$BCRX
BIOCRYST PHARMACEUTICALS INC

2014 Q1 Form 10-Q Financial Statement

#000119312514192102 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $3.458M $10.57M $3.554M
YoY Change -2.7% 157.67% -70.92%
Cost Of Revenue $70.00K $20.00K $80.00K
YoY Change -12.5% 0.0%
Gross Profit $3.390M $10.55M $3.480M
YoY Change -2.59% 158.58% -71.52%
Gross Profit Margin 98.03% 99.84% 97.92%
Selling, General & Admin $1.590M $2.060M $1.380M
YoY Change 15.22% 6.74% -18.82%
% of Gross Profit 46.9% 19.53% 39.66%
Research & Development $9.183M $14.83M $7.215M
YoY Change 27.28% 33.72% -53.54%
% of Gross Profit 270.88% 140.57% 207.33%
Depreciation & Amortization $53.00K $50.00K $97.00K
YoY Change -45.36% -70.59% -42.94%
% of Gross Profit 1.56% 0.47% 2.79%
Operating Expenses $9.183M $16.88M $7.215M
YoY Change 27.28% 29.65% -58.1%
Operating Profit -$7.386M -$6.330M -$5.316M
YoY Change 38.94% -29.19% 6.32%
Interest Expense $1.242M $910.0K $1.180M
YoY Change 5.25% -352.78% -212.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.14M -$5.430M -$4.510M
YoY Change 124.83% -50.86% -25.45%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.14M -$5.429M -$4.506M
YoY Change 124.97% -50.88% -25.55%
Net Earnings / Revenue -293.15% -51.38% -126.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$170.2K -$91.83K -$88.31K
COMMON SHARES
Basic Shares Outstanding 59.38M shares 59.09M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.39M $38.06M $28.30M
YoY Change 10.92% 6.9% -34.64%
Cash & Equivalents $13.58M $21.16M $14.81M
Short-Term Investments $17.81M $16.89M $13.50M
Other Short-Term Assets $1.000M $1.900M $2.800M
YoY Change -64.29% 5.56% 55.56%
Inventory
Prepaid Expenses
Receivables $3.300M $2.100M $4.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.73M $42.12M $35.40M
YoY Change 0.94% 0.34% -33.08%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0K $306.0K $500.0K
YoY Change -48.0% -47.51% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.700M $2.600M $0.00
YoY Change 116.67% -100.0%
Other Assets $4.495M $3.620M $11.00M
YoY Change -59.14% -58.36% -16.03%
Total Long-Term Assets $7.656M $6.745M $11.50M
YoY Change -33.43% -56.37% -57.72%
TOTAL ASSETS
Total Short-Term Assets $35.73M $42.12M $35.40M
Total Long-Term Assets $7.656M $6.745M $11.50M
Total Assets $43.39M $48.87M $46.90M
YoY Change -7.49% -14.93% -41.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.352M $4.174M $1.100M
YoY Change 22.91% 5.03% -47.62%
Accrued Expenses $6.312M $5.742M $8.700M
YoY Change -27.45% -41.76% -25.64%
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 $13.69M $15.26M $11.30M
YoY Change 21.14% -11.43% -30.25%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $30.00M $30.00M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $5.400M $4.700M $8.400M
YoY Change -35.71% -56.07% -22.22%
Total Long-Term Liabilities $35.40M $34.70M $38.40M
YoY Change -7.81% -14.74% -5.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.69M $15.26M $11.30M
Total Long-Term Liabilities $35.40M $34.70M $38.40M
Total Liabilities $49.10M $50.00M $49.70M
YoY Change -1.21% -13.64% -12.65%
SHAREHOLDERS EQUITY
Retained Earnings -$432.8M -$422.7M
YoY Change 7.67%
Common Stock $427.1M $421.6M
YoY Change 7.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.723M -$1.126M -$2.800M
YoY Change
Total Liabilities & Shareholders Equity $43.39M $48.87M $46.90M
YoY Change -7.49% -14.93% -41.45%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income -$10.14M -$5.429M -$4.506M
YoY Change 124.97% -50.88% -25.55%
Depreciation, Depletion And Amortization $53.00K $50.00K $97.00K
YoY Change -45.36% -70.59% -42.94%
Cash From Operating Activities -$8.959M -$4.510M -$11.20M
YoY Change -19.99% -35.85% -8.59%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.020M -$2.260M $2.070M
YoY Change -149.28% -161.92% -82.17%
Cash From Investing Activities -$1.023M -$2.260M $2.072M
YoY Change -149.37% -162.09% -82.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $360.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.402M 1.890M 3.040M
YoY Change -20.99% 490.62% -74.52%
NET CHANGE
Cash From Operating Activities -8.959M -4.510M -11.20M
Cash From Investing Activities -1.023M -2.260M 2.072M
Cash From Financing Activities 2.402M 1.890M 3.040M
Net Change In Cash -7.580M -4.880M -6.086M
YoY Change 24.55% 58.96% -154.24%
FREE CASH FLOW
Cash From Operating Activities -$8.959M -$4.510M -$11.20M
Capital Expenditures -$10.00K $0.00 $0.00
Free Cash Flow -$8.949M -$4.510M -$11.20M
YoY Change -20.08% -35.94% -8.06%

