2019 Q1 Form 10-K Financial Statement

#000156459019010007 Filed on March 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2017 Q4 2017 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.140M $2.730M $2.600M
YoY Change 7.53% 100.74% 59.51%
% of Gross Profit
Research & Development $4.174M $4.311M $3.825M
YoY Change -13.87% 39.42% 46.83%
% of Gross Profit
Depreciation & Amortization $31.00K $40.00K $40.00K
YoY Change -32.61% 0.0% -33.33%
% of Gross Profit
Operating Expenses $7.313M $7.041M $6.426M
YoY Change -5.8% 58.3% 51.84%
Operating Profit -$7.313M -$7.041M -$6.426M
YoY Change -5.8% 58.3% 51.84%
Interest Expense $101.0K $176.0K $167.0K
YoY Change -42.29% 2833.33% 1570.0%
% of Operating Profit
Other Income/Expense, Net $101.0K
YoY Change
Pretax Income -$7.210M -$6.870M -$6.260M
YoY Change -5.01% 54.73% 48.34%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.212M -$6.865M -$6.259M
YoY Change -4.96% 54.55% 48.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$486.5K -$466.7K -$425.3K
COMMON SHARES
Basic Shares Outstanding 14.88M 14.72M 14.71M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.27M $50.75M $56.87M
YoY Change -69.35% 145.0%
Cash & Equivalents $11.87M $11.86M $13.43M
Short-Term Investments $2.000M $38.89M $43.44M
Other Short-Term Assets $1.120M $1.090M $1.250M
YoY Change -3.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.39M $51.84M $58.12M
YoY Change -67.63% 146.0%
LONG-TERM ASSETS
Property, Plant & Equipment $6.940M $154.0K $111.0K
YoY Change 5238.46% 43.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $501.0K $694.0K $808.0K
YoY Change -59.92% -10.8%
Total Long-Term Assets $8.009M $848.0K $919.0K
YoY Change 480.36% -10.55%
TOTAL ASSETS
Total Short-Term Assets $14.39M $51.84M $58.12M
Total Long-Term Assets $8.009M $848.0K $919.0K
Total Assets $22.40M $52.69M $59.04M
YoY Change -51.13% 139.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $858.0K $1.600M $1.650M
YoY Change -52.33% -18.82%
Accrued Expenses $3.770M $3.290M $3.370M
YoY Change 23.2%
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 $4.623M $4.891M $5.023M
YoY Change -4.88% 20.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.930M $0.00 $0.00
YoY Change
Total Long-Term Liabilities $4.930M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.623M $4.891M $5.023M
Total Long-Term Liabilities $4.930M $0.00 $0.00
Total Liabilities $9.552M $4.891M $5.023M
YoY Change 96.71% 19.82%
SHAREHOLDERS EQUITY
Retained Earnings -$176.0M -$136.9M -$130.1M
YoY Change 19.77%
Common Stock $188.8M $184.8M $184.1M
YoY Change 1.76% 7186.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.85M $47.80M $54.01M
YoY Change
Total Liabilities & Shareholders Equity $22.40M $52.69M $59.04M
YoY Change -51.13% 139.26%

Cashflow Statement

Concept 2019 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$7.212M -$6.865M -$6.259M
YoY Change -4.96% 54.55% 48.25%
Depreciation, Depletion And Amortization $31.00K $40.00K $40.00K
YoY Change -32.61% 0.0% -33.33%
Cash From Operating Activities -$7.501M -$5.840M -$5.230M
YoY Change 8.26% 38.06% 33.42%
INVESTING ACTIVITIES
Capital Expenditures $127.0K -$70.00K -$20.00K
YoY Change 1714.29%
Acquisitions
YoY Change
Other Investing Activities $8.100M $4.590M -$41.41M
YoY Change 236.1% 210.14% -1012.11%
Cash From Investing Activities $7.973M $4.520M -$41.44M
YoY Change 232.21% 205.41% -1012.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 165.0K -250.0K 50.71M
YoY Change 931.25% -101.32% 507000.0%
NET CHANGE
Cash From Operating Activities -7.501M -5.840M -5.230M
Cash From Investing Activities 7.973M 4.520M -41.44M
Cash From Financing Activities 165.0K -250.0K 50.71M
Net Change In Cash 637.0K -1.570M 4.040M
YoY Change -114.11% -109.69% 541.27%
FREE CASH FLOW
Cash From Operating Activities -$7.501M -$5.840M -$5.230M
Capital Expenditures $127.0K -$70.00K -$20.00K
Free Cash Flow -$7.628M -$5.770M -$5.210M
YoY Change 9.98% 36.41% 32.91%

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#8217;s estimates.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and of Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the Company has maintained all of its cash, cash equivalents and investment balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company generally invests its excess cash in money market funds, commercial paper and corporate notes that are subject to minimal credit and market risks. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company&#8217;s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</p>
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NetIncomeLoss
-4923000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-6259000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-6865000
CY2017Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
20000
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
21000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4577000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4944000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6259000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6865000
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-10.58
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-10.98
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
432728
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
450495
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13939950
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-27000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-27000
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4557000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4923000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6265000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6892000

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