$AQST
Aquestive Therapeutics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000114036119014361 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $11.13M $13.93M
YoY Change -20.1% 25.03%
Cost Of Revenue $5.420M $4.970M
YoY Change 9.05% -3.31%
Gross Profit $5.709M $8.960M
YoY Change -36.28% 49.33%
Gross Profit Margin 51.3% 64.33%
Selling, General & Admin $16.25M $33.67M
YoY Change -51.75% 544.98%
% of Gross Profit 284.57% 375.76%
Research & Development $8.151M $7.994M
YoY Change 1.96% 65.17%
% of Gross Profit 142.77% 89.22%
Depreciation & Amortization $711.0K $765.0K
YoY Change -7.06% -18.62%
% of Gross Profit 12.45% 8.54%
Operating Expenses $29.82M $46.61M
YoY Change -36.03% 363.36%
Operating Profit -$18.69M -$32.71M
YoY Change -42.86% 705.59%
Interest Expense $1.937M $1.927M
YoY Change 0.52% -204.73%
% of Operating Profit
Other Income/Expense, Net -$20.00K
YoY Change
Pretax Income -$20.47M -$36.49M
YoY Change -43.9% 518.53%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.47M -$36.49M
YoY Change -43.9% 518.53%
Net Earnings / Revenue -183.95% -262.01%
Basic Earnings Per Share -$0.82 -$1.90
Diluted Earnings Per Share -$819.5K -$1.902M
COMMON SHARES
Basic Shares Outstanding 24.98M 19.19M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.17M $10.64M
YoY Change 108.36%
Cash & Equivalents $22.17M $10.64M
Short-Term Investments
Other Short-Term Assets $2.100M $5.030M
YoY Change -58.25%
Inventory $4.647M $4.350M
Prepaid Expenses
Receivables $10.14M $6.580M
Other Receivables $10.00K $50.00K
Total Short-Term Assets $39.06M $26.65M
YoY Change 46.58%
LONG-TERM ASSETS
Property, Plant & Equipment $10.93M $12.77M
YoY Change -14.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $233.0K $200.0K
YoY Change 16.5%
Total Long-Term Assets $11.34M $13.19M
YoY Change -14.0%
TOTAL ASSETS
Total Short-Term Assets $39.06M $26.65M
Total Long-Term Assets $11.34M $13.19M
Total Assets $50.41M $39.84M
YoY Change 26.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.03M $16.52M
YoY Change 21.27%
Accrued Expenses $3.270M $4.340M
YoY Change -24.65%
Deferred Revenue $600.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $550.0K $1.100M
YoY Change -50.0%
Total Short-Term Liabilities $24.63M $23.47M
YoY Change 4.94%
LONG-TERM LIABILITIES
Long-Term Debt $46.88M $45.33M
YoY Change 3.42%
Other Long-Term Liabilities $3.550M $9.990M
YoY Change -64.46%
Total Long-Term Liabilities $50.43M $55.32M
YoY Change -8.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.63M $23.47M
Total Long-Term Liabilities $50.43M $55.32M
Total Liabilities $75.07M $78.79M
YoY Change -4.73%
SHAREHOLDERS EQUITY
Retained Earnings -$99.43M
YoY Change
Common Stock $25.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$24.66M -$38.95M
YoY Change
Total Liabilities & Shareholders Equity $50.41M $39.84M
YoY Change 26.53%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$20.47M -$36.49M
YoY Change -43.9% 518.53%
Depreciation, Depletion And Amortization $711.0K $765.0K
YoY Change -7.06% -18.62%
Cash From Operating Activities -$17.17M $510.0K
YoY Change -3466.67% -108.1%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$630.0K
YoY Change -82.54% -29.21%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$630.0K
YoY Change -82.54% -29.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -490.0K -5.730M
YoY Change -91.45%
NET CHANGE
Cash From Operating Activities -17.17M 510.0K
Cash From Investing Activities -110.0K -630.0K
Cash From Financing Activities -490.0K -5.730M
Net Change In Cash -17.77M -5.850M
YoY Change 203.76% -18.64%
FREE CASH FLOW
Cash From Operating Activities -$17.17M $510.0K
Capital Expenditures -$110.0K -$630.0K
Free Cash Flow -$17.06M $1.140M
YoY Change -1596.49% -121.07%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 45pt; vertical-align: top; font-weight: bold;">Note 2.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Basis of Presentation</div></td></tr></table><div><br /></div><div>The accompanying interim unaudited condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2018 included in our Annual Report on Form 10-K filed with the SEC on March 14, 2019 (the &#8220;2018 Annual Report on Form 10-K&#8221;). As included herein, the condensed consolidated balance sheet at December 31, 2018 is derived from the audited consolidated financial statements as of that date. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results of interim periods have been included. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited condensed financial statements.</div><div><br /></div><div>Any reference in these notes to applicable guidance refers to the authoritative U.S. GAAP as found in the Accounting Standards Codification (&#8220;ASC&#8221;) and Accounting Standards Updates (&#8220;ASU&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;).</div></div>
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us-gaap Operating Income Loss
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CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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0
CY2018Q2 us-gaap Research And Development Expense
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7994000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8151000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
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2102000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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112000
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PrepaidExpenseAndOtherAssetsCurrent
1680000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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OtherAssetsNoncurrent
233000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
239000
us-gaap Other Noncash Income
OtherNoncashIncome
15000
us-gaap Other Noncash Income
OtherNoncashIncome
0
CY2018Q4 us-gaap Other Accrued Liabilities Current
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207000
CY2019Q2 us-gaap Other Accrued Liabilities Current
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us-gaap Paid In Kind Interest
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2664000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments To Acquire Property Plant And Equipment
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486000