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DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
593000 shares
CY2014Q1 us-gaap Debt Instrument Date Of First Required Payment1
DebtInstrumentDateOfFirstRequiredPayment1
2011-09-01
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87 pure
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
391000 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.79
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.28
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8959000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.18
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
360000
CY2014Q1 us-gaap Revenues
Revenues
3458000
CY2014Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 24 months or less. The majority of the Company&#x2019;s receivables are due from the U.S. Government, for which there is no assumed credit risk.</p> </div>
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2252000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5206000 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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.</p> </div>
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-892000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10139000
CY2014Q1 us-gaap Increase Decrease In Derivative Assets
IncreaseDecreaseInDerivativeAssets
-1526000
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
9367000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7386000
CY2014Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
17000
CY2014Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
1165000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-10137000
CY2014Q1 us-gaap Royalty Revenue
RoyaltyRevenue
1821000
CY2014Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
GainLossOnForeignCurrencyDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-1526000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
3458000
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7000
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
10844000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1588000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2402000
CY2014Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
128000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-296000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1610000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1610000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7580000
CY2014Q1 us-gaap Interest Expense
InterestExpense
1242000
CY2014Q1 us-gaap Royalty Expense
RoyaltyExpense
73000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1023000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9183000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3804000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
53000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
110000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
8350000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0
CY2014Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
685000
CY2014Q1 bcrx Weighted Average Shares Outstanding
WeightedAverageSharesOutstanding
59589000 shares
CY2014Q1 bcrx Number Of Stock Based Compensation Plan
NumberOfStockBasedCompensationPlan
2 Plan
CY2014Q1 bcrx Foreign Currency Hedge Termination Fee
ForeignCurrencyHedgeTerminationFee
1950000
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Restricted Options Cancelled Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedOptionsCancelledOutstanding
shares
CY2014Q1 bcrx Employee Service Share Based Compensation Nonvested Awards Compensation Cost Expected To Be Recognized Year Four
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFour
2141000
CY2014Q1 bcrx Currency Hedge Premium Payable Period Minimum
CurrencyHedgePremiumPayablePeriodMinimum
2014
CY2014Q1 bcrx Long Term Investment Maturity Minimum
LongTermInvestmentMaturityMinimum
P12M
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Awards Available
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodAwardsAvailable
shares
CY2014Q1 bcrx Currency Hedge Premium Payable Period Maximum
CurrencyHedgePremiumPayablePeriodMaximum
2020
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Option Exercised Award Available
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionExercisedAwardAvailable
shares
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Restricted Options Cancelled Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedOptionsCancelledWeightedAverageExercisePrice
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Restricted Options Granted Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedOptionsGrantedWeightedAverageExercisePrice
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award First Vesting Period After Grant Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardFirstVestingPeriodAfterGrantDate
P1Y
CY2014Q1 bcrx Currency Hedge Agreement Termination Period Minimum
CurrencyHedgeAgreementTerminationPeriodMinimum
2016
CY2014Q1 bcrx Foreign Currency Hedge Contingent Payment
ForeignCurrencyHedgeContingentPayment
0
CY2014Q1 bcrx Minimum Currency Value Required For Payment Of Premium On Specified Date
MinimumCurrencyValueRequiredForPaymentOfPremiumOnSpecifiedDate
100
CY2014Q1 bcrx Employee Service Share Based Compensation Nonvested Awards Compensation Cost Expected To Be Recognized Year Five
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearFive
169000
CY2014Q1 bcrx Share Based Compensation Arranged By Share Based Payment Award Stock Option Award Pro Rata Vesting Period
ShareBasedCompensationArrangedByShareBasedPaymentAwardStockOptionAwardProRataVestingPeriod
P3Y
CY2014Q1 bcrx Proceeds From Payments For Foreign Currency Derivative Collateral
ProceedsFromPaymentsForForeignCurrencyDerivativeCollateral
-1530000
CY2014Q1 bcrx Collaborative And Other Research And Development
CollaborativeAndOtherResearchAndDevelopment
1637000
CY2014Q1 bcrx Employee Service Share Based Compensation Nonvested Awards Compensation Cost Expected To Be Recognized Year Two
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearTwo
3466000
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Restricted Options Granted Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedOptionsGrantedOutstanding
shares
CY2014Q1 bcrx Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Awards Available
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAwardsAvailable
391000 shares
CY2014Q1 bcrx Currency Hedge Agreement Termination Period Maximum
CurrencyHedgeAgreementTerminationPeriodMaximum
2020
CY2014Q1 bcrx Foreign Currency Hedge Termination Maximum Obligation
ForeignCurrencyHedgeTerminationMaximumObligation
5850000
CY2014Q1 bcrx Deferred Collaboration Expense Changes In Operating Assets And Liabilities
DeferredCollaborationExpenseChangesInOperatingAssetsAndLiabilities
-15000
CY2014Q1 bcrx Yen Rate Per Dollar
YenRatePerDollar
100
CY2014Q1 bcrx Employee Service Share Based Compensation Nonvested Awards Compensation Cost Expected To Be Recognized Year Three
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedYearThree
2607000
CY2014Q1 bcrx Employee Service Share Based Compensation Nonvested Awards Compensation Cost Expected To Be Recognized For Remainder Of Fiscal Year
EmployeeServiceShareBasedCompensationNonvestedAwardsCompensationCostExpectedToBeRecognizedForRemainderOfFiscalYear
3406000
CY2014Q1 bcrx Reclassification Adjustments From Research And Development Expense To General And Administrative Expense
ReclassificationAdjustmentsFromResearchAndDevelopmentExpenseToGeneralAndAdministrativeExpense
196000

Files In Submission

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0001193125-14-192102-index-headers.html Edgar Link pending
0001193125-14-192102-index.html Edgar Link pending
0001193125-14-192102.txt Edgar Link pending
0001193125-14-192102-xbrl.zip Edgar Link pending
bcrx-20140331.xml Edgar Link completed
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bcrx-20140331_cal.xml Edgar Link unprocessable
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bcrx-20140331_pre.xml Edgar Link unprocessable
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