$EOLS
Evolus, Inc.

2018 Q2 Form 10-Q Financial Statement

#000157056218000037 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $6.248M $3.470M $1.220M
YoY Change 681.0% 184.43%
% of Gross Profit
Research & Development $1.648M $1.678M $2.651M
YoY Change 20.73% -36.7%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $111.0K
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $16.10M $6.045M $3.977M
YoY Change 607.69% 52.0%
Operating Profit -$16.10M -$6.045M -$3.977M
YoY Change 607.69% 52.0%
Interest Expense -$320.0K $107.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$321.0K -$107.0K -$1.000K
YoY Change 32000.0% 10600.0%
Pretax Income -$16.42M -$6.152M -$3.978M
YoY Change 621.49% 54.65%
Income Tax $12.00K $10.00K $20.00K
% Of Pretax Income
Net Earnings -$16.43M -$6.162M -$4.000M
YoY Change 615.72% 54.05%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$693.5K -$260.6K -$169.2K
COMMON SHARES
Basic Shares Outstanding 23.64M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.60M $49.60M
YoY Change
Cash & Equivalents $43.60M $49.57M $0.00
Short-Term Investments
Other Short-Term Assets $1.000M $500.0K
YoY Change 900.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $44.62M $50.11M
YoY Change 44523.0%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K
YoY Change
Goodwill $21.21M $21.21M
YoY Change
Intangibles $56.08M $56.08M
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.00K $0.00
YoY Change -89.0%
Total Long-Term Assets $77.31M $77.28M
YoY Change -47.05%
TOTAL ASSETS
Total Short-Term Assets $44.62M $50.11M
Total Long-Term Assets $77.31M $77.28M
Total Assets $121.9M $127.4M
YoY Change -16.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $751.0K $547.0K
YoY Change 50.2%
Accrued Expenses $2.933M $2.352M
YoY Change 877.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $3.684M $3.629M
YoY Change -94.69%
LONG-TERM LIABILITIES
Long-Term Debt $16.50M $16.10M
YoY Change -86.52%
Other Long-Term Liabilities $48.80M $40.60M
YoY Change
Total Long-Term Liabilities $65.30M $56.70M
YoY Change -46.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.684M $3.629M
Total Long-Term Liabilities $65.30M $56.70M
Total Liabilities $84.00M $75.41M
YoY Change -60.58%
SHAREHOLDERS EQUITY
Retained Earnings -$98.75M -$82.32M
YoY Change
Common Stock $1.000K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.93M $51.98M
YoY Change
Total Liabilities & Shareholders Equity $121.9M $127.4M
YoY Change -16.54%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$16.43M -$6.162M -$4.000M
YoY Change 615.72% 54.05%
Depreciation, Depletion And Amortization $0.00 $0.00 $111.0K
YoY Change -100.0% -100.0%
Cash From Operating Activities -$5.660M -$2.201M -$5.578M
YoY Change 76.32% -60.54%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $56.33M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -310.0K $51.77M $5.391M
YoY Change -109.63% 860.32%
NET CHANGE
Cash From Operating Activities -5.660M -$2.201M -$5.578M
Cash From Investing Activities -10.00K $0.00
Cash From Financing Activities -310.0K $51.77M $5.391M
Net Change In Cash -5.980M $49.57M -$187.0K
YoY Change -59900.0% -26608.02%
FREE CASH FLOW
Cash From Operating Activities -$5.660M -$2.201M -$5.578M
Capital Expenditures -$10.00K
Free Cash Flow -$5.650M
YoY Change 76.01%

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RetainedEarningsAccumulatedDeficit
-75543000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-82300000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-82320000 USD
CY2018Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.00
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
100000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
143000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1006000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-75543000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
51982000 USD
CY2018Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.6527
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16527000 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20226460 shares
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Risk and Uncertainties</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company has not commenced principal operations in the form of commercialized product sales. The Product requires regulatory approval from the U.S. Food and Drug Administration (&#8220;FDA&#8221;), the European Medicines Agency, and other similar regulatory authorities prior to commercial sales. The Company&#8217;s current and any future product candidates may not receive the necessary approvals. If the Company is denied approval or approval is delayed, it may have a material adverse impact on the Company&#8217;s business and its financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company is subject to risks common to early stage companies in the pharmaceutical industry including, but not limited to, dependency on the clinical and commercial success of its current and any future product candidates, ability to obtain regulatory approval of its current and any future product candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#231f20;font-style:normal;font-weight:normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes. Actual results could materially differ from those estimates, judgments, and assumptions. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates</font><font style="font-family:Times New Roman;font-size:10pt;color:#231f20;font-style:italic;font-weight:bold;">.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">On an ongoing basis, the Company evaluates the most significant estimates, including those related to the fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets, joint and several liability obligations, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">royalty obligations, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">among others. Although the Company bases these estimates on historical experience, knowledge of current events and actions it may undertake in the future, and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments over the carrying values of assets and liabilities, this process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</font></div></div>

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