us-gaap Payments To Acquire Property Plant And Equipment
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886000
CY2018Q3 us-gaap Proceeds From Issuance Initial Public Offering
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47571000
CY2018Q4 us-gaap Property Plant And Equipment Gross
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47398000
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12207000
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10933000
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53000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30000
us-gaap Repayments Of Debt
RepaymentsOfDebt
0
us-gaap Repayments Of Debt
RepaymentsOfDebt
550000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-22396000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-6056000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12895000
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-99426000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37339000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13928000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11129000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23772000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33668000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
34154000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16246000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41213000
us-gaap Share Based Compensation
ShareBasedCompensation
3330000
us-gaap Share Based Compensation
ShareBasedCompensation
27305000
CY2019Q2 us-gaap Share Price
SharePrice
15.00
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
132000
CY2018Q2 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
19934000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
-24657000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10080000
CY2019Q2 aqst Accruals For Returns Allowances And Prompt Pay Discounts
AccrualsForReturnsAllowancesAndPromptPayDiscounts
88000
CY2018Q4 aqst Accounts Receivable Allowances And Accruals
AccountsReceivableAllowancesAndAccruals
585000
CY2019Q2 aqst Accounts Receivable Allowances And Accruals
AccountsReceivableAllowancesAndAccruals
897000
aqst Accounts Receivable Allowances Credits And Payments
AccountsReceivableAllowancesCreditsAndPayments
535000
aqst Accounts Receivable Allowances Provision Related To Sales
AccountsReceivableAllowancesProvisionRelatedToSales
847000
CY2018Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.08
CY2019Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
176000
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
388000
us-gaap Use Of Estimates
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CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24980861
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19188624
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24972280
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17144492
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17144492
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24972280
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24980861
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19188624
CY2018Q4 aqst Trade And Other Receivables Net
TradeAndOtherReceivablesNet
6481000
CY2019Q2 aqst Trade And Other Receivables Net
TradeAndOtherReceivablesNet
10150000
CY2019Q2 aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
5420000
aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
8926000
CY2018Q2 aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
4973000
aqst Manufacture And Supply Costs
ManufactureAndSupplyCosts
10609000
aqst Payments Related To Tax Withholding For Share Based Compensation Accrued
PaymentsRelatedToTaxWithholdingForShareBasedCompensationAccrued
0
aqst Payments Related To Tax Withholding For Share Based Compensation Accrued
PaymentsRelatedToTaxWithholdingForShareBasedCompensationAccrued
1741000
aqst Paid In Kind Income
PaidInKindIncome
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aqst Provision For Doubtful Accounts And Allowance For Doubtful Accounts Receivable Write Offs
ProvisionForDoubtfulAccountsAndAllowanceForDoubtfulAccountsReceivableWriteOffs
31000
aqst Provision For Doubtful Accounts And Allowance For Doubtful Accounts Receivable Write Offs
ProvisionForDoubtfulAccountsAndAllowanceForDoubtfulAccountsReceivableWriteOffs
30000
aqst Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
-313000
aqst Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
125000
aqst Increase Decrease In Financing Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
0
aqst Increase Decrease In Financing Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInFinancingCostsIncludedInAccountsPayableAndAccruedExpenses
150000
aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
0
aqst Increase Decrease In Offering Costs Included In Accounts Payable And Accrued Expenses
IncreaseDecreaseInOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1694000
aqst Invoices Payable Term
InvoicesPayableTerm
P105D
CY2018Q4 aqst Accounts Receivable Allowances And Accruals Trade And Other Receivables Net
AccountsReceivableAllowancesAndAccrualsTradeAndOtherReceivablesNet
104000
CY2019Q2 aqst Accounts Receivable Allowances And Accruals Trade And Other Receivables Net
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88000
CY2019Q2 aqst Working Capital Deficit
WorkingCapitalDeficit
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CY2018Q4 aqst Accruals For Returns Allowances And Prompt Pay Discounts
AccrualsForReturnsAllowancesAndPromptPayDiscounts
104000
CY2018Q4 aqst Accruals For Wholesaler Fees Co Pay Cards And Rebates
AccrualsForWholesalerFeesCoPayCardsAndRebates
481000
CY2019Q2 aqst Accruals For Wholesaler Fees Co Pay Cards And Rebates
AccrualsForWholesalerFeesCoPayCardsAndRebates
809000
CY2019Q2 aqst Number Of States In The Antitrust Litigation
NumberOfStatesInTheAntitrustLitigation
41
aqst Number Of Patents
NumberOfPatents
2
CY2018Q1 aqst Stock Issued During Period Values Stock Splits
StockIssuedDuringPeriodValuesStockSplits
0
CY2019Q2 aqst Inventory Packing Material Gross
InventoryPackingMaterialGross
2366000
CY2018Q4 aqst Inventory Packing Material Gross
InventoryPackingMaterialGross
2975000

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