$AKBA
Akebia Therapeutics, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018020459 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $48.79M $28.52M
YoY Change 71.08%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.54M $6.900M
YoY Change 81.71% 30.19%
% of Gross Profit
Research & Development $71.92M $43.80M
YoY Change 64.19% 41.75%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0% 117.39%
% of Gross Profit
Operating Expenses $84.46M $50.66M
YoY Change 66.72% 39.98%
Operating Profit -$35.66M -$22.14M
YoY Change 61.1% -38.83%
Interest Expense $1.561M $608.0K
YoY Change 156.74% 102.67%
% of Operating Profit
Other Income/Expense, Net $1.593M $618.0K
YoY Change 157.77% 51.1%
Pretax Income -$34.10M -$21.50M
YoY Change 58.6% -39.94%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$34.07M -$21.52M
YoY Change 58.33% -39.86%
Net Earnings / Revenue -69.82% -75.45%
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share -$599.3K -$0.53
COMMON SHARES
Basic Shares Outstanding 40.82M
Diluted Shares Outstanding 40.82M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.0M $316.6M
YoY Change 16.86% 96.54%
Cash & Equivalents $163.5M $125.4M
Short-Term Investments $206.4M $191.2M
Other Short-Term Assets $5.200M $11.20M
YoY Change -53.57% 187.18%
Inventory
Prepaid Expenses
Receivables $100.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $407.4M $332.4M
YoY Change 22.56% 72.66%
LONG-TERM ASSETS
Property, Plant & Equipment $3.700M $2.900M
YoY Change 27.59% 58.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $1.500M
YoY Change 73.33% 17.1%
Total Long-Term Assets $6.400M $4.400M
YoY Change 45.45% 41.34%
TOTAL ASSETS
Total Short-Term Assets $407.4M $332.4M
Total Long-Term Assets $6.400M $4.400M
Total Assets $413.8M $336.8M
YoY Change 22.86% 72.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.800M $10.20M
YoY Change -52.94% 98.33%
Accrued Expenses $81.00M $28.90M
YoY Change 180.28% 83.04%
Deferred Revenue $78.61M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $164.4M $181.6M
YoY Change -9.46% 767.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $83.40M $98.20M
YoY Change -15.07% 1091011.11%
Total Long-Term Liabilities $83.40M $98.20M
YoY Change -15.07% 1091011.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.4M $181.6M
Total Long-Term Liabilities $83.40M $98.20M
Total Liabilities $247.9M $279.8M
YoY Change -11.4% 348.78%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $594.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.9M $57.00M
YoY Change
Total Liabilities & Shareholders Equity $413.8M $336.8M
YoY Change 22.86% 72.19%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$34.07M -$21.52M
YoY Change 58.33% -39.86%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0% 117.39%
Cash From Operating Activities $9.000M $24.37M
YoY Change -63.07% -190.43%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$150.0K
YoY Change 13.33% -88.0%
Acquisitions
YoY Change
Other Investing Activities -$3.390M -$31.54M
YoY Change -89.25% -201.61%
Cash From Investing Activities -$3.560M -$31.69M
YoY Change -88.77% -206.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 210.0K 45.46M
YoY Change -99.54% -50611.11%
NET CHANGE
Cash From Operating Activities 9.000M 24.37M
Cash From Investing Activities -3.560M -31.69M
Cash From Financing Activities 210.0K 45.46M
Net Change In Cash 5.650M 38.14M
YoY Change -85.19% 1286.91%
FREE CASH FLOW
Cash From Operating Activities $9.000M $24.37M
Capital Expenditures -$170.0K -$150.0K
Free Cash Flow $9.170M $24.52M
YoY Change -62.6% -195.41%

Facts In Submission

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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, revenue and income taxes. </p></div>
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
400000
CY2018Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
225500000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
229500000
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
9000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
4000000
CY2018Q2 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
1
CY2017Q4 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
3
CY2018Q2 akba Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
65968000
CY2017Q4 akba Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
43297000
CY2018Q2 akba Accrued Merger Costs Current
AccruedMergerCostsCurrent
5107000
CY2018Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2305000
CY2018Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1104000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
808000
CY2018Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
940000
CY2017Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
797000
CY2018Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
840000
CY2017Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
795000
CY2018Q2 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
240000
CY2017Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
987000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4508000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2369000
CY2018Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9473745
CY2017Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7341253
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due In Five Years
OperatingLeasesNetFutureMinimumPaymentsDueInFiveYears
4997000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due Thereafter
OperatingLeasesNetFutureMinimumPaymentsDueThereafter
18991000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due
OperatingLeasesNetFutureMinimumPaymentsDue
41316000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
CY2017Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
800000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1600000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1600000
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
106300000
CY2018Q2 akba Purchase Committed Program Remaining Contract Costs
PurchaseCommittedProgramRemainingContractCosts
200000000
CY2018Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2017Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
39000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
akba Defined Contribution Plan Employees Age To Be Eligible Under Plan
DefinedContributionPlanEmployeesAgeToBeEligibleUnderPlan
P21Y
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5486672
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5394994
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q4 akba Alternative Minimum Tax Payable
AlternativeMinimumTaxPayable
1000000
CY2018Q2 akba Alternative Minimum Tax Paid
AlternativeMinimumTaxPaid
1000000
CY2017Q4 akba Alternative Minimum Tax Receivable
AlternativeMinimumTaxReceivable
1000000
CY2018Q2 akba Alternative Minimum Tax Payable
AlternativeMinimumTaxPayable
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 akba Tax Cuts And Jobs Act Of Two Thousand And Seventeen Change In Tax Rate Reduction In Deferred Tax Asset And Corresponding Valuation Allowance
TaxCutsAndJobsActOfTwoThousandAndSeventeenChangeInTaxRateReductionInDeferredTaxAssetAndCorrespondingValuationAllowance
43000000
CY2018Q1 us-gaap Incentive From Lessor
IncentiveFromLessor
2169920
CY2018Q2 us-gaap Incentive From Lessor
IncentiveFromLessor
3289170
CY2018Q2 akba Leasehold Improvement Allowance Not Yet Used
LeaseholdImprovementAllowanceNotYetUsed
1189776
CY2018Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
3384
akba Operating Lease Payments Commencement Date
OperatingLeasePaymentsCommencementDate
2017-01-01
akba Sublease Term
SubleaseTerm
P2Y
akba Frequency Of Sublease Rent Receivable
FrequencyOfSubleaseRentReceivable
monthly
us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
22000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
129000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1791000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4986000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5325000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5355000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4997000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
18991000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
41445000
CY2018Q2 akba Operating Leases Future Minimum Sublease Rental Income Remainder Of Fiscal Year
OperatingLeasesFutureMinimumSubleaseRentalIncomeRemainderOfFiscalYear
129000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesNetFutureMinimumPaymentsRemainderOfFiscalYear
1662000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due In Two Years
OperatingLeasesNetFutureMinimumPaymentsDueInTwoYears
4986000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due In Three Years
OperatingLeasesNetFutureMinimumPaymentsDueInThreeYears
5325000
CY2018Q2 akba Operating Leases Net Future Minimum Payments Due In Four Years
OperatingLeasesNetFutureMinimumPaymentsDueInFourYears
5355000

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