2015 Q1 Form 10-K Financial Statement

#000119312515050223 Filed on February 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 2013 Q4
Revenue $18.50M $50.60M $10.80M
YoY Change 122.89% 7.2% 27.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.70M $44.50M $8.300M
YoY Change 42.7% 63.6% -18.63%
% of Gross Profit
Research & Development $58.04M $190.2M $32.10M
YoY Change 32.63% 68.43% 47.93%
% of Gross Profit
Depreciation & Amortization $3.690M $11.93M $2.600M
YoY Change 41.92% 16.59% 30.0%
% of Gross Profit
Operating Expenses $70.76M $455.5M $40.44M
YoY Change -74.49% 225.13% -58.24%
Operating Profit -$52.22M -$405.0M
YoY Change -80.59% 335.73%
Interest Expense $1.000M $2.600M $300.0K
YoY Change 233.33% 136.36% -142.86%
% of Operating Profit
Other Income/Expense, Net $1.014M $4.376M $0.00
YoY Change 303.98% 328.18% -100.0%
Pretax Income -$51.21M -$400.6M -$29.30M
YoY Change -80.95% 335.82% -59.75%
Income Tax -$400.0K -$40.21M $3.000M
% Of Pretax Income
Net Earnings -$50.78M -$360.4M -$32.36M
YoY Change -79.77% 303.92% -47.97%
Net Earnings / Revenue -274.47% -712.24% -299.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$618.8K -$4.851M -$515.1K
COMMON SHARES
Basic Shares Outstanding 83.76M shares 63.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $967.0M $696.7M $245.9M
YoY Change 45.3% 183.33% 100.2%
Cash & Equivalents $306.6M $75.20M $53.17M
Short-Term Investments $660.4M $621.5M $192.7M
Other Short-Term Assets $13.20M $9.700M $3.900M
YoY Change 57.14% 148.72% 50.0%
Inventory
Prepaid Expenses
Receivables $10.10M $39.90M $4.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.090B $746.4M $254.0M
YoY Change 61.73% 193.86% 102.32%
LONG-TERM ASSETS
Property, Plant & Equipment $21.17M $21.70M $16.45M
YoY Change 34.55% 32.32% -16.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $483.8M $279.8M $150.1M
YoY Change 23.89% 86.41% 5.56%
Other Assets $33.70M $31.70M
YoY Change
Total Long-Term Assets $538.6M $333.2M $166.5M
YoY Change 32.58% 100.12% 2.8%
TOTAL ASSETS
Total Short-Term Assets $1.090B $746.4M $254.0M
Total Long-Term Assets $538.6M $333.2M $166.5M
Total Assets $1.629B $1.080B $420.5M
YoY Change 50.77% 156.74% 46.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.49M $15.10M $5.896M
YoY Change 207.44% 155.93% 33.39%
Accrued Expenses $14.43M $23.70M $14.16M
YoY Change -13.09% 66.9% 22.51%
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 $80.69M $95.30M $53.86M
YoY Change -3.74% 76.81% 11.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $51.60M $48.00M $96.30M
YoY Change 5060.0% -50.16% -8.37%
Total Long-Term Liabilities $51.60M $48.00M $96.30M
YoY Change 5060.0% -50.16% -8.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.69M $95.30M $53.86M
Total Long-Term Liabilities $51.60M $48.00M $96.30M
Total Liabilities $132.3M $143.3M $150.2M
YoY Change 5.55% -4.59% -2.14%
SHAREHOLDERS EQUITY
Retained Earnings -$1.007B -$596.2M
YoY Change 18.91% 17.6%
Common Stock $2.452B $846.9M
YoY Change 37.95% 35.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.497B $936.3M $270.3M
YoY Change
Total Liabilities & Shareholders Equity $1.629B $1.080B $420.5M
YoY Change 50.77% 156.74% 46.26%

Cashflow Statement

Concept 2015 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$50.78M -$360.4M -$32.36M
YoY Change -79.77% 303.92% -47.97%
Depreciation, Depletion And Amortization $3.690M $11.93M $2.600M
YoY Change 41.92% 16.59% 30.0%
Cash From Operating Activities -$26.30M -$165.6M -$22.40M
YoY Change -36.93% 141.2% -67.49%
INVESTING ACTIVITIES
Capital Expenditures $2.110M $8.961M -$900.0K
YoY Change 443.81% 123.69% 50.0%
Acquisitions
YoY Change
Other Investing Activities -$339.2M -$514.9M $56.90M
YoY Change -4.29% 307.04% 28.73%
Cash From Investing Activities -$341.3M -$548.8M $56.10M
YoY Change -10.14% 320.52% 28.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $496.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 599.0M 736.5M 7.600M
YoY Change -16.68% 266.55% 660.0%
NET CHANGE
Cash From Operating Activities -26.30M -165.6M -22.40M
Cash From Investing Activities -341.3M -548.8M 56.10M
Cash From Financing Activities 599.0M 736.5M 7.600M
Net Change In Cash 231.4M 22.10M 41.30M
YoY Change -22.19% 1152.83% -269.26%
FREE CASH FLOW
Cash From Operating Activities -$26.30M -$165.6M -$22.40M
Capital Expenditures $2.110M $8.961M -$900.0K
Free Cash Flow -$28.41M -$174.6M -$21.50M
YoY Change -32.5% 140.23% -68.52%

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ALNYLAM PHARMACEUTICALS, INC.
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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="3%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>NATURE OF BUSINESS</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">We commenced operations on June&#xA0;14, 2002 as a biopharmaceutical company seeking to develop and commercialize novel therapeutics based on RNA interference, or RNAi. We are focused on discovering, developing and commercializing RNAi therapeutics by establishing strategic alliances with leading pharmaceutical and life sciences companies, establishing and maintaining a strong intellectual property position in the RNAi field, generating revenues through licensing agreements, and ultimately developing and commercializing RNAi therapeutics for our own account. We have devoted substantially all of our efforts to business planning, research and development, acquiring, filing and expanding intellectual property rights, recruiting management and technical staff, and raising capital.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 12px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
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CY2014 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-LEFT: 34px; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>Concentrations of Credit Risk and Significant Customers</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash, cash equivalents and fixed income marketable securities. At December&#xA0;31, 2014 and 2013, substantially all of our cash, cash equivalents and fixed income marketable securities were invested in money market mutual funds, certificates of deposit, commercial paper, corporate notes, municipal debt securities, U.S.&#xA0;government-sponsored enterprise securities and U.S. treasury securities through highly rated financial institutions. Investments are restricted, in accordance with our investment policy, to a concentration limit per issuer.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">In recent periods, our revenues from collaborations have been generated from primarily F. Hoffmann-La&#xA0;Roche Ltd and certain of its affiliates, collectively, Roche, which assigned its rights and obligations to Arrowhead Research Corporation, or Arrowhead, in 2011, Takeda Pharmaceutical Company Limited, or Takeda, Cubist Pharmaceuticals, Inc., or Cubist, Monsanto Company, or Monsanto, and The Medicines Company, or MDCO. For the year ended December&#xA0;31, 2014, our billed and unbilled collaboration receivables were composed primarily of amounts due from Genzyme Corporation, a Sanofi company, or Genzyme, and MDCO based upon the achievement of certain milestones and, also with respect to MDCO, expense reimbursement. 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