%
Common Stock $356.2M $292.8M $272.0M
YoY Change 30.96% 42.84% 134652375.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $162.0K $162.0K
YoY Change 0.0% 658.36%
Treasury Stock Shares $8.643K $8.463K
Shareholders Equity $133.3M $131.0M $149.8M
YoY Change
Total Liabilities & Shareholders Equity $195.6M $142.9M $155.7M
YoY Change 25.65% 28.78% 23.19%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income -$35.78M -$19.86M -$10.69M
YoY Change 234.73% 91.49% 40.31%
Depreciation, Depletion And Amortization $46.00K $10.00K $32.00K
YoY Change 43.75% -50.0% 167.25%
Cash From Operating Activities -$26.95M -$22.91M -$12.11M
YoY Change 122.54% 149.02% 81.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.250M -$70.00K -$30.00K
YoY Change 4066.67% 250.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $31.04M $1.710M -$4.250M
YoY Change -830.35% -122.47% -81.56%
Cash From Investing Activities $29.79M $1.640M -$4.280M
YoY Change -796.03% -121.49% -81.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00K 4.340M 64.75M
YoY Change -100.14% -8780.0% -5587.29%
NET CHANGE
Cash From Operating Activities -26.95M -22.91M -12.11M
Cash From Investing Activities 29.79M 1.640M -4.280M
Cash From Financing Activities -90.00K 4.340M 64.75M
Net Change In Cash 2.750M -16.93M 48.36M
YoY Change -94.31% 0.3% -256.35%
FREE CASH FLOW
Cash From Operating Activities -$26.95M -$22.91M -$12.11M
Capital Expenditures -$1.250M -$70.00K -$30.00K
Free Cash Flow -$25.70M -$22.84M -$12.08M
YoY Change 112.75% 148.8% 81.93%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;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-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;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 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: prepaid and accrued research and development expense, stock-based compensation expense, accrued 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 initial public offering, 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. Prior to the Company&#8217;s initial public offering in 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. Accordingly, 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 initial public offering or sale of the Company.&nbsp;&nbsp;</p></div>
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us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:18pt;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 and investments are the only financial instruments that potentially subject the Company to concentrations of credit risk. 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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114894000
CY2016Q2 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
196000
CY2016Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
761000
CY2016Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
410000
CY2016Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
27578000
CY2016Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
142472000
CY2016Q2 akba Accrued Clinical Current
AccruedClinicalCurrent
10692000
CY2016Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1250000
CY2016Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
433000
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
175000000
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2015Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4206809
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2013Q4 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P3Y
CY2013Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6837
CY2013Q4 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
31000
CY2013Q4 us-gaap Incentive From Lessor
IncentiveFromLessor
31000
CY2013Q4 akba Lease Commencement Period
LeaseCommencementPeriod
2014-01
CY2013Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
125345
CY2014Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
8530
CY2014Q4 akba Lease Space Occupancy Date
LeaseSpaceOccupancyDate
2015-03-13
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
32000
CY2014Q4 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
45000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2016-12-31
CY2014Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
100000
CY2014Q4 us-gaap Security Deposit
SecurityDeposit
179130
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1425000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3117000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3117000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3117000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3117000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
17664000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
31557000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
6000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
9000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
5000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
20000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
1000
CY2016Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
19000
CY2016Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
1431000
CY2016Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
3126000
CY2016Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
3122000
CY2016Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
3117000
CY2016Q2 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
3117000
CY2016Q2 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
17664000
CY2016Q2 us-gaap Contractual Obligation
ContractualObligation
31577000
CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
700000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
13900000
CY2015 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
5200000
CY2016Q2 akba Purchase Committed Program Remaining Contract Costs
PurchaseCommittedProgramRemainingContractCosts
443200000
CY2016Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
29000
CY2015Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
akba Defined Contribution Plan Employees Age To Be Eligible Under Plan
DefinedContributionPlanEmployeesAgeToBeEligibleUnderPlan
P21Y
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3310361
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2296701
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3310361
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2296701

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