$BCRX
BIOCRYST PHARMACEUTICALS INC

2016 Q2 Form 10-Q Financial Statement

#000117184316011576 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $4.787M $25.84M
YoY Change -81.48% 1662.76%
Cost Of Revenue
YoY Change
Gross Profit $4.787M $25.84M
YoY Change -81.48% 1662.76%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $2.724M $3.534M
YoY Change -22.92% 75.82%
% of Gross Profit 56.9% 13.68%
Research & Development $14.17M $16.52M
YoY Change -14.27% 49.31%
% of Gross Profit 295.93% 63.94%
Depreciation & Amortization $90.00K $40.00K
YoY Change 125.0% -20.0%
% of Gross Profit 1.88% 0.15%
Operating Expenses $16.89M $20.06M
YoY Change -15.79% 81.24%
Operating Profit -$12.13M $5.342M
YoY Change -327.07% -145.98%
Interest Expense $1.421M $1.306M
YoY Change 8.81% 6.61%
% of Operating Profit 24.45%
Other Income/Expense, Net
YoY Change
Pretax Income -$16.28M $4.900M
YoY Change -432.24% -133.45%
Income Tax
% Of Pretax Income
Net Earnings -$16.28M $4.901M
YoY Change -432.2% -133.46%
Net Earnings / Revenue -340.11% 18.97%
Basic Earnings Per Share -$0.22 $0.07
Diluted Earnings Per Share -$0.22 $0.06
COMMON SHARES
Basic Shares Outstanding 73.70M 72.64M
Diluted Shares Outstanding 73.70M 76.76M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.74M $94.37M
YoY Change -62.13% -28.57%
Cash & Equivalents $8.661M $76.78M
Short-Term Investments $27.08M $17.58M
Other Short-Term Assets $6.200M $7.100M
YoY Change -12.68% 36.54%
Inventory $1.949M $1.308M
Prepaid Expenses
Receivables $2.234M $4.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.11M $107.1M
YoY Change -56.94% -22.57%
LONG-TERM ASSETS
Property, Plant & Equipment $10.11M $1.047M
YoY Change 865.81% 423.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $24.20M $36.10M
YoY Change -32.96% 5916.67%
Other Assets $1.610M $5.699M
YoY Change -71.75% 96.52%
Total Long-Term Assets $36.11M $43.09M
YoY Change -16.22% 1064.68%
TOTAL ASSETS
Total Short-Term Assets $46.11M $107.1M
Total Long-Term Assets $36.11M $43.09M
Total Assets $82.22M $150.2M
YoY Change -45.25% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.051M $3.822M
YoY Change 32.16% 59.25%
Accrued Expenses $11.78M $19.00M
YoY Change -37.99% 71.18%
Deferred Revenue
YoY Change
Short-Term Debt $28.00M $30.00M
YoY Change -6.67% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.19M $63.77M
YoY Change -11.88% 42.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.600M $0.00
YoY Change
Other Long-Term Liabilities $10.00M $10.30M
YoY Change -2.91% 49.28%
Total Long-Term Liabilities $12.60M $10.30M
YoY Change 22.33% 49.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.19M $63.77M
Total Long-Term Liabilities $12.60M $10.30M
Total Liabilities $68.80M $74.10M
YoY Change -7.15% 42.77%
SHAREHOLDERS EQUITY
Retained Earnings -$550.0M -$478.2M
YoY Change 15.03%
Common Stock $737.0K $732.0K
YoY Change 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.39M $76.09M
YoY Change
Total Liabilities & Shareholders Equity $82.22M $150.2M
YoY Change -45.25% 5.76%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$16.28M $4.901M
YoY Change -432.2% -133.46%
Depreciation, Depletion And Amortization $90.00K $40.00K
YoY Change 125.0% -20.0%
Cash From Operating Activities -$11.19M $18.10M
YoY Change -161.82% -354.93%
INVESTING ACTIVITIES
Capital Expenditures -$1.840M -$360.0K
YoY Change 411.11%
Acquisitions
YoY Change
Other Investing Activities $10.28M $7.440M
YoY Change 38.17% -19.74%
Cash From Investing Activities $8.440M $7.070M
YoY Change 19.38% -23.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.500M 3.250M
YoY Change -146.15% -96.93%
NET CHANGE
Cash From Operating Activities -11.19M 18.10M
Cash From Investing Activities 8.440M 7.070M
Cash From Financing Activities -1.500M 3.250M
Net Change In Cash -4.250M 28.42M
YoY Change -114.95% -73.67%
FREE CASH FLOW
Cash From Operating Activities -$11.19M $18.10M
Capital Expenditures -$1.840M -$360.0K
Free Cash Flow -$9.350M $18.46M
YoY Change -150.65% -360.0%

Facts In Submission

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PreferredStockSharesAuthorized
5000000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1674000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2674000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">During the first quarter of 2016, the Company adopted Accounting Standards Update No. 2015-03, <div style="display: inline; font-style: italic;">Interest &#x2013; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</div>. Accordingly, debt issuance costs of $2,196 classified as other current assets as of December 31, 2015 have been reclassified and netted against non-recourse notes payable to conform to the 2016 presentation.</div></div></div></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1175000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
19064000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
24884000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
33000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3570000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
214000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10112000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5149000
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
2234000
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
6243000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
10000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
12000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14166000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16524000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34745000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
33644000
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4426000
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1612000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-550030000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-510917000
CY2016Q2 us-gaap Revenues
Revenues
4787000
CY2015Q2 us-gaap Revenues
Revenues
25842000
us-gaap Revenues
Revenues
9607000
us-gaap Revenues
Revenues
32668000
CY2016Q2 us-gaap Royalty Expense
RoyaltyExpense
27000
CY2015Q2 us-gaap Royalty Expense
RoyaltyExpense
442000
us-gaap Royalty Expense
RoyaltyExpense
104000
us-gaap Royalty Expense
RoyaltyExpense
502000
CY2016Q2 us-gaap Royalty Revenue
RoyaltyRevenue
629000
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
132000
us-gaap Royalty Revenue
RoyaltyRevenue
2519000
us-gaap Royalty Revenue
RoyaltyRevenue
1650000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
537000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
4787000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
25842000
us-gaap Sales Revenue Net
SalesRevenueNet
9607000
us-gaap Sales Revenue Net
SalesRevenueNet
32668000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2724000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3534000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5936000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7595000
us-gaap Share Based Compensation
ShareBasedCompensation
4491000
us-gaap Share Based Compensation
ShareBasedCompensation
5934000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
13387000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
47724000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 27pt; margin: 0pt 0">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.</div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73695000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76760000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73648000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72492000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73695000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72642000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73648000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72492000

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